Am I entitled to any mortgage help?

ferry

I hope someone can advice please.I'll give you a overview of our circumstances
I opted for voluntary redundancy in June this and due to a lump sum payout I have living from this.
(I currently get £65.45 JSA based on my Class 1 Nat Ins contribution record.)

My wife works P/T and clears around £650 per month which is declared.

We have a fixed rate mortgage which costs me round £900 per month-no arrears and everything else for that matter is up to date..
We have savings currently at around £9000 but reducing each month as any living payments are met.
Am I likely to be entitled to any help with my mortgage?

Many thanks as usual for any advice
F

andyandflo

ferry wrote: »

I hope someone can advice please.I'll give you a overview of our circumstances
I opted for voluntary redundancy in June this and due to a lump sum payout I have living from this.
(I currently get £65.45 JSA based on my Class 1 Nat Ins contribution record.)

My wife works P/T and clears around £650 per month which is declared.

We have a fixed rate mortgage which costs me round £900 per month-no arrears and everything else for that matter is up to date..
We have savings currently at around £9000 but reducing each month as any living payments are met.
Am I likely to be entitled to any help with my mortgage?

Many thanks as usual for any advice
F

Over 25? No children living at home? Not disabled?

Then you are both expected to be able to live on £102pw.
As you clearly have more than that coming in and have excess savings, it is unlikely that you will get any help with the mortgage interest.

ferry

Over 25 -yes,2 small children but no disablilites

Does that realistically change anything?

dmg24

What is the outstanding balance on your mortgage ferry? How many hours does your wife work?

ferry

Thanks.
120k mortgage -house est. around £260

Wife works 14 hours a week.

dmg24

Your income is too high for help. You would have qualified for a small amount prior to this month, but the govt then lowered the SMI rate.

Can you change to an interest only product?

ferry

Thanks for the clarification.

Not really thought of that route-We'll look into interest only but would you advise only doing this as a last resort when our savings deplete considerably?

dmg24

That is a difficult one to answer - if the lender will allow you to do it as a short term measure with no fee then I would do it. If they are going to charge you to change your product (and therefore are likely to charge you to change it back) I would stay as you are for as long as poss.

I have only ever had interest only mortgages, but my product allows me to overpay so I in effect pay off the accrued capital element (or more) as and when I can. It works for me as my work is sporadic and I have a back up if things go wrong - but I'm not sure I would recommend it to others!

karenx

If your partner worked 16hours plus you would be entitled to working tax credits