Help with Redundancy and Reposession please.

hellsbells1978

My husband has just been made redundant from his employment. We own our own home, our Mortgage balance is around £85,000. We have our Mortgage with the Abbey National. As soon as we found out my husband was being made redundant we contacted the Abbey to ask if they could switch us to a interest only Mortgage for a short period of time, Until my husband is able to find another job. The Abbey have refused. The only alternatives they have offered are that we switch to a 75% interest mortgage, but this will still not help us as we will have no income, only benefits coming in, and we wont have enough to pay all our bills. Is there anything we can do???? We don't want to be reposessed or go into arearrs, but unless there is more help we have no other option. We don't think our house would sell if we were to put it on the market as there is still work that needs to be done on it. Our only other option is to be reposessed and render ourselves homeless with our child and be re-housed by the local authorities.

If anyone knows of anything that could help so that we wont be reposessed or go into arrears please help.

My husband has not been in his place of work long, so his redundancy package is none existent and will just go towards paying off other bills.

Thanks in advance for any help

Helen xx

Salazar_2

If you can somehow manage to pay your mortgage for the first 13 weeks of unemployment then you should be eligible for SMI (Support Mortgage Interest) by which the DWP will pay your mortgage interest for up to 2 years. That should help a good bit. I've been unemployed now for 7 weeks and I'll be claiming that too if I'm still in the same boat in 6 weeks' time.

In the first instance though I'd would approach Abbey again and ask about the Homeowner Mortgage Support Scheme which they have signed up to. I'm fairly sure they can - and will - do better than the 75% interest offer they made first to you if they think you're desperate and simply cannot afford the repayments.

Good luck!

dmg24

Hi Helen,

Welcome to MSE!

Do you work? Do you have capital over £6000?