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Help paying my mortgage?
Peas_2
Posts: 130 Forumite
Hi there, hoping somebody can help point me in the right direction.
Ive currently split from my husband and have a young baby to care for. I have my own home but the mortgage payments are £1100 (£600 being interest) i really do not want to sell.:( Im in the process of applying for child tax credits and income support. am i eligible for help with the mortgage? I return to work mid next year as i have chosen to spend my childs first year at home.
Thank you in advance
Ive currently split from my husband and have a young baby to care for. I have my own home but the mortgage payments are £1100 (£600 being interest) i really do not want to sell.:( Im in the process of applying for child tax credits and income support. am i eligible for help with the mortgage? I return to work mid next year as i have chosen to spend my childs first year at home.
Thank you in advance
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Comments
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Not sure really, but what about shifting it to interest only until you get back on your feet?
I'm sure more people will be along shortly to help you out x9/70lbs to lose
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Hi there, hoping somebody can help point me in the right direction.
Ive currently split from my husband and have a young baby to care for. I have my own home but the mortgage payments are £1100 (£600 being interest) i really do not want to sell.:( Im in the process of applying for child tax credits and income support. am i eligible for help with the mortgage? I return to work mid next year as i have chosen to spend my childs first year at home.
Thank you in advance
Is the mortgage in joint names? your husband is still liable for the mortgage, even if you have split with him.All over the place, from the popular culture to the propaganda system, there is constant pressure to make people feel that they are helpless, that the only role they can have is to ratify decisions and to consume.0 -
ISMI is payable after 13wks on income support.
If you are returning to work, you cannot be on income support so the ISMI would cease at the point you returned to work.
ISMI only covers the interest part and may only cover your 1/2 of the interest if you have a joint mortgage. So with the figures above, you may only get £300 of the £1100. You would need to find the remainder £800 yourself.
Lenders have been very reluctant and difficult in switching to interest only so it may not be as easy as a quick call.
The other sticking point is the 13wk wait.0 -
its not a joint mortgage its in my name alone. If i switched to interst only would i still be eligible for support?0
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its not a joint mortgage its in my name alone. If i switched to interst only would i still be eligible for support?
Yes, They only pay the interest anyway.All over the place, from the popular culture to the propaganda system, there is constant pressure to make people feel that they are helpless, that the only role they can have is to ratify decisions and to consume.0 -
If the mortgage is solely in your name then you must have been deemed to be able to afford the £1100pm mortgage based solely on your salary. This tells me that you are on quite a high salary (£2.5k+ at least)
Why would you go on income support from such a high salary? Why can you not afford the mortgage now or are you choosing to give up work to be with your child?
In any case, getting your lender to change to IO may be your biggest hurdle.0 -
If the mortgage is solely in your name then you must have been deemed to be able to afford the £1100pm mortgage based solely on your salary. This tells me that you are on quite a high salary (£2.5k+ at least)
Why would you go on income support from such a high salary? Why can you not afford the mortgage now or are you choosing to give up work to be with your child?
In any case, getting your lender to change to IO may be your biggest hurdle.
Not in my experience. They changed to IO immediately.All over the place, from the popular culture to the propaganda system, there is constant pressure to make people feel that they are helpless, that the only role they can have is to ratify decisions and to consume.0 -
you should also make your ex pay child support, and consider returning to work sooner rather than later.0
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Deepmistrust wrote: »Not in my experience. They changed to IO immediately.
Recently? I.e in the last year or so?
You used to be able to chop and change pre recession. Now, things have got a lot stricter.0 -
I used to be on a very high salray hence my mortgage amount. Ive chosen to take a year off to care for my child. I left an abusive relationship and want nothing to do with contacting my husband regarding support. I know we're entitled to it from him but i know he would just use it against me with emotional abuse further down the lie. hope this makes sense.
I have tenants in the property at the moment and im living with my parents so when i got called regarding my application today i was told the £400 i get in rent from my tenants would affect my application and would mean i was possibly not eligible for further support
will ring mortgage company and ask about interest only. thank you0
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