Need to remortgage- just lost job

Rellen

Hi
Can anyone please advise?
I need to remortgage as the term has come to an end. The mortgage company I am with has been since taken over and do not do remortgages. They have been very kind the last few months by giving extension. However unexpectedly I lost my job a few days ago. Obviously I’m in a very bad situation.
Can anyone offer advise? Of course I am looking for another job but in the meantime, Would it be worthwhile trying to get a mortgage in principal in the hopes my unemployment status has not updated? I have no idea how long that takes.
Would it be a terrible idea to inform my mortgage company of the situation?
I would appreciate any help or advice
Thank you

bigisi

Rellen wrote: »

in the hopes my unemployment status has not updated? I have no idea how long that takes.

Updates where? It's not stored anywhere that a mortgage company can search. Telling them you are employed when you're not would be committing mortgage fraud - a very very bad idea.

Rellen wrote: »

I would appreciate any help or advice

Don't commit fraud otherwise you could end up in a much worse situation. Have a word with your current lender if you're struggling otherwise stick it out with them a bit longer until you get a new job then re-assess the situation.

[Deleted User]

Rellen wrote: »

Hi
Can anyone please advise?
I need to remortgage as the term has come to an end. The mortgage company I am with has been since taken over and do not do remortgages. They have been very kind the last few months by giving extension. However unexpectedly I lost my job a few days ago. Obviously I’m in a very bad situation.
Can anyone offer advise? Of course I am looking for another job but in the meantime, Would it be worthwhile trying to get a mortgage in principal in the hopes my unemployment status has not updated? I have no idea how long that takes.
Would it be a terrible idea to inform my mortgage company of the situation?
I would appreciate any help or advice
Thank you

Is it the actual term of the mortgage that has come to an end or is it just the end of a fixed rate deal and now you're on the SVR? What kind of mortgage is this, repayment or interest only?

amnblog

You not not need to inform your current lender of your changed employment status.

If they offer no new product to transfer to then you are stuck on their revert rate unless you remortgage.

You cannot remortgage with no employment unless you have other income of a sufficient level.

Thrugelmir

How long is the extension that you've been granted?

How long can you afford to pay the mortgage before your savings run out?

Appears that the mortgage is interest only. How do you intend to repay the capital?

Rellen

Hi
Thank you all for you’re replies and advise. Apologies to not give all details. The mortgage is interest only and came to the end of term in March. I am on a joint mortgage with my mother (retired) and they have given extension until now on a 30 day basis due to her ill health. They have not put any charges on as yet and the payment has stayed the same.
As this is the end of term and not end of a fixed rate. We need to remortgage but now my losing my job I am wondering what options I have until we can remortgage. (The company we are with does not do remortgages)
I have had it confirmed with work that my severance/ notice pay is to be paid weekly rather than in a lump sum. This ends January 2020. As I am still on payroll would it be possible/wise to try and remortgage in that time?
Thank you again, if you can give any more advise I’d very much appreciate it.

Mortgage_Adviser

Rellen wrote: »

Hi
Thank you all for you’re replies and advise. Apologies to not give all details. The mortgage is interest only and came to the end of term in March. I am on a joint mortgage with my mother (retired) and they have given extension until now on a 30 day basis due to her ill health. They have not put any charges on as yet and the payment has stayed the same.
As this is the end of term and not end of a fixed rate. We need to remortgage but now my losing my job I am wondering what options I have until we can remortgage. (The company we are with does not do remortgages)
I have had it confirmed with work that my severance/ notice pay is to be paid weekly rather than in a lump sum. This ends January 2020. As I am still on payroll would it be possible/wise to try and remortgage in that time?
Thank you again, if you can give any more advise I’d very much appreciate it.

How old are both of you?


What are the prospects of you finding another job with the sufficient income soon enough? There are lenders who wil work of a new employment contract without you having started yet.


How come refardless of the fact you have recently lost the job you have left it until the last minute as you would've known long ago (whilst you still had a job) that your mortgage will expire soon?

Neutrinno

Rellen wrote: »

Hi
Thank you all for you’re replies and advise. Apologies to not give all details. The mortgage is interest only and came to the end of term in March. I am on a joint mortgage with my mother (retired) and they have given extension until now on a 30 day basis due to her ill health. They have not put any charges on as yet and the payment has stayed the same.
As this is the end of term and not end of a fixed rate. We need to remortgage but now my losing my job I am wondering what options I have until we can remortgage. (The company we are with does not do remortgages)
I have had it confirmed with work that my severance/ notice pay is to be paid weekly rather than in a lump sum. This ends January 2020. As I am still on payroll would it be possible/wise to try and remortgage in that time?
Thank you again, if you can give any more advise I’d very much appreciate it.

Sell up or find a new job, fast.

I must ask though, if you knew the term ended eight months ago and just lost your job a few days ago. Why did you not sort this much sooner before you lost your job?

Thrugelmir

Rellen wrote: »

The mortgage is interest only and came to the end of term in March.

Why wasn't the matter addressed previously? Your lender would have written on several occasions enquiring how you intended to repay the mortgage. Did you ignore these letters or send a response?

Your lenders patience will wear thin. Be prepared to sell up. Though little point in marketing the property until the New Year.

Rellen

Hi
Thank you for replies to answer your question. My mother is unwell I have also had quite a few stays in hospital this last year. The house is in need of updating bolier etc so the advice given was to do this before valuation/remortgage. Obviously health, working full time and lack of money to do improvements have delayed this. Now losing my job the situation has changed and was hoping for new advice.
If anyone can offer advice of the mortgage term ending (not the fixed rate) and what options there may be (being honest with current supplier) until I secure another job and remortgage. My P45 will not be issue until end of notice/settlement pay in January 8th 2020 - would it be advisable to attempt remortgage before this based on my previous/current with notice pay salary. Thank you again.

[Deleted User]

Rellen wrote: »

would it be advisable to attempt remortgage before this based on my previous/current with notice pay salary. Thank you again.

no, the lender will ask if you expect any changes to future income or expenditure. Answering honestly will decline the application.

Honestly, your only option is to contact your existing lender and ask what they are going to let you do