Help! Redundant with a huge mortgage and savings in Icelandic banks!

PasturesNew

Did you take out mortgage payment insurance? It used to be virtually compulsory.
The money you've got should last you until the 39 weeks kicks in.
£2800 + £2000 + £3600 + £3000 + £5000 = £16,400

So you're a long way from running out.

martinman3

ExpertBargainHunter wrote: »

By tax credits do you mean a tax refund? I was a 40% taxpayer so I guess it might be possible I will have overpaid for this tax year - that would help!

You are correct, you will get a considerable tax refund as you have been paying 40% tax for the last 7 months.

When you claim contribution-based Jobseekers Allowance, and you definitely should, your PAYE tax code is recalculated and you receive the refund from HMRC. You will also get your NI contributions paid for you.

Plasticman

Do you have any debts other than your mortgage? If so, you need to think whether paying them off now would be worthwhile.

Apologies if I'm stating the obvious, but now is the time to start cutting back in any way possible - don't leave it until all your savings have been used up.

Speak to your mortgage provider now. You may be entitled to a payment holiday, or they may allow you to have on anyway for a short period due to your circumstances. I really wouldn't wait until you have to do it, it may be too late.

ukmaggie45

Sorry to hear you have been made redundant, it must be really scary.

ExpertBargainHunter wrote: »

Surveyor. Predictable eh?

Just a thought... Could you set up as a free-lance to help folks get (eg) planning permission? Or surveying for mortgage valuations?

With the market the way it is, people may be looking to work on the houses they are living in rather than trading up.

Could you act as a project manager for people trying to improve their homes?

Best of luck to you.

Jonbvn

ExpertBargainHunter wrote: »

Thanks again for all your advice, it's very sweet of you. I've actually decided to leave surveying, the 'profession' is a complete joke - I was made redundant even though I'd been promoted to Associate 5 months ago, was the longest server in the office and did the best quality work, simply because I'm female and because I refused to compromise on quality to get better figures.

I'm looking for admin jobs or preferably something in the public sector relating to regeneration/transport. It'll only just pay the bills but it really doesn't matter to me, I agree with everything you said.

Not sure what sort of surveyor you are. What about overseas work? Personally, my period as an expat set me up financially.

Blah99

ExpertBargainHunter wrote: »

Thanks for this; I didn't think I'd be entitled to anything because of my savings but it looks like I can get my WHOLE £60pw jobseekers as it's contributions-based.

If your household savings are less than £16,500 you'll be entitled to housing benefit (especialy 13 week rule) and council tax benefit too. Watch out with those guys though and get everything confirmed in writing, councils are notorious for giving incorrect advice then making you out to be a criminal because they got it wrong.

greenface

just to say good luck with finding a new job where they think more of you.
Get in touch with a advisor on mortgage and benifits tax etc you will be entitled to things you havent even heard of. Best wishes

blondieleopard

hi expertbargainhunter...sorry about your job...that sucks....but could you bear to take in a lodger ?? student / prof person...maybe throw in breakfast..if you have a nice pad..and it is designed so that you can keep your privacy .....look for foreign person maybe ..try and be imaginative..
good luck

DocProc

"So here I am with a monthly mortgage payment of £1000..."

I used some simple calculations and a bit of guesswork to arrive at my own conclusion, and which could easily be wrong, that your mortgage might be for £120,000 and for a period of 25 years.

At 6% interest, this gives an interest payment of £7,200 pa or £600 per month.

Dividing £120,000 by 25 years, gives capital repayments of £4,800 pa or £400 per month.

I don't think it's right that the state should fund your capital repayments, but surely, somehow or other, your mortgage interest should get taken care of.

Generally, the lender does this by making the borrower takeout Mortgage Protection Insurance. Anyone can lose their job anytime. So it is almost "a cert" that you have this already in place and it was done when you took out the mortgage in the first place.

The law insists on it. It is a legal requirement. Your mortgage lender would have offered it. However, you could have possibly declined his offer and made your own arrangements after shopping round. But he would have been legally required to check you had it and take down the details.

Mortgage related insurance is rarely a very good deal. But, nevertheless, it is a legal requirement.

This could well take care of about £600 per month of your stated £1000 previous requirement.

I'd suggest you look in your file on the house and also at your bank records and maybe too, the solicitor's (conveyancer's) statement.

whitewing

DocProc wrote: »

"Generally, the lender does this by making the borrower takeout Mortgage Protection Insurance. Anyone can lose their job anytime. So it is almost "a cert" that you have this already in place and it was done when you took out the mortgage in the first place.

The law insists on it. It is a legal requirement. Your mortgage lender would have offered it. However, you could have possibly declined his offer and made your own arrangements after shopping round. But he would have been legally required to check you had it and take down the details.

Mortgage related insurance is rarely a very good deal. But, nevertheless, it is a legal requirement.quote]

Are you sure about this? I am fairly certain that I don't have mortgage protection insurance. But I do have buildings insurance, and the solicitor did have to check that was in place, and that the mortgage company was named on it before I took it out.