Need to remortgage- just lost job

Rellen

Sorry I think perhaps I should have been clearer. Yes the extensions have all been addressed and agreed with mortgage provider. They have been understanding as medical proof given etc. They have advised that all needed is a mortgage in principal. I’d booked time off work to sort the house and plan to begin remortgage before the end of the month.
Hope this clears up that.

If anyone can advise options/next step anything at all id really appreciate it.
Thank you

Thrugelmir

Rellen wrote: »

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.

If you were able to obtain a job promptly. Can you afford to remortgage the mortgage debt onto a repayment basis? Interest only may well not be an option.

As for your existing lender. You need to maintain an open frank dialogue. You are in breach of your mortgage terms and conditions. A voluntary exit would be far less costly. If your lender takes you to court for repossession of the property then costs will mount.

Neutrinno

Rellen wrote: »

Sorry I think perhaps I should have been clearer. Yes the extensions have all been addressed and agreed with mortgage provider. They have been understanding as medical proof given etc. They have advised that all needed is a mortgage in principal. I’d booked time off work to sort the house and plan to begin remortgage before the end of the month.
Hope this clears up that.

If anyone can advise options/next step anything at all id really appreciate it.
Thank you

As we've mentioned already, you can't remortgage to another lender whilst you're unemployed. Unless you have another source of income, or this was affordable on your mother's income alone, it isn't going to happen.

Any future lender you apply to will ask whether your income is due to change and/or may need an employer reference.

enthusiasticsaver

You will not get another mortgage without a job. You will be asked employment status and if you lie on there that is fraud. Giving false information to the lender will make your situation much worse so I urge you not to try and rush through a mortgage before your job finishes. It takes time anyway and will involve valuations, references etc etc. You will need to give some thought as to how you will make the current mortgage payments. As others have said speak to the current lender and see if they will give you some breathing space to find another job.

You may have to consider selling the house.