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Mortgage rate switch complicated
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MissG80
Posts: 126 Forumite
I recently switched my mortgage rate. They have come down again and I would save £35 a month by switching again. I still have time before the current rate runs out. They said just cancel the switch and reapply.
However I lost my job after switching the first time. Money is not an issue atm as I received a settlement. But I am worried if I have to tell them I lost my job, they might put me on the really high follow on rate and not let me switch at all if I cancel and try to reapply.
Do I cancel or not do anything to not rock the boat?
However I lost my job after switching the first time. Money is not an issue atm as I received a settlement. But I am worried if I have to tell them I lost my job, they might put me on the really high follow on rate and not let me switch at all if I cancel and try to reapply.
Do I cancel or not do anything to not rock the boat?
As of Oct 28th 2024:
Barclay credit card £4,000
Lloyds credit card £637
Emergency Fund £1,000
Barclay credit card £4,000
Lloyds credit card £637
Emergency Fund £1,000
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Comments
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If you are switching rates with your existing lender, you have no duty of disclosure. You can change rates without disclosing your employment position.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you.As of Oct 28th 2024:
Barclay credit card £4,000
Lloyds credit card £637
Emergency Fund £1,0000
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