ESA Mortgage help Please

fingledingle

Thrugelmir wrote: »

I fail to see why the property cannot be sold and a property bought outright with the remaining equity. Many people face misfortune throughout their lives. Something they have to face up to and deal with in the best way possible. Sorry if this sounds harsh, but with £229,000 of equity they are in a far better place financially than many other people at the current time.

You are not being harsh you are a realist. Reason for not selling it is it's her Home which she loves, and we are in the fortunate position of having the disposable income to cover her shortfall, I agree she is well off compared to some and others would give their right arm for her housing situation, If we were not in the position to help she would have to sell. Just means less shoes and handbags for me and less new golf clubs and fly rods for him, for a while.

mikey_bach

[QUOTE=fingledingle;61731277_Ithink_we_may_encourage_drop_her_claim_for_ISMI_and_we_will_pay_it_all.[/QUOTE]

She is entitled to the SMI so I would say why not let her keep on claiming it.
If she is on ESA conts any money you gave her would not effect her claim.
If she is on ESA IB and you gave her money each month directly it may be classed as an income, but if you pay the mortgage provider direct as said there should be no problem.

Your family member is ill and must under a lot of strain and stress and to have the worry of not being able to meet the mortgage payments taken away must be a god send to her....

fingledingle

mikey_bach wrote: »

She is entitled to the SMI so I would say why not let her keep on claiming it.
If she is on ESA conts any money you gave her would not effect her claim.
If she is on ESA IB and you gave her money each month directly it may be classed as an income, but if you pay the mortgage provider direct as said there should be no problem.

Your family member is ill and must under a lot of strain and stress and to have the worry of not being able to meet the mortgage payments taken away must be a god send to her....

Thanks for your post Mikey I seen her face when she thought she may have to sell, she loves her garden, she has lost her health and Job, there is no way on earth we would let her sell her home and lose her beautiful garden, good times and bad that's what family is for.;)

Thrugelmir

fingledingle wrote: »

You are not being harsh you are a realist. Reason for not selling it is it's her Home which she loves, and we are in the fortunate position of having the disposable income to cover her shortfall, I agree she is well off compared to some and others would give their right arm for her housing situation, If we were not in the position to help she would have to sell. Just means less shoes and handbags for me and less new golf clubs and fly rods for him, for a while.

When does the mortgage term end?

fingledingle

Thrugelmir wrote: »

When does the mortgage term end?

just under 5yrs,

Credit-Crunched

billandjean wrote: »

She is in a similar but different situation as a friend of ours. He only has a mortgage debt of approx £15000 on his home that is worth £200,000. It is an interest only mortgage which was taken out 5 years ago to see him through a period of illness. Unfortunately the illness has become permanent now and the mortgage was due to be repaid last month. He, like your daughter was told that as he is on a low income now, no new deal can be offered. He was given 30 days to find £15,000 or his home would be repossessed. Currently he is looking for a rented property whilst staying with us as he has handed the keys over as a voluntary repossession.
Banks and the government just don't want to help do they.

Why people see the need to blame banks is beyond me. Your friend took out a legally binding contract in the form of a mortgage.

He took out a £15,000 I/O mortgage, my counter argument would be

- Did he have a repayment vehicle in place
- Did he have any spare money
- Why should he not down size to release equity when things get to this stage
- Does the bank have a moral obligation to allow him to live in the home he happens to like
- Did he decide to protect his 'loved' home via an income protection policy
- Did he decide to protect his 'loved' home via a critical illness policy

You see, many ways in which he could be blamed for this situation.

I am not being intentionally antagonistic, just feel that self responsibility is somewhat missing on this forum at times

Credit-Crunched

fingledingle wrote: »

You are not being harsh you are a realist. Reason for not selling it is it's her Home which she loves, and we are in the fortunate position of having the disposable income to cover her shortfall, I agree she is well off compared to some and others would give their right arm for her housing situation, If we were not in the position to help she would have to sell. Just means less shoes and handbags for me and less new golf clubs and fly rods for him, for a while.

#middleclasspoverty

:rotfl:

Credit-Crunched

"4. Yes the bank does have a moral responsibility to be fair and not to decide what is best for the bank at the expense of someone having to be homeless."

Why?

He can downsize problem sorted, they are not charities. I really cant see the banks obligation to keep him in a house he can no longer afford?

If banks adopted your mindset, no one would ever pay a mortgage as they have a moral right to their home?

Homeless????


5. He asked about insurance like that when he took the loan out. It was not available he was told due to his health pronlems.

If he had know health problems, that could potentially deteriorate, why was he taking out a £15k loan against his dream home?
I am sure the £229k equity realised if sold, could maybe purchase another home?!

fingledingle

Credit-Crunched wrote: »

#middleclasspoverty

:rotfl:

Tell me about it, it's a B!tch!!:p oh the shame of it:p