Mortgage Solutions – No Shame in Redundancy for Borrowers

Mortgage brokers are urging borrowers who’ve been made redundant, or fear they soon will be, not to suffer in silence or resort to high-cost debt. The warning comes as signs of economic uncertainty and rising job losses begin to affect the mortgage market more visibly.

Speaking to Mortgage Solutions, Luther Yeates said redundancy continues to be a major barrier to securing a high-value mortgage: “For most people, no job means no mortgage.

“If a client has recently started a new job, whether they qualify for a high-value mortgage will depend on the nature of their role and whether any large gaps in their employment history can be clearly explained.

“Lower-skilled work may present an issue, as it may be harder for clients to find work if they unfortunately fail their probationary period. Probationary periods are less relevant when it comes to professional roles.”