Mortgage Concerns - Out of Work
Discussion
I was made redundant earlier this year and the redundancy money wont last forever - I have about 4- 6 months finances remaining but finding work is proving to be harder than I ever thought it was going to be so the question is would deciding to simply sell the house now before ending up thousands in arrears be a wise move or an overreaction/foolish?
what do others who have been in this situation to stay in their home or did you avoid creating problems and just sold up?
the alternative is I move into a council property that the state will have to pay for but if I do find work again at my age I doubt I will ever get a mortgage again.
the mortgage is in positive equity and is a capital and interest repayment type owing about £95k over the final 17 years and 10 months. never been in arrears or remortgaged.
how good are lenders with simply accepting the governments interest payment scheme and how long can that arrangement be sustained for? lenders wont do that forever.
On the verge of going to a local CAB to see what advice they could offer for the best.
what do others who have been in this situation to stay in their home or did you avoid creating problems and just sold up?
the alternative is I move into a council property that the state will have to pay for but if I do find work again at my age I doubt I will ever get a mortgage again.
the mortgage is in positive equity and is a capital and interest repayment type owing about £95k over the final 17 years and 10 months. never been in arrears or remortgaged.
how good are lenders with simply accepting the governments interest payment scheme and how long can that arrangement be sustained for? lenders wont do that forever.
On the verge of going to a local CAB to see what advice they could offer for the best.
More information needed really before much of an opinion can be given, but IMHO I would keep the roof over your head for as long as possible - it will only cost you to get back into the same position.
- how much is the house worth?
- how much are the repayments, and how much more do you need to live on?
- do you have any dependents or is it just yourself potentially facing homelessness?
- how old are you?
- with almost 18 years left on the mortgage are/were you planning on working for another 18 years, or do you have a pension/similar that will kick in and pay the mortgage in later years?
- will the council home you (I expect not if you make yourself deliberately homeless)?
- what do/did you do for a job/career?
- what would stop you doing any sort of unskilled work in the meantime?
Edited to add: It must be incredibly worrying, and whilst I have not been in the same situation it is often the case that things are never as bad as they seem, but it will be understandably difficult for you to see that. Don't do anything hasty, and get a second, third and fourth opinion (not just from PH!) before doing anything.
- how much is the house worth?
- how much are the repayments, and how much more do you need to live on?
- do you have any dependents or is it just yourself potentially facing homelessness?
- how old are you?
- with almost 18 years left on the mortgage are/were you planning on working for another 18 years, or do you have a pension/similar that will kick in and pay the mortgage in later years?
- will the council home you (I expect not if you make yourself deliberately homeless)?
- what do/did you do for a job/career?
- what would stop you doing any sort of unskilled work in the meantime?
Edited to add: It must be incredibly worrying, and whilst I have not been in the same situation it is often the case that things are never as bad as they seem, but it will be understandably difficult for you to see that. Don't do anything hasty, and get a second, third and fourth opinion (not just from PH!) before doing anything.
UpTheIron said:
Edited to add: It must be incredibly worrying, and whilst I have not been in the same situation it is often the case that things are never as bad as they seem, but it will be understandably difficult for you to see that. Don't do anything hasty, and get a second, third and fourth opinion (not just from PH!) before doing anything.
This.Remember: moving house ain’t cheap!!
Never been in your position but you have my sympathies- with a then 1 year old on the way and in a very hard position, I took a dishwashing job to tide myself over until I found the job I now love and can travel with.
Point is: keep the roof over your head, swallow a bit of pride and take something, anything knowing it MUST/WILL be short term; keep looking for something that you do want to to.
Good luck!
Point is: keep the roof over your head, swallow a bit of pride and take something, anything knowing it MUST/WILL be short term; keep looking for something that you do want to to.
Good luck!
Employment is not hard to find at all, especially at this time of year. Post office work, other delivery work, taxi driving, warehouse work, casual bar work etc are all easily available. 60hours a week on £8 an hour is £25,000 per year. Not riches, but possibly enough to keep your head above water?
Are you looking for every job available, asking in bars, shops, at the local takeaway etc? If not, why not? It’s one thing being choosy when you’ve plenty of savings but it makes no sense at all when you are looking at losing your house.
Next, before selling the house, how much is your mortgage, have you cut out all unnecessary expenses, and have you anything else that you can sell? Have you stopped drinking, do you buy the yellow stickers food in shops, have you dropped the heating and started wearing an extra jumper and a coat indoors?
Again, if not, why not? It’s not a great way to live, but as above, it’s massively better than losing your house.
The pragmatic approach would be to put your house on the market immediately and make the decision when you've received an offer from someone who is genuinely in a position to buy.
You do not want your home repossessed.
You do not want to be declared bankrupt.
You also want to be seen to be doing something if the bank comes knocking.... having your house on the market is a positive action to mitigate your current circumstances.
It could take 3 or 4 months to get an offer...... It will hopefully be the case that a job turns up during this time and you won't have to sell.
You do not want your home repossessed.
You do not want to be declared bankrupt.
You also want to be seen to be doing something if the bank comes knocking.... having your house on the market is a positive action to mitigate your current circumstances.
It could take 3 or 4 months to get an offer...... It will hopefully be the case that a job turns up during this time and you won't have to sell.
Fell for you and good luck.
1. It’s good you’ve realised the risk rather than leaving it too late
2. Don’t have any worries about doing temp work in your area of expertise
3. Cut out all unnecessary costs - yes turn the heating OFF turn lights off in all but the room you are cold showers are s
t but deal with it. As it turns out for our house family of 5 Nov to early March it’s £200pcm if not more on heating and electric. Had I no job the house would be cold and jumpers out on
4. Cancel sky gym
5. Downgrade the shopping from premium to basic - also as you’ve time on your hands make more from raw ingredients.
6. Stop drinking booze or soft drinks or coffee etc stick to tap water.
7. Take any job casual etc to keep money rolling in
8. Use your network of friends family work mates old bosses etc for work options.
9. This one is possibly for Sarnie to answer - but I’d be telling my mortgage and loans company first and ASAP banks like to know and then you can plan around it maybe a mortgage holiday maybe extend the life of the mortgage from 17 years to 35 years (for now and then when in work proper again ramp it back to 17 years or where it should be).
But the online tests numerical verbal reasoning and do them until your an expert. So many companies now use these tests to support the recruitment process and then add in assessment centre so ensure you are putting yourself in the best possible place.
1. It’s good you’ve realised the risk rather than leaving it too late
2. Don’t have any worries about doing temp work in your area of expertise
3. Cut out all unnecessary costs - yes turn the heating OFF turn lights off in all but the room you are cold showers are s
t but deal with it. As it turns out for our house family of 5 Nov to early March it’s £200pcm if not more on heating and electric. Had I no job the house would be cold and jumpers out on 4. Cancel sky gym
5. Downgrade the shopping from premium to basic - also as you’ve time on your hands make more from raw ingredients.
6. Stop drinking booze or soft drinks or coffee etc stick to tap water.
7. Take any job casual etc to keep money rolling in
8. Use your network of friends family work mates old bosses etc for work options.
9. This one is possibly for Sarnie to answer - but I’d be telling my mortgage and loans company first and ASAP banks like to know and then you can plan around it maybe a mortgage holiday maybe extend the life of the mortgage from 17 years to 35 years (for now and then when in work proper again ramp it back to 17 years or where it should be).
But the online tests numerical verbal reasoning and do them until your an expert. So many companies now use these tests to support the recruitment process and then add in assessment centre so ensure you are putting yourself in the best possible place.
mikebradford said:
If circumstances allow take on a lodger to help cover some bills etc
One thing with this you do need to seek permission from the mortgage company to do this as within the T&Cs/contract you’ve named the people who live in the property that doesn’t include any lodgers. Again clearly you could do it and not inform anyone and likely get away with it but if you are caught Banks can call in the debt instantly then your up the creek
egor110 said:
Have you applied to train as a bus driver ?
There always advertising for new drivers or if not that driving a taxi anything to bring in cash .
It's shift work (early start/late finish, with unpaid breaks in between), no wonder there's shortages of staff. Even Polish won't do that lately. There always advertising for new drivers or if not that driving a taxi anything to bring in cash .
Thankyou4calling said:
To those who say just take any job I can tell you it is not as easy as you think.
Indeed. My brother was an engineer for years until the work dried up. Went for every job under the sun... not a sausage. Typically told he was overqualified.OP, how about renting your house out and yourself renting the smallest, cheapest thing you can find until such time as you're back in a position to live in your own house? Just a thought.
soad said:
egor110 said:
Have you applied to train as a bus driver ?
There always advertising for new drivers or if not that driving a taxi anything to bring in cash .
It's shift work (early start/late finish, with unpaid breaks in between), no wonder there's shortages of staff. Even Polish won't do that lately. There always advertising for new drivers or if not that driving a taxi anything to bring in cash .
O/P have you tried to get temporary work with Royal Mail over Xmas ?
Edited by egor110 on Monday 26th November 23:48
I know someone working for Amazon doing Prime now deliveries to save money on an evening (after a 40 hr week). Not sure if its much over £10 ph but its something and easy for him to get the work, usually in 2 hr slots or 4hrs and he has lots of down time as they seem to allow generous timings on evenings.
I'd live off credit cards, and get a loan if you think you will come good eventually. Keep the house you have if you like it. will be cheaper than buying again. Little bit all or nothing approach though.
I'd live off credit cards, and get a loan if you think you will come good eventually. Keep the house you have if you like it. will be cheaper than buying again. Little bit all or nothing approach though.
A very quick way into a low paying job is to look at care homes if you don't have anything lurking on your record.
Not just carers themselves but domestic staff, laundry, activity co-ordinators kitchen staff etc.
Most homes always have vacancies and are quick/easy to get an intereview in. Not necessarily easy work but should keep you out of trouble with the monthly payments.
Not just carers themselves but domestic staff, laundry, activity co-ordinators kitchen staff etc.
Most homes always have vacancies and are quick/easy to get an intereview in. Not necessarily easy work but should keep you out of trouble with the monthly payments.
Edited by ar-em-en on Tuesday 27th November 04:43
soad said:
egor110 said:
Have you applied to train as a bus driver ?
There always advertising for new drivers or if not that driving a taxi anything to bring in cash .
It's shift work (early start/late finish, with unpaid breaks in between), no wonder there's shortages of staff. Even Polish won't do that lately. There always advertising for new drivers or if not that driving a taxi anything to bring in cash .
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