Redundancy & Child Maintenance

I'm due to be made redundant in Nov this year after 13 years service. Having googled the thread title I'm not really any further forward as per my liability if any? Does the 30k tax free amount count or is it separate? Do I keep paying the same amount until I find new employment and then recalculate. I don't want to not contribute for my child but I also need to remortgage whilst potentially out of work so feels like there is a lot going on. Any help appreciated.

Comments

  • GrumpyDil
    GrumpyDil Posts: 1,566
    First Anniversary First Post Name Dropper Combo Breaker
    Forumite
    Won't comment on the child maintenance element but how are you going to remortgage if you have no job? 
  • I technically don't need to remortgage right now but can find out my current lenders remortgage offering from tomorrow on their online portal and so could click and pick one. My worry is if their offer isn't great and to get a good deal means changing lender when I'd initially be out of work. I could use redundancy to reduce the debt down but might end up needing it to live on it. I guess timing is everything.....
  • GrumpyDil
    GrumpyDil Posts: 1,566
    First Anniversary First Post Name Dropper Combo Breaker
    Forumite
    Yes it will be I suspect. 

    In your position I might choose something now as you might well end up needing the redundancy money to live on, unless you are confident of getting another job fairly quickly. Either way good luck with that element.

    As regards the maintenance payments I'm think you might get better advice if you get this thread moved to the family boards. 
  • So got into mortgage portal today and it's as grim as I thought
    2 year fix - 6.05% (58% increase monthly)
    5 year fix - 5.4% (48% increase monthly)

    I'll have a look at the family boards, thanks
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards