Redundant, have a mortgage, can i move?

edited 30 November -1 at 1:00AM in Redundancy & Redundancy Planning
7 replies 1.6K views
arosemumarosemum Forumite
2 Posts
edited 30 November -1 at 1:00AM in Redundancy & Redundancy Planning
I am being made redundant in Q1 2014, and wanted to reduce my debt in advance. I have a mortgaged house, and wanted to know if it would be still possible to move to a less expensive house, so i can decrease my mortgage borrowing?
I have income protection (redundancy) insurance for 12 months, to cover most if my income.

Any advise would be much appreciated.
Thanks

Replies

  • uknickuknick Forumite
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    Do you want to reduce your outstanding balance, or reduce your monthly payments?

    For the latter you could extend the mortgage period until you get back into work.
  • uknick wrote: »
    Do you want to reduce your outstanding balance, or reduce your monthly payments?

    For the latter you could extend the mortgage period until you get back into work.

    Hi, I need to move home really. This will allow me to reduce the whole mortgage (cheaper house), and move to a new area where i will have a better chance of getting a job.
  • You know that you will be made redundant. I can't see anyone making a loan to you knowing that you will be out of work in a few months. And you have to tell them.
  • getmore4lessgetmore4less Forumite
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    sell and rent

    untill you have a job you don't know where to buy.
  • patman99patman99 Forumite
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    If you sell & rent until you get another job then the amount of surplus cash in your account will reduce your benefits by £1.50 for every £250 you have above £6000.
    Much better to stay put & let the PPI pay your mortgage for the next 12 months. After that, the DWP will pay the interest part.
    Never Knowingly Understood.

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    3-6 month EF £0/£3600 (that's 0 days worth)


  • CKhalvashiCKhalvashi Forumite
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    patman99 wrote: »
    If you sell & rent until you get another job then the amount of surplus cash in your account will reduce your benefits by £1.50 for every £250 you have above £6000.
    Much better to stay put & let the PPI pay your mortgage for the next 12 months. After that, the DWP will pay the interest part.

    This is spot on advice if OP has the PPI part.

    CK
    "I kada sanjamo san, nek bude hiljadu raznih boja" (L. Stamenkovic)

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  • getmore4lessgetmore4less Forumite
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    the op has income protection that is different to ppi.
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