Help with paying mortgage.

loftus

What sort of mortgage do you have. If you are on a normal repayment mortgage talk to your mortgage lender about moving to interest only until your children start school and you are able to work part-time. This may save you a little each month.
If you then work 16 hours a week or more you will qualify for Working Families Tax Credits which should boost your income and also get help with any childcare costs you may have.

carrie34

thanks it is an interest only mortgage and i have now surrendered the endowment policy, which has reduced my costs by £72 per month,

Scarlett1

carrie34 wrote:

thanks it is an interest only mortgage and i have now surrendered the endowment policy, which has reduced my costs by £72 per month,

I thought that it was the endowment policy that paid the house off, and that the monthly payments to the bank were for interest only

have you taken another mortgage out carrie ?

Scarlett1

ignore that, I read it properly :rotfl:

Rebekka_2

carrie34 wrote:

thanks it is an interest only mortgage and i have now surrendered the endowment policy, which has reduced my costs by £72 per month,

Have you checked with your mortgage company you can do this, most mortgages will insist on an endowment running alongside an interest only mortgage

Prudent

I respect your decision to be a full time mum. As a teacher, I see real benefits to children in having a SAHM. Financially you are in a tough position though. If you work even part time you are allowed to keep all of the money paid by the children's father without it affecting your tax credits.

When I first became a single parent I was supply teaching. My marriage broke down just before the summer holidays and as a supply teacher I had no income in the holidays. I asked about getting helping with the mortgage and they were very evasive saying it was a discretionary entitlement(?). I do hope you get help. If you were in rented accomodation your rent would be paid. It only seems fair that you should get help too. I believe you get help only with the interest, so you may still have to pay around 50% yourself.

I hope you get something worked out.