unemployed

cjane

Advice needed. My mortgage term is coming to an end soon and I need to extend the term due to shortfalls in my endownment, I am currently unemployed and although JSA contribute a small amount to pay towards my mortgage I don't know if I will be accepted by anyone being unemployed for a re-mortgage or existing Halifax extension. Could anyone give me some advice please

Neutrinno

I would say changing lenders is highly unlikely unfortunately. Speak to your lender to see what help they can provide if you are going to have a shortfall on an interest only mortgage, they have an obligation to assist you as much as they can.

ACG

I agree. The chances of a new lender accepting you is slim.
As for getting an extension, it will depend on how long for and how much is outstanding. You will need to speak to halifax really to see what can be done.

National_Debtline

Hi Cjane,


I agree with the other posters and that you should contact your current mortgage lender and see what help they can offer. They may agree to informally extend the term but this is at their discretion and, unfortunately, not something that they are obligated to do. They are likely to consider things such as, how much is the shortfall going to be and how likely is it that you will be able to clear this in a reasonable time? As you aren't working this could make this request harder to be considered.


Unfortunately, a re-mortgage/ new mortgage is extremely unlikely as well because you are not working. If your situation is due to improve soon then you may find the mortgage lender can be more flexible. Otherwise, I am afraid you may need to discuss, more time to sell it yourself (if no other option is available). Sadly, if the mortgage term ends and the mortgage is not paid in full, they could take repossession action. If this is something you are threatened with you should seek advice from one of the free debt charities as soon as possible. Good luck,


Laura
@natdebtline