Posted on 15 October 2010 by sonya
I have a mortgage that I got with my parner 4 years ago. We broke up last year and I had to go on income support as I have a young child. I do work as a childminder but that does not make a lot of money.
Income support were paying around £79 on the £361 mortgage but now the interest rates have dropped they have changed this to £49 which means I have to pay the rest myself and will struggle to do this.
What options will I have available so that I dont lose my home?
I you have not done so already, you must talk to your Lender and make them fully aware of the situation. There are various mortgage support and rescue schemes that they may subscribe to which will help ease the financial burden of your mortgage. I also recommend that you speak to an independent service such as Shelter or Citizens Advice who can give you help and advice. Full details of the schemes and the contact numbers can be found on the excellent Government website below.
You mention that the mortgage was originally obtained with your former partner. Are they making any payments towards the mortgage? Unless their name has been removed and the mortgage transferred to your sole name, they still have a liability to make payments and your Lender should be pursuing them for any underpayments. It may be that they also have a duty to provide support for you and your child. Mention this when you speak to the agencies and take their advice.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.