Morgage advice for people who have become ill

f14jag

I was just wondering if it is possible to switch from 1 morgage company to another as i had 2 operaitions on my arm and they both failed can i goto another company to lower my rate i pay back as i may be forced into unemployment ?? i owe about 24g on my house at the moment

dunstonh

You wouldnt be a very attractive proposition to a lender.

Problems you are going to have, even if you get round the fact that you have knowledge that you may be made unemployed, is that most mortgages start at a minimum of 30k now. Plus the savings on an amount of £24k are not likely to be that much and the costs to switch lender could cost more in the short term than you save.

You could ask your existing lender to extend the term to lower the payments and if they have any deals you can move into.