Making mortgage repayments whilst changing jobs?

[maxjam]

Hi all

thinking of changing jobs

working in IT

Im paid monthly, will either change to another permanent job or will go contracting.

either way there is a chance that for the first month of switching jobs i wont be paid... ie i have to work a back month. If thats the case what can i do to ensure i dont get in trouble with my mortgage provider, in fact with all of my monthly repayments in the case that i cannot honor them all for at least a month??

thanks in advance

 

[peteb]

Not being smart but make provision to honour them with savings! Other than that ask whether the bank will allow you a payment holiday. But people arent necessarily going to oblige you.

 

[ronaldo]

I'm also working in IT.

I wouldn't switch jobs unless I had 6 months worth of expenses built up in a savings account - more if I was considering contracting.

 

[maxjam]

If you are paying 60% of your salary against your mortgage each month its very hard to have any savings, hence seeking new employment somewhere were a pay freeze hasnt been in place for four years, but point taken.

 

[ryaner]

Most of the big IT jobs will pay within the first month and lots of them can give bridging loans if you miss the pay periods. Usually happens if you start in the middle of the month as you won't get onto the pay system in time to be processed.

 

[ronaldo]

If you are paying 60% of your salary against your mortgage each month its very hard to have any savings, hence seeking new employment somewhere were a pay freeze hasnt been in place for four years, but point taken.

Sorry, hadn't realised it was such a high proportion. May be worth asking the bank for a payment break - they may not be too forthcoming though if they'd prefer you to remain in a secure job as opposed to entering a new one with the associated probation period, etc.