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.
“I have known Paul for as long as I've been married - he first helped Jackie and I when we bought our first home in 1997 - he was exceptionally patient and explained all the in's and out's of the house buying world to us, for which I'll always be grateful. Since then he has helped us with a number of mortgages, but also has been on the end of the phone for a quick bit of advice as and when. I'd highly recommend this chap if you need any financial advice, no matter what your current status.
- Alex Matthews - Managing Director of Dynamic, JCDecaux -