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This may never happen but just in case...
superpennycounter
Posts: 32 Forumite
We (my hubby and I) have a mortgage with Northern Rock which is fixed for 5 years (expires 2016) and our monthly repayments are a little over £2000 (we have a very short term). My hubby pays around three fifths and I pay around two fifths. We don't have any MPPI.
Anyway my question is if my hubby were to lose his job (highly unlikely but always a worry) we would be up the proverbial creek without a paddle - could we approach Northern Rock and explain the situation and hope they would be able to "re-do" the deal or something?
Obviously this is all "what if" but it has been worrying me for a time as we don't have any MPPI and was wondering whether we should get some to cover just my hubby. I've had quotes for around £60/month which would cover £1500 of the mortgage and I would then be able to cover the rest with my wages (I'm a secretary so can generally get work anywhere).
I am probably worrying over nothing but you know what it's like - once an idea gets in your head.
Thanks for reading anyway.
:A
Anyway my question is if my hubby were to lose his job (highly unlikely but always a worry) we would be up the proverbial creek without a paddle - could we approach Northern Rock and explain the situation and hope they would be able to "re-do" the deal or something?
Obviously this is all "what if" but it has been worrying me for a time as we don't have any MPPI and was wondering whether we should get some to cover just my hubby. I've had quotes for around £60/month which would cover £1500 of the mortgage and I would then be able to cover the rest with my wages (I'm a secretary so can generally get work anywhere).
I am probably worrying over nothing but you know what it's like - once an idea gets in your head.
Thanks for reading anyway.
:A
0
Comments
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If you're worried about it, take insurance. Bear in mind redundancy will probably be excluded for the first few months and voluntary redundancy is unlikely to be covered.
In theory, you should be allowed to increase your term as long as age limits are maintained.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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