Dilema - job house work - big mess...help please

Glamour-123

Where do I start.....

Going along nicely 5 years ago until my eldest son (35!) needed to get on property ladder. So I withdraw all my life time investments and bought him an apartment as an investment. This included a mortage of £154k (40k cash)

He moved out and I rent it out but can only rent it for £650 per month and mortgage is £987 (plus £100 maintenance). This was fine till I got made redundant from a job of 21 years! a few weeks ago. I can not afford this or my residential house. (current mortgage £315). I can only claim £60 job seekers a week.

What advise can anyone give. My house is up for sale and reduced.

Help appreciated. Thanks

drowningnotwaving_2

Hmm, tempted to say your son should be helping you out as he was the one who got you into the mess in the first place ("needed" to get on the property ladder?).

However, the only thing I can think is to explain the situation to your mortgage company and see if you can get some kind of mortgage holiday.

Sorry can't be more help, hope someone more helpful comes along soon.

Hope things resolve themselves.

Glamour-123

Thanks for advice not thought of payment holiday. Nice to know people care !!

Pssst

Can you explain to us what your sons' current situation is with regard to his work/income? did he effectively stay in the apartment rent free? Can he provide some kind of assistance or does he feel it has nothing to do with him?

Glamour-123

He is self employed and also having problems. No did not stay rent free at the time he paid mortgage.... He can not help out now neither - stuck

belfastgirl23

Hi Glam

I think your best bet is to do out a full statement of affairs (here http://www.makesenseofcards.com/soacalc.html) and post it on the debt free wannabe board. The people over there are very experienced at both helping you to trim any fat from your budget and establishing what help you might be entitled to. They will also be able to share experiences of negotiating with mortgage companies. And oodles of other advice as well.

In the meantime it's worth thinking about what you own that could easily be sold on ebay etc. Some people manage to make quite a bit of money from getting rid of stuff they have never used.

Are you jobhunting at the minute? How's it looking? You could consider temping etc in the meantime...

lostinrates

What about your house....do you have room for a lodger to contribute towards things?

Glamour-123

Thanks I have thought of renting out a room. But big commitment. Will try the web recommended. Anyone any other advice?

Merlot

Are you not due redundancy money? It can cover the mortgages until you find other work, surely after 21 years, it should be a substantial redundancy package.

Pssst

try www.spareroom.co.uk and similar sites...

floss2

Where is your son living if not in the property you bought for him?