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Mortgage Arrears SFS & Redundancy

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  • 18-12-2014 11:47am
    #1
    Fusion251
    Registered Users Posts: 1,045 ✭✭✭


    Hi there,

    My mortgage is in arrears and I need to go to the bank now and fill out an SFS. I've recently become unemployed receiving a redundancy payment, however I've no idea how long it will be until I get a new job. Will the bank ask me for this money? Do I have have to declare it to them? Just a bit unsure what to do here. Any advice will be very helpful.

    Many thanks,
    Fusion


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    #2
    themoneyguy
    Registered Users Posts: 75 ✭✭themoneyguy


    I would be surprised if the Bank requested that you pay your mortgage with the proceeds of your redundancy.
    The Banks have to try and offer sustainable solutions to those in arrears in your situation.

    They will assess your income ( not sure of your situation joint account?) and base payments for a period based on your earnings. Needless to say that if you are receiving unemployment the bank would have to set a payment at a level allowing you to live while you seek new employment.

    Best of luck in the job search.


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