Help - I want to keep my house

pammii

I have a predicament and am asking if there is anyone out there can help me.

I have house with a mortgage which is in arrears, not by much and have been to court and been saved from repossession. House in joint names but husband walked out 2 years ago and not paid a penny towards mortgage since. I am paying £506.62 per month which is repayment plus £25.00 towards arrears.

I work 30 hours on minimum wage & claim WTC & CTC - CTC due to stop in September as daughter going to uni.

I don't think I can afford to keep up with the mortgage payments when my income is reduced.

The house is on the market but I really don't want to leave if I can avoid it. What can I do?

Thanks.

dawn_rose

Hiya do you know how much you will loose per month when you ctc stops? If you know what shortfall you need to make up then if it were me i'd do a statement of affairs and see where i could trim up my budjet a bit to save money to go towards the mortgage, Is it possible to increase your hrs or get a 2nd job?

Suarez

Whats the balance of the mortgage and how many years are left?

And what is the house valued at?

hazyjo

Can you switch to interest only?

Jx

RAS

Do you have a spare room or two into which you could take a lodger or two?

Have you divorced your ex and got a clean break order? Otherwise you create more and more equity in the house and he could get half of the wealth you have created.

pammii

hazyjo wrote: »

Can you switch to interest only?

Jx

No, because of the arrears.

pammii

RAS wrote: »

Do you have a spare room or two into which you could take a lodger or two?

Have you divorced your ex and got a clean break order? Otherwise you create more and more equity in the house and he could get half of the wealth you have created.

Really don't want lodgers.

We are divorced and the house has been awarded to me so he can't get anything from it. His name is still on the mortgage though and the mortgage company won't take his name off until 2 years clear of debts.

pammii

dawn_rose wrote: »

Hiya do you know how much you will loose per month when you ctc stops? If you know what shortfall you need to make up then if it were me i'd do a statement of affairs and see where i could trim up my budjet a bit to save money to go towards the mortgage, Is it possible to increase your hrs or get a 2nd job?

About a third of my income will be lost.

I'm struggling to keep up with bills as it is, nothing left to trim, this winter has been harsh for everyone and I was feeding the gas and electric meters constantly. Doing more hours and earning more just means my WTC will go down the following year. Catch 22.:mad:

pammii

Would like to know if there are any company's or firms that would buy the house and rent it back to me.

G_M

So hubby is out as a source. Not sure why you say "and not paid a penny towards mortgage since." given that "the house has been awarded to me so he can't get anything from it." Why on earth would he?

So either
* you reduce the mortgage payments (interest ony; alternative lender etc)
* or you increase your income
* or you sell the house and downsize

27col

Your wants or don't wants don't really come into it. If taking a lodger enables you to stay in the house, then that is what you have to do, in the absence of any other way of getting money into the house. At some stage in life facts, however unpalatable, must be faced.