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's detailed knowledge of the market and professional approach gave me great reassurance in my recent property purchase. He is very patient and a great listener, always happy to discuss things at length. I will certainly be keeping in touch and using his services again wherever possible. I would highly recommend him. Thanks again Paul.
- Damian Yeomans - Director at Source -