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Mortgage whilst unemployed
harrysflavell
Posts: 1 Newbie
I have £20000 owed on my morgage with a term of four years left. I pay £438 PM
I was made unemployed one year ago, my only source of income is my pension, which I am dipping into tax free element of to live.
I am actively seeking employment but as a 62 YO divorced man it is difficult to find.
My current mortgage deal is up in March 2022 I can let it go to a variable rate £445 PM as I have no current payslips or employment to seek a new mortgage I am inclined to do this. I can keep paying my mortgage off from my pension until it finishes, once my pension withdraws incure tax I can pay it off as a lump sum.
I have no mortgage protection insurance, please advise.
Harry
I was made unemployed one year ago, my only source of income is my pension, which I am dipping into tax free element of to live.
I am actively seeking employment but as a 62 YO divorced man it is difficult to find.
My current mortgage deal is up in March 2022 I can let it go to a variable rate £445 PM as I have no current payslips or employment to seek a new mortgage I am inclined to do this. I can keep paying my mortgage off from my pension until it finishes, once my pension withdraws incure tax I can pay it off as a lump sum.
I have no mortgage protection insurance, please advise.
Harry
0
Comments
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Who is your mortgage with?
At the end of the deal a lot of lenders off retention deals. You can usually just log in online and choose a new product.I am a Mortgage AdviserYou 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.2 -
I suspect the cost involved in a re-mortgage could wipe out any savings given it's only costing an extra £7 a month even if there were lenders willing to do such a short term.0
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As per previous post op should check the retention deals offered by his existing lender. They don't generally ask for anything other than confirmation that you want to go onto the deal..1
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