Since 1995, the Government has stated that new mortgage borrowers will not be entitled to state help in the event of unemployment during the first 9 months of redundancy. Even then benefits are means tested. It is therefore quite important to know what you can and should do if you find yourself out of work.
Without question, the best option would be to insure yourself against such an event. We can discuss the different options with you regarding unemployment cover and arrange a policy to protect you in these circumstances. Call us today on 0118 9796687.
However, in the event of being made unemployed and NOT having protection you should take the following steps:
Immediately advise the lender of your situation. You are far more likely to get a sympathetic response if you provide advance warning BEFORE going into arrears.
“Paul is a highly professional, outstanding Financial Advisor who helped us with several difficulties when applying for our mortgage. Paul was very knowledgeable about processes relevant to my unusual situation with regards to a difficult employment contract terms. Paul also supported us with an escalation of an issue and he did this with admirable enthusiasm - as if he was fighting his own case which was greatly appreciated. Overall a lovely person to work with & will definitely recommend Paul's services to all my friends and colleagues.
- Eliska Janotova - HR Advisor at Stibo Systems -