help needed

HAYLEY8005

Just another thought im fairly new to all this but if you have a child do you not get any child support from the father like csa payments ??
Also you can ask tax credits to base it on this years income as i have had to do it myself due to a big reduction in income compared to last year.

hayley

littlesue

my thoughts exactly hayley i did the same amd got more tax credits, its worth ringing them. I sometimes have to estimate my husbands pay when it comes to tax credits because he works different shifts and somestimes is called in to do other shifts. His pay is differnet week week.

good luck.

LandyAndy

Is there a time limit on your interest only mortgage deal? Lenders are starting to move to force people onto repayment mortgages when current deals expire.

darwins_mum

Happy MJ, I had thought of selling and renting, but am not automatically entitled to HB if I sell. I am looking into taking in a lodger, but some money needs spending on the spare room. my current interest rate is 0.5% -current bank of england base rate, so £200 for a 3 bed property is cheap. I am not going to live that cheaply in the private sector. I get a 25% discount on council tax, but have not claimed c/t benefit as I wasnt sure if I was entitled to it. I will check out local authority website. thanks for that.
I dont get csa payments from my ex partner as we share the care of our son, he spends half the week there and half the week here. complicated I know.
LandyAndy, when my fixed rate deal ended 2 years ago I went onto SVR and paid the interest only as I was unable to afford o pay anything off the capital. I dont think it is time limited and the lender has not stated that it is.
just off to do my soa and will be back again.

rang lloydstsb, currently paying 19.3% on 2 overdrafts, I think my loan is at 16%. when I do my offer letters to them, do I have to do precise pro rata offers (my math isnt very good)?

HappyMJ

darwins_mum wrote: »

Happy MJ, I had thought of selling and renting, but am not automatically entitled to HB if I sell.

Who told you that? You are not entitled to be housed by the council for making yourself intentionally homeless but you are entitled to go into private rental and claim HB from council from the day you get the equity from your house. The equity less moving costs is less than £6k so you would get 100% HB.

The interest rate cannot be interest only at 0.5% otherwise you'd only be paying £40 per month. It would be a rate based on Bank of E base rate. If you were on a fixed rate and moved to SVR then the lowest SVR on the market is around 3.5%......

HappyMJ

Sorry if I seem to be digging a lot but no one has a mortgage and survives at 9 times their annual salary. Your annual declared salary is £10,800 and your mortgage is £97,000. Impossible....

darwins_mum

Hi Happy MJ, perhaps I need to revisit my mortgage statement, although moving morgages at the moment to a cheaper deal is not an option as my credit file is in tatters.
I guess it is personal choice with not choosing to rent within thep private sector, 6 month tenancies and the prospect of moving constantly would increase my anxiety.
My income was substantially higher when I took out this mortgage, and servicing it and my debts were not a problem. The problem has arisen as earnings have gone from £30k to £10k a year.
I think I have had a bit of a panic as August was a particularly hard month, 2 weddings, a christening, a holiday, school uniform, broken fridge and mamoth car bills.
still ploughing through my soa and actually earnt more than I thought, even though I forgot to submit my expenses claim. just working on that now.
I have survived this far by paring everything down to the bare minimum and getting rid of luxuries and having no spend days. i didnt plan very well for August and am paying the price now.
financial mismanagement seems to be my middle name, but am willing to learn.