Mortgage help whilst on Benefits.

andyandflo

I have no more intention of playing any silly little games with those on this site who have such a sad life. I have made my views clear and have given reasons and explanations for them. If you choose to pick holes in everything I say - carry on.
Some on this post seem to have a severe case of misery in their lives.

Cheers see you on another post

Oldernotwiser

savingspender wrote: »

I don't want to be on income support any longer than I need to be so although I will get help with rent while I am in this situation when I am back to work I will be worse off because the rent will be more than my mortgage. I wanted to ideally get myself into a situation where I'm not reliant on state help so that if tax credits etc are cut my children don't suffer.

My ability to do that was really reliant on me being able to stay with the support network of friends I have, take me away from here and it makes it near on impossible and my children will only really have me have me as my ex moved an hour away. So for me just giving back the keys it not an easy option at all.

Thanks dmg24 and shegar for your understanding of my situation.

Is there enough equity in your property for you to buy somewhere else - perhaps a flat? That would be better than renting.

andyandflo

Oldernotwiser wrote: »

Is there enough equity in your property for you to buy somewhere else - perhaps a flat? That would be better than renting.

That's the best bit of advice I have heard for a long while. Hey I never thought of doing that myself.

It never crossed my mind to do something like that, I just thought that if we couldn't afford the house it had to go - equity and all, and that was the advice given by the bank!!

Looking back yes, it would have worked. £80,000 equity and a mortgage of say £20,000 would have bought a lovely 2 bed flat!!
Hell of a lot better than trying to pay the £103,000 mortgage.

S**t why didn't the bank suggest that idea?

Ah well, water under the bridge now, they have the house.
Will just have to take note of what I said before - never trust anybody!!

A bit late for me - but a damn good idea for others!!

SingleSue

DaisyFlower wrote: »

I'm sure it was annouced in the budget that help with mortgages would be cut, therefore those able to work (having children does not render any body incapable of working) had the choice to find work or remain on benefits as a choice and accept a deduction.

Lots of workers have not had pay rises yet still have to find their mortgage payments etc.

Just had to pick you up on one point in your post (see the bolding).

Having a disabled child or children can render you incapable of going to work as I know all too well, maybe by the sheer amount of care needed, the number of appointments, hospital stays etc.

N.B I don't have a mortgage so do not receive the benefit under discussion.

hermum

SS, I was going to suggest the possibilty of you selling & buying something smaller-cheaper, beaten to it.
Or is the house you're in large enough to take in a lodger? Could the children share a room if not doing so already, or convert a dining room? Just until you can finish your college course & hopefully pay the mortgage yourself.

savingspender

There's not enough equity to completely buy another property unfortunately. Taking in a lodger is something I could do but am I am able to do this with being on income support?

Oldernotwiser

savingspender wrote: »

There's not enough equity to completely buy another property unfortunately. Taking in a lodger is something I could do but am I am able to do this with being on income support?

Your earlier posts say that there's 50% equity in the property. Have you looked at shared ownership schemes if you're sure that you couldn't buy a smaller flat for that money? HB would pay the rented part of the share.

tcr_3

DWP are going to start reassessing these cases tomorrow. Most SMI cases will be updated automatically over the weekend, with the letters landing on the doormats by the end of next week.

However, some cases will require manual intervention (i.e. where other work is outstanding on the claim or where the claimant receives help via a mortgage payment protection policy) ... these manual reassessments cases will take longer, unfortunately, depends on how quickly the staff can get through them.

DX2

savingspender wrote: »

There's not enough equity to completely buy another property unfortunately. Taking in a lodger is something I could do but am I am able to do this with being on income support?

Your benefits will probably be reduced if you rent a room. You will also no longer be eligible for single occupancy discount with your council tax benefit.

david13

Just received two separate letters both dated 13 September from JSA stating my benefits will be cut from 29 September 2010 (not 1 October)
"because of a change in your circumstances"
"because of a change to the cost of where you live"
Neither of these statements is true!

Fortunately I was aware of the SMI change, supposedly from 1 October, and they seem to have calculated it correctly.
So why can't they be honest and state that it is because of a change in policy?

My SMI was more than my actual payments, now it will be less - swings and roundabouts.

However, a sudden reduction in benefits of 40% (6.08% down to 3.63%) is swingeing by any standard!