Potential Redundancy Question
IrishBird
Posts: 6 Forumite
Hi, My husband works for a company that has gone through several rounds of redundancy over the past few years. Thankfully we have survived so far but fear the writing is on the wall in the next few months. Our fixed rate mortgage product is due to end in May; our intention would be to stay with the same bank and go on to another product depending on what is available. My question is, if my husband was to be made redundant before our product is due for renewal and hasn't secured another job by May, would we have difficulty securing a product and have to go on to the SVR? We are not concerned about payments as we can survive for a while using savings to pay the mortgage each month but more concerned at having to pay extra interest. Is it best to transfer to a new product now to preempt this just in case the worst does happen? What are others experiences? Any guidance appreciated
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Comments
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Simplest solution is to remain with your lender and select from the product options available to you at the time. Preferably online if the option is available.0
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Some lenders allow you to choose from their customer retention products online and make a change without advice and without further checks.
It would be helpful to know which lender you want to know about as the options are not the same in every case.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We are with Santander. Good to know that some don't check - with the new rules I wasn't sure and of course if asked we would not want to do anything fraudulent but equally don't want to risk being refused a product.0
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A quick look on the Santander website shows you can sign up to a new deal 4 months in advance. Online as well.0
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We are with Santander. Good to know that some don't check - with the new rules I wasn't sure and of course if asked we would not want to do anything fraudulent but equally don't want to risk being refused a product.
I think Santander asked me if I was still in employment when I went onto a new product with them.0 -
Thank you - think this might be the best thing to do!0
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