Unwanted difficult decision-help pls if you can.

bundance

Hi

I may be faced with the unwanted decision whether to sell my flat or not, because due to the benefit changes, I may well lose half my income.
I am due a DWP medical this year, and if I am found fit for work, like the many others who are forced off benefits before they are ready, I will lose half my income. (information received already regarding loss of income)
If I am put onto JSA, as I have an occupational pension of £440 per month, this will be my only income.

Now to the house selling bit.

I have dilemmas at every corner and am finding it hard to make a decision.
If I sell my flat I will find it difficult to rent privately, as I am not employed and landlords will either want a years rent in advance, or a guarantor (I do not have anyone who could be my guarantor)
If my flat is reposessed, I will not automaticaly be assigned temporary accomodation. I will have to go on a long waiting list for social housing and private renting is not an option for people who have had their homes reposessed as landlords are reluctant to take on tenants who have had their home reposessed. (from shelter.org site)
I don't know which way to turn.
I have no way of making an extra £400 a month, I don't want to move house and it is all getting to me and making me worried sick.
I had a valuation but the estate agent said I was in a catch 22 situation.

Please help if you can, many thanks.

suburbanwifey

To be able to help properly, certain questions need to be answered:

1) Your age bracket (to ascertain employability)
2) What you are sick with (illness that kept you on IB)
3) How much is your mortgage payments
4) How many more years until your mortgage is complete and paid off?
5) How much income would be actually lost (to see if there is a way to make that amount some other way etc.)

In one way though, you are fortunate, to have that OP paying you £440 per month

If you can answer some or all of those questions it would be easier to give you the right advice.

tbs624

OP - you do not have to give information which you would prefer to keep private.

Note too that what is provided on the boards in respond posts is information, opinions, suggestions, support...

No-one on an internet forum can "ascertain your employability"

bundance

suburbanwifey wrote: »

To be able to help properly, certain questions need to be answered:

1) Your age bracket (to ascertain employability)
2) What you are sick with (illness that kept you on IB)
3) How much is your mortgage payments
4) How many more years until your mortgage is complete and paid off?
5) How much income would be actually lost (to see if there is a way to make that amount some other way etc.)

In one way though, you are fortunate, to have that OP paying you £440 per month

If you can answer some or all of those questions it would be easier to give you the right advice.

Thank you. I know I am fortunate to have £440 per month, but this is all I will have to live on inclucing housing costs.
Here's my answers to your question:
1) Your age bracket (to ascertain employability) - 45yrsold
2) What you are sick with (illness that kept you on IB) - anxiety and depression (and now tranquiliser withdrawals)
3) How much is your mortgage payments - £311 mortgage £16.34 insurance (both per month)
4) How many more years until your mortgage is complete and paid off? Mortgage complete in 2025
5) How much income would be actually lost (to see if there is a way to make that amount some other way etc.) approx £130 a week, or £520 a month

Thank you so much

bundance

tbs624 wrote: »

OP - you do not have to give information which you would prefer to keep private.

Note too that what is provided on the boards in respond posts is information, opinions, suggestions, support...

No-one on an internet forum can "ascertain your employability"

Thank you.
I am happy to give information if it will help.

tbs624

bundance -if you did lose your benefits, do you have a spare bedroom in your flat?

If yes, could you cope with a lodger? You can bring in up to £4250 pa tax free under the Rent a Room Allowance. Some lodgers only want midweek which would give you a break at the weekends

bundance

sorry to sound impatient by bumping this thread, I am worried sick

many thanks

carefullycautious

Could you take in a lodger or mon to friday person to help with income?

If you are able to do the above you could maybe try for a part time job to ease you back into the work place

THere are many people with your problems who still go to work each day. You have to be pretty poorly nowadays to get help. The days of languishing on benefits have stopped. Sorry to sound harsh but it is true.

I know if I was in your position I would do all I could to keep my home.

nearlyrich

landlords will either want a years rent in advance, or a guarantor (I do not have anyone who could be my guarantor)

Are you sure about the years rent?
I am not experienced with renting but my DS was telling me last week he needs to find 6 weeks rent in advance not 52 weeks...

tbs624

nearlyrich wrote: »

landlords will either want a years rent in advance, or a guarantor (I do not have anyone who could be my guarantor)



Are you sure about the years rent?
I am not experienced with renting but my DS was telling me last week he needs to find 6 weeks rent in advance not 52 weeks...

If a T does not meet the standard income criteria a LL will sometimes ask for rent to be paid upfront but they usually restrict the initial Fixed Term let to just 6 months

bundance

tbs624 wrote: »

bundance -if you did lose your benefits, do you have a spare bedroom in your flat?

If yes, could you cope with a lodger? You can bring in up to £4250 pa tax free under the Rent a Room Allowance. Some lodgers only want midweek which would give you a break at the weekends

Thanks.
I only have a one bed flat.