Mortgage Interest relief

marie2109

Having been made redundant 13 weeks ago, I finally qualify for some help to pay my mortgage.

I am absolutely gobsmacked that they have offered to pay just £140 towards my mortgage per month. I am expected to find the shortfall of £180 per month from my £67 per week - it just cannot be done.

I just don't know how am going to eat after paying my utilities. I have no debts, just everyday living expenses.

I am looking for work and am well experienced and qualified but I am not even getting interviews and the agencies that I am registered with (5) have no work.

I am at my wits end :eek:

sunnyone

marie2109 wrote: »

Having been made redundant 13 weeks ago, I finally qualify for some help to pay my mortgage.

I am absolutely gobsmacked that they have offered to pay just £140 towards my mortgage per month. I am expected to find the shortfall of £180 per month from my £67 per week - it just cannot be done.

I just don't know how am going to eat after paying my utilities. I have no debts, just everyday living expenses.

I am looking for work and am well experienced and qualified but I am not even getting interviews and the agencies that I am registered with (5) have no work.

I am at my wits end :eek:

Most people take out PPI to cover their morgage, why didnt you?

DaisyFlower

Sunnyone is right, if you live alone then it was essential that you had means to pay the mortgage if something went wrong.

You could look at taking in a lodger or take any job not just the field you were in.

Hovel_lady

The only thing I can suggest is talk to your mortgage company and let them know what's happening. They might let you delay payment of the rest until you have a job.
Might also be worth contacting Shelter for advice.
Good luck x

MrsManda

You pay £320 in interest a month?
You need to speak to your mortgage lender to see if you can renegotiate your mortgage payments until your finances are more stable.

BoGoF

I'm gogsmacked that people are gobsmacked that the Government (taxpayer) won't pay for their choice to buy a house.

dcems

£140 is better than nothing isnt it?

All you need to do is contact your lender and make an arrangement to pay what you can. you must make goodwill payments and you must keep them informed about what is happening.

There is a court action protocol all lenders must adhere to before any court action is considered, but it wont come to that if you speak to them.

you will just have to learn to budget in the meantime

marie2109

No I don't pay £320 interest a month - I am on a repayment mortgage. And no I couldn't afford the insurance for the last year due to personal situation which I won't go into. I have been paying the mortgage for the past 3 months with my very small redundancy amount but that has now been eaten up.

Yes I am gobsmacked as I didn't expect to be out of work this long, have worked for 24 years and never claimed a penny in benefits, so am a little fed up watching my neighbours languishing on the dole, having extrortionate rent paid for them, no questions asked, whilst they have not paid a penny in national insurance, in fact anything into this country at all!!!

I am considering changing to an interest only mortgage as this is the only way I can see that my mortgage payments will be made whilst I seek work, any work incidentally.

If you haven't got anything nice to say go comment elsewhere - I don't need it!

MrsManda

marie2109 wrote: »

No I don't pay £320 interest a month - I am on a repayment mortgage.
I am considering changing to an interest only mortgage as this is the only way I can see that my mortgage payments will be made whilst I seek work, any work incidentally.

As your title suggests, only your mortgage interest is paid by the government, not the capital which is why you have the shortfall. Your mortgage lender should allow you to negotiate to an interest only mortgage to enable you to keep your home.

Good luck with the job hunting, hopefully you'll be back on your feet soon

dcems

You said you were gobsmaked over how much mortgage interest payments you were getting. So it sounds a bit ungrateful to be honest. Theres no point in complaining about other people and how they live their lifes. Im sure if you change to interest only until you find a job it will be easier for you-your lender has to consider this option so dont let them fob you off.

Muttleythefrog

marie2109 wrote: »

No I don't pay £320 interest a month - I am on a repayment mortgage. And no I couldn't afford the insurance for the last year due to personal situation which I won't go into. I have been paying the mortgage for the past 3 months with my very small redundancy amount but that has now been eaten up.

Yes I am gobsmacked as I didn't expect to be out of work this long, have worked for 24 years and never claimed a penny in benefits, so am a little fed up watching my neighbours languishing on the dole, having extrortionate rent paid for them, no questions asked, whilst they have not paid a penny in national insurance, in fact anything into this country at all!!!

I am considering changing to an interest only mortgage as this is the only way I can see that my mortgage payments will be made whilst I seek work, any work incidentally.

If you haven't got anything nice to say go comment elsewhere - I don't need it!

Yeah... I think if you can negotiate a switch (at least temporarily) to interest only mortgage then unless your interest rate is significantly higher than the rate used for the benefit you'll be okay pending getting new income from work.

The other advice above is good... regarding getting a lodger in... it might not be ideal but it won't likely have to be forever.

But I think people are probably taken aback a little when it seemed you were shocked the state wouldn't pay your mortgage capital. If you've got a good rate of interest on your mortgage ironically they will indeed be doing that to a small degree. Unfortunately when you're on your own then financial stability is a little trickier.

Oh... and if the lender refuses to do interest only try to negotiate a reduction in monthly payments in light of the fact DWP is paying some of it - lender probably won't adjust your payments without you negotiating/agreeing such... they'll probably just treat DWP payments as regular 4 weekly overpayments to your account otherwise.