help re: mortgage being paid while on IS

millytint

Hello, I know there are some wise and wonderful people on here as a friend recommended this site.

I am being made redundant - not entitled to any payout as have only been in post for 9 months. I have been applying for jobs but nothing as yet. I currently earn quite a good salary, £30k and I work 4 days a week.

I am a single mum with a 2 year old. If I don't get a job that suits me I will be claiming income support because I understand that technically I don't need to be available for work as a lone parent.

I don't think I'll get any tax credit as I earned too much last year.

I have a mortgage owing £89,000 and monthly payments are £575 at the moment.

Terrified basically of how possible is it that I may lose my house?

Someone has told me that you can get mortgage interest paid after 13 weeks on IS - I think I could last this long on a payment holiday - but then how does it work?

Also, if anyone knows how on earth I am going to survive paying for everything else on £65 a week, I would be really grateful.

Thanks, Jo

Hammyman

You don't get £65 a week. You also should get Child Benefit, Child Tax Credits and Council Tax Benefit. The Child Benefit and Child Tax Credits will add up to over £60 a week alone.

SuziQ

Take a deep breath -things seem awful at the moment but you will get lots of advice here, although I am not much help I'm afraid. As far as I know they can work out your tax credits in what your income is NOW-that's what happened to me when I lost my job 2 years ago. It is a bind that your rent would be paid if renting but you have to wait for mortgage support but that's just how it is. Speak to your mortgage lender early on in this-abbey were excellent with me. Also be aware, in my case I don't get help on the total amount of my half of the mortgage because some of it was a top up loan to have an extension done.

dmg24

SMI payments will cover less than half your current mortgage payment. The first thing to do would be to ask your lender if you can change to an interest only product (although they do not have to agree to this), which should lower your liability until you can afford to pay more.

millytint

welshmoneylover wrote: »

Sorry got nothing to add but I'd love a job that pays £30k :rotfl:for 4 days a week.

Well I'm not gonna have it for much longer thanks to the con-dem gov't public sector cuts, so you can roll around laughing about that too. It's not like I sit on my !!!! for 4 days a week :mad:

tcr_3

Assuming DWP decide to pay on £89,000, their contribution @ standard interest rate 3.67% will be £62.82 pw. They pay qualifying lenders every four weeks = £251.28. They make 13 payments to your lender each year. Considerable shortfall in the amount they'll pay compared to what your lender expects you to pay. You're right, though, they won't help for the first 13 wks.

One big assumption though, this £89,000.

DWP will look at how much you originally borrowed to buy your home, whether you've re-mortgaged since, any additional borrowing for home improvements, whether you've got mortgage payment protection insurance etc. They may or may not pay interest on £89,000 ... depends entirely on the answers you provide.

themull1

do u claim maintenance from partner? that would help towards costs.

welshmoneylover

millytint wrote: »

Well I'm not gonna have it for much longer thanks to the con-dem gov't public sector cuts, so you can roll around laughing about that too. It's not like I sit on my !!!! for 4 days a week :mad:

There's not many people in the private sector either that sit on their !!!!!! for 4 days a week either, nor do they have silly monopoly wages to match either.

I'm so glad the con-dems are getting rid of a lot of dead wood from the public sector.

Do you think you'll be lucky enough to match those wages in the private sector at all?

millytint

welshmoneylover wrote: »

There's not many people in the private sector either that sit on their !!!!!! for 4 days a week either, nor do they have silly monopoly wages to match either.

I'm so glad the con-dems are getting rid of a lot of dead wood from the public sector.

Do you think you'll be lucky enough to match those wages in the private sector at all?

You know nothing about me, the job I do, or the responsibilities I have. Plenty of people in *both* sectors get paid more than £30k and it's hardly 'monopoly wages'.

There really is no need for such barbed comments when I came here for help and support.

tcr_3

welshmoneylover wrote: »

There's not many people in the private sector either that sit on their !!!!!! for 4 days a week either, nor do they have silly monopoly wages to match either.

I'm so glad the con-dems are getting rid of a lot of dead wood from the public sector.

Do you think you'll be lucky enough to match those wages in the private sector at all?

!!!!!! has that got to do with the OP's query ?

bethyboobeth

welshmoneylover wrote: »

There's not many people in the private sector either that sit on their !!!!!! for 4 days a week either, nor do they have silly monopoly wages to match either.

I'm so glad the con-dems are getting rid of a lot of dead wood from the public sector.

Do you think you'll be lucky enough to match those wages in the private sector at all?

Sorry to say this Welshmoneylover, but I have just registered to use the forum just so that I could tell you what an insensitve, rude and arrogant person you are. DO you actually come on here to support others and share ideas, or to upset vulnerable people even more and make things worse?? What a strange passtime.:mad: