Clydesdale mortgage - lost my job

younglondonmum

Hi
I have a 720,000 mortgage on 800,000k house (now worth 875k), taken out August 2016 - fixed term ends August 2018.

My husband earns 95k and I was contracting earning £500 per day. But lost my contract 6m ago and basically savings only last another 3m

Rang Clydesdale and my husband earns £4,900 per month. Mortgage is £3,000, nursery £500, loan £500.

Anyone have any advic on how we can persuade Clydesdale to lower the monthly payments? The mortgage is maz term (until we are 67 we are 33 presently). It is xapital & interest but we haven't overpaid. Paid off so far £10,000.

Anyone know what to say / ask Clydesdale for? Perfect situation would be to not pay for a few months & add interest in, as I have interviews lined up but in banning it is a 3-4 month process until I'd start being paid and onboarded etc

Really really don't want a default on credit record as we have buy to let properties etc too.

Thanks

AnotherJoe

Buy a cheaper place and live within your means?
Why is your daughter going to nursery if you are at home?

younglondonmum

Im having interviews most week, she goes for 2 days only as I have no family to look after her for free locally.

ACG

You could ask them to go to interest only for a while.

Have you thought about what you will do when the tax changes come in to play for the BTLs? It may be worth selling one or more of them and using the money from them to help support you for a little longer.

Tigsteroonie

AnotherJoe wrote: »

Buy a cheaper place and live within your means?
Why is your daughter going to nursery if you are at home?

Are your buy-to-let properties all rented out, all covering their costs? Could you sell any of them quickly to release equity?

(Sorry, didn't see ACG's response above)

younglondonmum

Hiya
Yes we are selling one buy to let. Complex story but we owe £25k in court costs & have £28K (interest free) legal fees debt. All in defence. Only worth selling one this tax year due to capital gains tax.

Have around £130k equity in another b2l but no point selling it as we don't qualify for sole residence relief and CGT would be about £65k so after sale fees and mortgage redemption lose most of the equity.

Muscle750

one word ..................downsize ..............or risk alot more loss

glosoli

If you are experiencing financial difficulties, the department which can help you is the Financial Care Team - http://www.cbonline.co.uk/contact-us/financial-care-team/

They will ask you to fill out a budget planner, and after this they will see what would be the most appropriate solution to your situation, whether it be reduced monthly payments for a period, or going onto Interest only for a period of time until you are back on your feet.

There is no point on ringing the mortgage line directly in this instance, as they will direct your enquiry to the above department.

humphrd

Are you sure you've got your husbands take home pay right ? A salary of 95k would mean a take home pay around £7,800 on a quick calculation unless he has other earnings that take him into highest tax bracket ?

younglondonmum

Yes take home pay is right, he puts £120 in childcare vouchers for nursery plus pension is aroun: £250. No way £7800!

Thank you very mich for Clydesdale link above I didn't know about this.

Imma_Number

humphrd wrote: »

Are you sure you've got your husbands take home pay right ? A salary of 95k would mean a take home pay around £7,800 on a quick calculation unless he has other earnings that take him into highest tax bracket ?

Putting the numbers in http://www.thesalarycalculator.co.uk/salary.php
95,000 Salary
3% pension (£237ish)
120 Childcare vouchers.

Monthly Gross: £7,916.67
Monthly Take Home: £4,932.87