mortgage with no job!

janeinsheffield

I'm likely not to have a job for a while and even if I do it may well be temporary work but I do have some savings to keep me going. My problem is that I'd love to take advantage of a better mortgage deal. Friends of mine with permanent jobs have the same mortgage balance as me but are paying almost £200 pm less! I'm nervous of applying for a deal in case I end up paying even more than I am now! (am on SVR of 3.99) What would my building society do if I told them I no longer was in permanent work? I absolutely prioritise my mortgage and would rather starve than miss a payment but I'm scared they'll do worse than simply give me a better rate and actually put up the rate thinking I'm not creditable.... any thoughts? I've got enough saved to keep going with no income for about 18 months I guess... but that would increase significantly if my rate was reduced. Am frantically looking for work and I'm still optimistic, but reducing my mortgage payments would help significantly. I'm not really interested in a mortgage holiday... would just like to be able to access any better deals out there.

ACG

They might have their mortgage over a longer term than you - its not just the rate that affects the repayments. They may also be on interest only, in which case you'll be the one laughing in 20 years time. Or their property may be valued at more than yours - in which case they have more equity... or a combination of the above.

With no job, you have no real option other than to stay with your current lender. You can ask them what other deals they have but im not 100% sure they would switch you without a job.