Looming redundancy- when to inform mortgage company
Options
ferry
Posts: 2,010 Forumite
Looking for any advice on informing our mortgage provider of my looking redundancy status.
Is there a ' best time' to do this - i.e on first notification or 1st day of unemployment etc..?
Thanks for any advice
Is there a ' best time' to do this - i.e on first notification or 1st day of unemployment etc..?
Thanks for any advice
:j
0
Comments
-
If you are still planning to make the minimum payment, why would you need to even mention it at this point?
If not, you really should be doing it as soon as possible.1 -
You don’t need to mention it at all unless you are currently remortgaging your property. Unless you mean that you think you won’t be able to afford the payments anymore in which case asap.MFW - OP 10% each year to clear mortgage in 10 years!
2019: £16,125/£16,125
2020: £14,172.64/£14,172.64
2021: £12,333.62/£12,333.62
2022: £10,626.55/£10,626.55
2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
2024: mortgage neutral!0 -
Been through redundancy a number of times in since first owning a home and it never occurred to me that I needed to inform the mortgage company. Then again I always assumed I could afford to pay (which I have)."Never retract, never explain, never apologise; get things done and let them howl.”0
Categories
- All Categories
- 343.6K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.7K Work, Benefits & Business
- 608.7K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards