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  • FIRST POST
    • flipdu77on
    • By flipdu77on 11th Apr 18, 10:04 AM
    • 11Posts
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    flipdu77on
    Changing Career
    • #1
    • 11th Apr 18, 10:04 AM
    Changing Career 11th Apr 18 at 10:04 AM
    Good Morning All

    So I'm currently considering a career change but I have a mortgage which is around 600 a month plus bills and all the usual. My monthly payments total around 692 (split between me and my partner) however with the career change i would make, i would most likely have to drop down to around 150 p/w for the first year.

    Will your bank/building society only extend to the maximum term of the mortgage like 35 years or will they ever consider a temporary extension?

    Sorry if it's a daft question. I just really want to change my career and feel like the time is now (aged 31) and if I don't do it now, I never will.

    Thanks

    Flip
Page 1
    • Nebulous2
    • By Nebulous2 11th Apr 18, 10:33 AM
    • 2,014 Posts
    • 1,236 Thanks
    Nebulous2
    • #2
    • 11th Apr 18, 10:33 AM
    • #2
    • 11th Apr 18, 10:33 AM
    As someone who has taken a significant drop in salary twice, you need to go into this with your eyes open. Save, save and save before hand and cut back expenditure. We had a lot of room to cut - though we possibly didn't realise it at the time. We went from two cars to one, holidays at home instead of abroad and a big drop in disposable income. Get rid of any consumer debt, car loans, credit cards etc.

    With a different hat on - changing direction isn't easy. Most of my work has been in care. I've recruited a lot of people with a glamorous view of what being a carer entailed, and a lot of these didn't make it - going back to a previous career. I once interviewed someone on 120k a year for a basic grade care job at 14k.

    So you need friends / family / partner behind you, offering support and encouragement. It will be tough and worrying about the mortgage wont help. A financial cushion will ease that, even if it means delaying until you save one.
    • MortgageMamma
    • By MortgageMamma 11th Apr 18, 9:17 PM
    • 6,201 Posts
    • 3,060 Thanks
    MortgageMamma
    • #3
    • 11th Apr 18, 9:17 PM
    • #3
    • 11th Apr 18, 9:17 PM
    The term extension very much depends on your mortgage lenders policy


    Give them a call and ask what you need to. They should be able to tell you what is required to extend the term, how much your mortgage payments would cost if you did so, if there are any financial penalties on your mortgage now if you make changes and so on.

    Most lenders will do all they can to help. I understand the difficulties of dropping from a decent salary to a training wage and running a home I've done it myself (and then went back to my previous job!)


    One thing you need to consider is that if you take a drop in pay, is future remortgages. If you want to move to a better deal with another lender you may not have the affordability to do so.
    I am a Mortgage Adviser

    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.
    • flipdu77on
    • By flipdu77on 12th Apr 18, 11:25 AM
    • 11 Posts
    • 0 Thanks
    flipdu77on
    • #4
    • 12th Apr 18, 11:25 AM
    • #4
    • 12th Apr 18, 11:25 AM
    I'm with Nationwide. I was also thinking of taking a personal loan out over a period of time to cover the first year of my apprenticeship but will approach the building society first.
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