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Looming redundancy- when to inform mortgage company
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ferry
Posts: 2,012 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
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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).I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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