Mortgage With Northern Rock & Unemployment

BenC_2

Hi, I found out yesterday I have 2 weeks left at work and the job market as most of you know isnt that good at the moment. My mortgage was one of the last 100% ones so it is quite high and I dont have much money aside to keep paying it if I am out of work.

I will be calling Northern Rock later today when I finish work but I wondered in the mean time if anyone knows if they will freeze payments or help out in any way till I can find a new job?

Regards
Ben

smcqis

Tough one, whats your mortgage? do u have a family to support? if so does your partner have an income? Could you downsize your house? Do you have any savings?

BenC_2

smcqis wrote: »

Tough one, whats your mortgage? do u have a family to support? if so does your partner have an income? Could you downsize your house? Do you have any savings?

Mortgage is £790 a month, payment protection to cover that and bills was over £60pm so I never got it so once I am out of work thats it I have no money coming in. I live by myself, no savings because all the money is going into the house for DIY projects at the moment.

I have a child but he lives with his mother, I pay her x amount every month but ive told her that will stop while im out of work

Short answer if im out of work I cant afford payments.

BenC_2

I spoke to Northern Rock they have a 3 month holiday period where I can freeze my morgage and then after that if im still unemployed they'll look at reducing payments and putting the remainder from the month in arrears to pay off when I get a new job.

I have also found out that when I sign on they may pay up to £500 towards my mortgage payments (intrest only) along with benefits for my son, council tax cuts etc so I might not be as bad off as I first thought. I have enrolled myself back into a course I paid for through skills train so hopefully I can get some bills paid while I study

beecher2

Have a look here http://mortgagehelp.direct.gov.uk/
Think you have to wait for 13 weeks before claiming Support for Mortgage Interest. Not sure why you would get benefits for your son if he lives with your ex.

BenC_2

Thanks I'll check it out. I will get money for my son because I have him half(ish) the time she does. I had the same issue with CSA they wanted to take over £100 per week from me till they found out I have him for 156 nights over a year, the payment was then reduced to £25 per week.