Mortgage Interest Payments

lazy_B_2

Hi all ..

This my first time... I'm currently a unemployed single mother with 2 very young children.. recently made redundant..My question is does anyone know if mortgage Interest payments will still be payed if I work 18hrs, I also have a secured loan on my home which I am struggling to pay now and won't be able to pay the both if I go back to work due to other outstanding arrears on other debts.. If anyone can give any points or suggestion which can help my situation I would be very grateful , as I'm in fear I will lose my home..

Thank you for your help!!

IamGullible

lazy_B wrote: »

Hi all ..

This my first time... I'm currently a unemployed single mother with 2 very young children.. recently made redundant..My question is does anyone know if mortgage Interest payments will still be payed if I work 18hrs, I also have a secured loan on my home which I am struggling to pay now and won't be able to pay the both if I go back to work due to other outstanding arrears on other debts.. If anyone can give any points or suggestion which can help my situation I would be very grateful , as I'm in fear I will lose my home..

Thank you for your help!!

Hi,
In your situation perhaps the best advice you could get would be from an expert, such as from your local Citizens' Advice Bureau for example.

To get SMI for home, one must be getting a benefit like JSA/IS/PC etc. People who work under 16 hours a week ( and the partner works under 24 hours a week) can get the JSA. More than those hours, they may not get JSA, but instead get working tax credits, hence lose SMI.

As I say, your best bet would be your local CAB. They would advice you on any additional benefits that you may be entitled, as well as SMI.

lazy_B_2

IamGullible wrote: »

Hi,
In your situation perhaps the best advice you could get would be from an expert, such as from your local Citizens' Advice Bureau for example.

To get SMI for home, one must be getting a benefit like JSA/IS/PC etc. People who work under 16 hours a week ( and the partner works under 24 hours a week) can get the JSA. More than those hours, they may not get JSA, but instead get working tax credits, hence lose SMI.

As I say, your best bet would be your local CAB. They would advice you on any additional benefits that you may be entitled, as well as SMI.

Hi IamGullible...

Thanks for responding back to me, I do currently recieve IS and SMI.. but do you know if I will still get it if I find a job working 18hrs.. My secured lenders have given an extra 3mths to make reduce payments and after that they will start proceeding to take my home....I have spoken to a few advisors, and they have advise me to consider the mortgage rescue scheme or bankruptcy..spoke to the benefits office and they told I can't actually applie until they start procedures against me... I know my finance are all over the place right now but I just don't want to take that route and I really don't know what to do..I am studying trying to re-train to improve my income, but just so hard trying to juggle my money to feed and cloth 2 kids...every week I have to not pay something or do without something..(sorry to waffle)...But do you or know anyone that has gone through the mortgage rescure scheme..and is a good thing or bad thing.

Thanks Again

dmg24

You will be working more than sixteen hours and therefore ineligible for SMI. You may be eligible for WTC.

I don't know much about the Mortgage Rescue Scheme, but if you do a search there are threads on the subject on other boards.

lazy_B_2

Thanks for the reply ... I'm new to the site and still trying to find my way around, look at the threads and found some useful stuff ...

Thanks again