2nd Mortgage Payment Holiday Ending, Now What?

jc0r

I had to apply for a 2nd mortgage payment holiday due to me not being able to work. My industry is now up and running but behind closed doors which means I am still no longer able to go back to work and there is no sign this will change before the end of the year. I've sought work elsewhere with no luck. I've had to claim universal credit but with a young family this is nowhere near enough to survive. I just wondered what are my options with regards to my mortgage as if this resumes in October, is it just a case our home will be repossessed?

gary83

you could investigate the possibility of either temporarily switching to interest only or extending the length of your mortgage, both would reduce your monthly payments.

in the meantime though I’d recommend going on different sections of this forum, there’s plenty of advice on cutting costs, budgeting, dealing with debts & benefits 

Jonesy1977

It will not just simply be repossessed but you will fall into arrears and the ultimate outcome if you are unable to secure income to support the mortgage will be repossession, but this will take a while and as a guideline 3 months arrears will be the start of the process for the mortgage provider taking action (MSE advice).  I would suggest contacting your mortgage provider immediately and explain the circumstance, keep a record of correspondence and keep them up to date. You will certainly have to look at your expenditure as when you go into arrears you will be in further debt, so perhaps post on the debt forum here, break down your income and outgoings and others will certainly be able to offer money saving tips.   You haven't mentioned why you cant go back to work though?  behind closed doors?  

jc0r

I'm a self-employed IT professional providing support for bookmakers oncourse in UK horse racing. Horse racing has resumed, but bookmakers are not expected back oncourse until at least the new year. Also, racecourses throughout the UK are only allowing those absolutely essential to return back to the racecourse and as there are no bookmakers, I am not essential

ElizabethRose

I'd suggest going on the DFW board and doing a statement of affairs to see if you can make any savings. Is it just the mortgage or are there other debts?

You mention a family does your partner work? If so could she increase her hours whilst you stay at home with the children?

I am obviously unsure about your area or background but talking to my local Hermes delivery driver they can't recruit quick enough. It might not be what you want to do long term but it could help to tide you over for now.

Jonesy1977

Did you look at SEISS.  Was this not an option?