Mortgage Free But Broke

MarnieD

Hi this is my first post here but I've read a lot of the advice with interest & I desperately need some help please. My background is: I'm 50 & have a health condition which limits my working ability, it began 4 years ago, I lost my job & got into debt. My mum died a year ago, I paid off my debts and inherited a house. I'm mortgage free which is fantastic but spend so much time worrying & penny pinching (which makes me even more ill!) that I am seriously considering whether I should release some of the equity? I live in a depressed area, property prices are very low so selling isn't really a good option & I receive only ESA benefit. Having struggled free of debt I dread landing back in it but I have so little money that I sometimes have to choose between food or heat! My car (which is essential) is on its last legs & I can't even afford to insure the house. Pros & cons on both sides but I really would appreciate some advice. Thanks.

adwat

Have you considered taking in a lodger to bring some extra money into the household? Not for everyone I know, but just a suggestion - also it's tax free (not sure on the amount you're allowed before declaring it or whether it could effect your benefits, but it could be worth finding out.)

downsizer3

Could you put a SOA up on here so we can help with some ideas - just gives us the whole picture?

Sepa74

I agree it might be worth it exploring a lodger or lodgers. You can something like £4,500 a year before you have to declare it, and if your house is big enough you may find it's worth taking in more than one lodger, although that might mess up your benefits!

An SOA would also be useful. It's really grinding living on the breadline, especially if you know there may be a big expense around the corner with the car on its last legs. I feel for you