What type of employment are you in that your income has dropped, has your hours been reduced?

The 14k MEX is referring to is the redemption penalty that would apply for basically breaking the contract, this amount could be added to yr new mortgage if you had one

HOWEVER.......if yr thinking of redeeming this mortgage what mortgage are you proposing to obtain?????

Mortgage lending is measured against income, so if yr income had dropped significantly I would imagine this would effect the amount you would be allowed to borrow

If you are on interest only are you paying into an isa or something else that would pay off your mortgage, as with an interest only mortgage the amount never goes down, so have you saved into an ISA do you have savings in there that you could use.

Do you have any form of income protection insurance?