Will I be made `homeless`

morganedge

People shouldn't ever be 'homeless' in this country, should they?
You should have lots of money to rent a place if you sell, and if you ran out of money, you'd be entitled to housing benefits and stuff, no?

tescobabe69

sexymax wrote: »

This could now become policital : Instead of recieving advise as a lay down and accept the blade ! I`m searching for solutions in any way i can.
(you know the type of thing, instead of saying these jordain terroists can stay here receiving benifits indefinitly just incase they may be tortured ) I`m talking about an English man who`s lived here all his life is trying to stay in his home) you know the sort of thing I`m talking about...ANYWAY I CAN GOT THE MESSAGE.? NOT LAYING DOWN AND DIYING

DIYing is best not done lying down.
Seems to me you had plenty of time to organise for this, unfortunately for you your state subsidy (well one of) looks like ending in a couple of years, its time to get sorted and use your wealth to support yourself.
I know its unpleasant (particularly for your kids) but thems the rules.
My advice in a previous post stands, sell and enjoy yourself with your money, once its gone, kerching you will be back on benefits.

Tygermoth

This is not specifically aimed at the op, but do I have this right?

The OP falls on hard times; the Benefits system helps and takes over the interest payments on the mortgage.... for 10 years....

He then sells the house the benefit system has been has been paying to keep him in and he gets to pocket a profit?

Let’s say the interest is just £100 per month .. 12 months over 10years is 12K. should the benefits system not reclaim this?

I understand possibly paying on a rental because that’s not an asset but this to me seems insane.

ikati5

With regard to the ex partner, if she is entitled to half she is also liable for half, a solicitor letter requesting her half of the shortfall might change her mind.

Trentenders

ikati5 wrote: »

With regard to the ex partner, if she is entitled to half she is also liable for half, a solicitor letter requesting her half of the shortfall might change her mind.

I think you've missed something. OP has equity in the house.

hcb42

can you rent a room, to generate some additional income for next two years and pay it straight into the debt, to reduce it...?

then if you can keep it going, and remortgage somehow yuo might find a way out somehow..

silvercar

Tygermoth wrote: »

This is not specifically aimed at the op, but do I have this right?

The OP falls on hard times; the Benefits system helps and takes over the interest payments on the mortgage.... for 10 years....

He then sells the house the benefit system has been has been paying to keep him in and he gets to pocket a profit?

Let’s say the interest is just £100 per month .. 12 months over 10years is 12K. should the benefits system not reclaim this?

I understand possibly paying on a rental because that’s not an asset but this to me seems insane.

Paying the interest on the mortgage is often cheaper than paying the rent on a similar property. There is no reason for the government to favour helping those who haven't bought to those that have. If it costs less to pay someone's mortgage interest then why turf them into a rental and pay the landlord's mortgage instead?

MuffinTops

I agree that the other half should be liable for some of the payments if she's to gain at the end of it. I have no idea on any of this but I really hope UK laws do not allow for someone to receive half of the equity based on having their name on the mortgage with no payments given. You have proof she lives elsewhere and that you are the sole mortgage payer and logic would suggest that this would go a long way in getting her off the mortgage whether she likes it or not.

Maybe you should go to Citizens Advice or seek some form of free professional advice as they are likely to have more information on all choices you have? I agree completely with not lying down and dying and as you're 2 years away there may be options that us forumites aren't aware of or have forgotten which you have sufficient time to sort out. But your situation looks like it has various paths to it and I really hope one of them works out for you.

I'd be interested to know how you get on with it all. Good luck with it sexymax.

ikati5

Trentenders wrote: »

I think you've missed something. OP has equity in the house.

He also has a large shortfall which could cause the unwanted sale of his home, which would mean the ex partner could claim a share. The op is hoping to avoid this....

RenovationMan

sexymax wrote: »

Hi everyone I`m begining to panic !.I`m 66 years old,and have been on benefits for the last 10 years.(now on pension credit)
My endowment mortgage with Santander has 2 years to run.
For the last 10 years the benefits have been paying the interest only.
I should have been paying seperately for a endowment insurance to pay off the capital,
but I had to stop that around 10 years ago(to costly)
bottom line is would the mortgage co allow the time to be extended indefinately, being as they are being paid the interest
if not, presumably in 2 years I shall have to pay them the balance(£72,000)
and if I can`t I shall have to sell the house And live where ?
another complication is that I originally took out the mortgage with my childrens mother.
she has never officially lived with me , and the benifits have accepted that I alone am responsible for the mortgage
but if I have to sell the house she supposedly is entitled to 1/2?
so the remaining would not be enough for me to buy anywhere else cash !And I cant get a mortgage on benifits
should I panic ?? any advise will be greatfully received

My first advice would be to not ask for advice on an internet forum, but to instead get in touch with the Citizens Advice Bureu and Age Concern.

As you are now on pensions credit, you will continue to have the interest portion of your house paid. There is no time limit to this as you are not on SMI because you are unemployed, so forget the 2 years timelimit mentioned on here.

The rules of SMI for pensions credit are as follows:

If you claim Pension Credit - conditions that apply to SMI




If you claim Pension Credit, and you want help towards mortgage interest payments, you will:

• have no waiting period before you receive help with mortgage interest payments
• be able to claim for mortgage interest on up to £100,000 of your mortgage

If you have questions about SMI contact The Pension Service.

• Contact The Pension Service

Moving to Pension Credit from other benefits




If you are already getting SMI under the rules that apply from 5 January 2009, you can continue to get help with your mortgage interest on up to £200,000 of your mortgage, if you move on to Pension Credit within 12 weeks of ending a claim for:

• Income Support
• income-based Jobseeker’s Allowance
• income-related Employment and Support Allowance

You can continue getting the same amount of help with your mortgage interest, if you remain entitled to Pension Credit.

Your outstanding mortgage is £72,000 and so is well within the financial limits.

You need to speak to your mortgage provider and let them know your situation. They will probably just leave your mortgage open ended. Remember, they are receiving a guaranteed mortgage payment and will continue to do so for the remainder of your days, which could be a further 20 or more years. Why would they turn down this money that will cover your outstanding mortgage several times over (remember that you will have already repaid the capital loan a couple of times over in interest payments).

If you have any money left from the endowment, remember that the amount of savings you have will impact your benefits so use the endowment to pay off some fo the mortgage capital. This cannot be seen as deliberately depriving yourself of capital because this is what the endowment was originally for.

Finally, you could try to remove your ex from the mortgage but you will probably be living in this house until you die or move to an old folks home. Life's too short for that sort of hassle, so let your local authority battle with your ex and your mortgage provider when it's time to pay for your old folks home.

Don't worry, things should be fine. Just go to the CAB and get some advice, don't just trust random people on the internet, including myself.