I have been warned I may be made redundant in the next few months if my company’s business does not pick up. I am very worried about losing the home I bought 15 years ago on which there remains a mortgage which I continue to pay. Is there anything I can do to ensure that I remain in the property if I lose my job and can’t find another quickly?
If you have a mortgage and you encounter employment difficulties, or are made redundant, then the best advice is to speak to your Lender immediately. There is every chance that you may be able to find alternative employment relatively quickly and any difficulty which you may have making mortgage repayments will, hopefully, only be temporary.
Most Lenders will be willing to co-operate and assist you during such difficult times and it is always better to contact them immediately you are aware of a problem, or potential problem, rather than sticking your head in the sand, being unable to make payments for a few months and then be the subject of arrears proceedings.
The Lender may be able to offer you an extended term, repayment holiday or, indeed, advise you as to ways in which mortgage repayments can be reduced during your period of unemployment.
There may also be schemes available whereby you could be assisted by Housing Associations who may be interested in purchasing your property on a Shared Ownership basis to assist you in such circumstances if the prospect of your re-employment was not great.
* Emyr Pierce is Managing Director of Emyr Pierce Solicitors in Rhiwbina, Cardiff, Western Mail Conveyancer of the Year, specialising in Domestic and Commercial Property. Contact www.emyrpierce.co.uk or email email@example.com