Dreaded mortgage reduction letter arrived!!!

I am a high priority for council housing but have been waiting for nearly 2 years for a 2 bedroom flat in the same area as mu kids. This is in North East Scotland so might be worse in a densely populated area.

I don't wish to discourage you Milly but it is not easy to get suitable council housing quickly, have you inquired into a private let at all?

I lost my house due to divorce and have been housed in a 1 bedroom flat which is not really suitable for when my 2 daughters stay at the weekends but at least i have a roof over my head.

Best of luck to you, it is yet another unwanted hassle i know, as if we don't have enough to worry about.

Ranald.

Hi Taffy

Sorry to confuse you! My mortgage is interest only and because it is over £100,000 they would only pay a % of my interest (its 108,000) which has left me having to find £165 every 4 weeks up to now. At the end of sept because of the reduction of interest that they will pay i now have to find £309 every 4 weeks. I dont know if i can get any help as DWP are sending me INF2 whatever that is and i am just keeping my fingers crossed that there is other help out there.

I was working when i took out my mortgage and opted for a fixed rate so that i knew exactly how much i would be paying out. It seems this was a mistake. When i became so ill my bank put me onto interest only to alleviate the problem. Do you know my head is buzzing!!!!!!!

Mm

Hi Survivor

I really appreciate your input regarding my predicament and especially your personal thoughts! I am fortunate not to have any other debts except my mortgage and have really shopped around for gas/electricity and house insurance etc. I do have a credit card that i can fall back on but i would rather not do that as it will be another weight round my neck.

I read your message last night and have slept on your ideas. First thing mon i am going to get things moving by getting my name down on the list for social/council housing. I am also going to visit shelter and make an appointment with CAB.

I cant see my mortgage company helping anymore as i am already on an interest only mortgage and when i was fighting for my ESA last year they reluctantly gave me 2 months holiday payment free, then as soon as that period was over increased my mortgage to cover that 2 months. I have come to the conclusion that despite me working for the last 30years and getting onto the property ladder, i dont want this noose round my neck anymore. At least if i was in council property i wouldnt have maintenance problems etc. So hey it might not feel like it at the minute, but they have given me a kick up the backside, to come out of my semi with stairs that i struggle with and have fallen down so many times, to hopefully a ground floor property or even better a properly adapted bungalow.

Many thanks for your personal advice
Mm

Hi Ranald

I really dont mind whether they offer me a 1 or 2 bedroom property as there is only me and the dog. I am going to get my name down straight away and if all else fails put my property on the market. The only concern i have is that if i sell then i am making myself homeless, but at the minute i dont really see that i have any options open to me until i take further advice.

I am not going to rush into anything as i know that nothing is going to go dreadfully wrong overnight. But i also appreciate that i need to keep my finger on the pulse, get my head out of the sand and take advice asap.

Many thanks for you help and good luck with your challenge of getting a 2 bedroom property.
Mm

I lost my house when I became ill and whilst I do look at neighbours' houses and think it would be nice to own one, most of the time I am contented in my rented accommodation.

Initially you can feel less secure if you rent in the private sector, because of shorthold tenancies, but you can be driven out of a home you own by neighbour trouble so even if you own a house and can afford the mortgage, you're not 100% secure; and when you get old, it may be a financial near-disaster if you need a new roof or whatever.

What I'm trying to say is however much it may hurt if the worst happens and you lose your home, once you've got over the initial shock, and once you're settled in somewhere new, most of the time you won't think about it.

So anyone who's panicking, at least hold it in the back of your mind that by comparison with being disabled/incapacitated, losing your house is an easier thing to come to terms with. I've done it. There's sun streaming through the window, nice neighbours and a landlord to fix the stuff that I once had to do.

Please don't think I'm saying you will lose your homes, just offering you some reassurance in case you do.

millymoo wrote:

Hi Taffy

Sorry to confuse you! My mortgage is interest only and because it is over £100,000 they would only pay a % of my interest (its 108,000) which has left me having to find £165 every 4 weeks up to now. At the end of sept because of the reduction of interest that they will pay i now have to find £309 every 4 weeks. I dont know if i can get any help as DWP are sending me INF2 whatever that is and i am just keeping my fingers crossed that there is other help out there.

I was working when i took out my mortgage and opted for a fixed rate so that i knew exactly how much i would be paying out. It seems this was a mistake. When i became so ill my bank put me onto interest only to alleviate the problem. Do you know my head is buzzing!!!!!!!

Mm

Hi Mm
Ty for the explaination, Im sure sorry for your predicament .

I sure hope you manage to cope somehow, such financial stress just adds to our worries , ILost not just my health, but a business,over a 7yrs stint took loans against the home while i was ill THINKING id recover, then the recession ..now we have the Pleasure of bailiffs, vat, Taxmen creditors Knocking at our door...

I just love it when Mr Cameron mentions the RIGHT THING..Id just love to know his interpretation as Ilness cant be a factor[ oh yes I did take out insurances,alas they will not Pay as My conditions are so called chronic,strange how nearly three different Blood clots nigh on Killed me being just one of the symptons-

Keep your Chin up

To Survivor

Survivor By Name and nature , a very Postive Post, TY for sharing