mortgage help

tle94

Newbie here :-) Looking for some advise from you lovely people

I have a mortgage with Nationwide at present. In Jan we took a 12 mth payment holiday as my husband was going self employed.

In May, he bust his knee

We don't know how long he's going to be off work but as yet the problem with his knee hasn't been diagnosed so we don't know if it will require an Operation.

We had sickness cover for him that would cover the mortgage but because we took it out when he became self employed, they are not guaranteed to pay out within the first 12 months of the policy.

Basically the situation now, is that I am earning 16.5k working part time and am unable to increase my hours (due to my employers) and my husband is having about £130 per fortnight Incapacity benefit. Plus we get child tax cred of £42 every 4 wks and child benefit of £72 every 4 wks.

As we are currently on a mortgage holiday we are OK. The mortgage itself expires next mth and I am concerned we wont get a new mortgage because we are have lost my husband earnings of 20k pa and I dont think we'll get a 100k mortgage on my salary alone!

Plus, if the sickness cover doesn't pay up, we're stuffed in January!

I am on 2 minds what to do. We have 40k equity in the house. I dont know whether to put the house on the market now, put the equity in an ISA and rent until my husband is working again? Or wait and see? I would rather move now and bank the equity than have my home repossessed.

Any advise greatly received. Thank you.

grogdog

what is your house worth?

grogdog

sorry i see you have said 40k equity so 140 i guess.

you need to sit down fac to fac with an ifa, he may be able to help.

tle94

Thanks for your reply

Yep my house is worth about 140 today, might of got 145 before but of course in the current climate I am guessing 140.

Am making an appointment with my IFA tomorrow, feel a bit embarrased by it all tbh