Mortgage ex made redundant

PasturesNew

The mortgage is cheap as chips - you couldn't rent a box room in a shared house for that much.

There's enough income to pay for your life, you just need to cut back on overspends (that you currently don't see) and then try to tweak your income upwards. e.g. taking in foreign students, taking Mon-Thu lodgers, or a lodger. And those commercial premises, what's happening with that? Is it rented out? If you're using it for your business, could you offer some space to other small/local companies to share costs/produce a small extra income?

getmore4less

helenthemum wrote: »

The house is a decent size 5 bed house with commercial premises occupying approx 20%. .

not for everyone Lodger.

Mon-friday, summer student........

edit: even more ideas from PN

helenthemum

I use the commercial premises for my business which was the main reason for buying the property 5 years ago. No room to rent any space out to another business, its quite small and barely enough space for my business, but it works for me. Also means I am around for the children.

My eldest can't work whilst at Uni as he has ME/CFS and gets the disability help. Because of my income from September he will get additional funding through SF which he wont have to pay back, it also means he should not ask me for any money other than his 1st months rent which he should pay back as soon as he gets his SL through.

The 17 yr old also has ME/CFS and is struggling with college because of her illness. She doesn't always make her dance lessons either so i know she isn't making it up, she has been dancing since she was 5.

Being realistic no chance of buying ex out.

No reserve in the mortgage to help with cash flow. I do have a little saved up which would help til new budget sorted. I am VERY lucky that I have no other debts.

What would the implications be of getting a lodger re tax and WFTC.

getmore4less

tax : rent a room scheme

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804


wftc : no idea.

cootuk

"Also ex pays part of youngest child school fees along with his parents at the moment"

Private school? Will this still be affordable?

helenthemum

The rent-a-room scheme looks quite good, although I am not sure I could live with a stranger, however if it comes to it and can't make ends meet it is a solution worth considering, needs must and all that.

Ex is coming to see the children this weekend so will have to discuss with him what is going to happen. If I have to pay for it then I could, however birthdays, Christmas, childrens activities would all have to be cancelled or put on hold. Until ex gets a job and can start paying things again.

To be honest I thought you all would have said I would have to sell the house. Thank you to everyone you have really helped take some weight off my mind.