How do I stand with my mortgage?

[Jules_1704]

Hi All - just joined. I am a single mum of 2 and giving up my job to care full time for my adult son. I've worked out where I stand with benefits etc but not sure where it leaves me with my mortgage. I will have no problem (hopefully) keeping up the mortgage repayments and I know about the possibility of getting the mortgage interest paid. What I'm not sure about is when my mortgage deal finishes in July, would I be able to be in a position to get a better deal in view of the fact I am not earning as such, or do I have stick with my mortgage provider and accept that my mortgage results to a base rate which it will automatically do? Also, is there any risk of them taking my mortgage away due to my circumstances - I have never defaulted on payments. Any suggestions/advice would be gratefully received thanks!

[rosemary]

Hi Jules,

Contact the advice line after Easter weekend. Details on this link
http://www.carersuk.org/help-and-advice/talk-to-us
They can also do a full benefits check for you to see if anything else you will be entitled to.

Your mortgage lender may have a specialist member of staff to help in circumstances like these. You could maybe do this after speaking to the advice line.

I have always found in the past that its best to be as honest as possible as early as possible. That way other avenues may be explored. Plus it saves weeks/months of worrying about something that may/may not happen

x x

[Chris From The Gulag]

Echo that.

A change in circumstances opens up several other areas which are interlocked with one's mortgage.

Leave one alone , and it may come back to bite you sometime in the future.

[Maine]

You can get a new deal with your mortgage lender but read the small print carefully. They pay bank of England interest rates or interest on the mortgage only so try to get a deal under that without extending terms or you'll be paying massive towards your mortgage. How long have you got left till you pay it off?

[Jules_1704]

Thanks guys - I have 12 years left and I paid a small lump sum off last year so it's not a massive mortgage. I am just worried that if I talk to them about it they might not want me to continue with the mortgage and leave me homeless! But I also want the best deal I can get. If I leave it to revert to a 'bog standard' mortgage I presume this will happen automatically and therefore they won't know about my change of circumstances. It's not that I don't want to be honest, I just feel quite vulnerable as I know mortgages are hard to come by at the best of times!

[Maine]

Thanks guys - I have 12 years left and I paid a small lump sum off last year so it's not a massive mortgage. I am just worried that if I talk to them about it they might not want me to continue with the mortgage and leave me homeless! But I also want the best deal I can get. If I leave it to revert to a 'bog standard' mortgage I presume this will happen automatically and therefore they won't know about my change of circumstances. It's not that I don't want to be honest, I just feel quite vulnerable as I know mortgages are hard to come by at the best of times!

Try to continue paying it from the money you get...as long as you paid they can't boot you out...I wouldn't recommend talking to lender to reduce payments and interest goes on the short fall...Have you got any credit cards you could get a 'cash' from?...Now I'm not telling you what to do...you decide.
The lender doesn't have the choice in deciding whether you continue with your mortgage...it's a contract so if your paying there is no issue.

[susieq]

Thanks guys - I have 12 years left and I paid a small lump sum off last year so it's not a massive mortgage. I am just worried that if I talk to them about it they might not want me to continue with the mortgage and leave me homeless! But I also want the best deal I can get. If I leave it to revert to a 'bog standard' mortgage I presume this will happen automatically and therefore they won't know about my change of circumstances. It's not that I don't want to be honest, I just feel quite vulnerable as I know mortgages are hard to come by at the best of times!

the last thing any mortgage lender wants is for you to fall into arrears. Financial advice is to ALWAYS let them know about changes to your circumstances; they will want to work with you to ensure you can meet your obligations - that might be by taking an interest 'holiday' or by extending the term of the mortgage if you're struggling to meet the payments. Of course they will want you to continue with the mortgage, it's not in their interest to do otherwise.

[Maine]

If its a small mortgage try to continue paying it...Don't extend it.You don't have to tell them your circumstances if you continue paying it. They will know anyway unless you're going to be getting universal credit. They aren't interested in 'circumstances'..just payment.
If you can't pay..sell 'n' move and buy outright if you can..cheaper area maybe..smaller...OR shared ownership;)...Never be defeated

[Maine]

Oh and some of the cheapest areas...you'll find some of the nicest people;)

[Maine]

Good Luck:)