Losing your job or finding yourself ‘between jobs’ is, unsurprisingly, a stressful place to be. Keeping a cool head and taking action is important.
First of all, have you received all the help you can get from elsewhere? State benefits may be limited, but sometimes, being in receipt of them enables you to qualify for more substantial financial help as a result. Also, you might want to make sure you were treated properly by your employer when you were ‘let go’. Sometimes, improper treatment can result in further recompense coming due to you for unfair dismissal, etc.
Many of us have sensibly built up a small nest egg for the proverbial ‘rainy day’ and losing your job probably classifies as a pretty rainy day in most people’s lives. Having such a nest egg can be a relief, but if you are out of work for 6 months or more, that nest egg is unlikely to last long.
Cancel all agreements for non-critical services. Remember, Gym memberships might need notice, so act now. After all, you are going to have time for those morning walks so a gym is most definitely a luxury you can do without! It’s amazing how quickly we all build up a raft of monthly expenses when we are in employment. Be ruthless.
You should contact your lender early. Perhaps you can arrange a mortgage repayment holiday or convert temporarily to paying interest-only?
Of course, the best way to prepare for losing your job is to insure against that risk. This is called mortgage protection insurance. It shouldn’t be confused with the insurance you may have taken out when you first took your mortgage which may have been put in place to protect your lender, not you! Check the details now.
Many mortgage protection policies will pay your mortgage payments for you, although they might require you to be claiming benefits to qualify, or there may be a delay before you are entitled to claim.
What is certain is that losing your job can be very stressful. You’ll cope better knowing your family’s home is protected. Contact us to discuss how we can help put in place a plan for the unthinkable.
For more information contact us or speak to an mortgage adviser on 01628 507477.
Download our Free First Time Buyers Guide
Recent posts
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
9 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
9 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
The most inexpensive areas for first time buyers
22 days ago
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
Tips to help you get onto the property ladder
22 days ago
Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
Best UK Mortgage Rates this Week
18 Mar 2025
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Stamp Duty Rush as Deadline Looms
17 Mar 2025
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
More information
Trusted by
