Change of Circumstances

DanJo

Hi, earlier this year I was made redundant from my full time job and I wondered if anyone could offer any insight or advice?
Basically myself and my wife are handling the mortgage without a problem due to the bits of work we have picked up, plus I have a £14k redundancy in the bank so I have no worries unduly about ability to pay going forward. However where this leaves us is slightly concerning, presumably:

I'll never be able to get a mortgage again as our earnings are so small now and so will I just have to accept whatever deal comes up with my current mortgage supplier when the time comes (approx. £80k left on a house worth £200k)?
Is it in my interest to tell them (mortgage provider are Santander) or would I regret it?
If anyone has any opinion I would be most grateful!
Thanks
Dan

amnblog

If your new earnings are too small to support the lending, then yes, in the current market you are ‘stuck’ with Santander. (There has been much talk by regulators and industry commentators about changing this, but no action).

You don’t need to update Santander on changes to your circumstances unless you seek to change the terms (not the product selection) of your lending.

muhandis

It definitely isn't ideal, but being stuck with a mainstream lender like Santander is probably good enough to keep motoring along on competitive rates.

DanJo

Thanks for both your replies, as we thought then, not ideal but we can carry on as before for the time being.
:j