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Will I keep my house

SystemSystem Posts: 8,619 Staff Moderation Team
I'm in this situation because every bastard under the sun refuses to employ me even though I've applied for 100 jobs. Anyway, rant over...

My mortgage is fixed-term until this August, then it's up for renewal again. Nationwide, my mortgage dudes have frozen my mortgage to interest-only. It's something that you can do with permission from the jobcentre if you've been a dole scrounger for more than 3 months.

What will happen this August? I have a gut feeling that they won't let me renew if I'm not working and I will have to sell up. Although I love my parents, I don't particularly want to go back to them. They live in the middle of bloody nowhere, one of the last places in UK to get broadband. You know the score. The remoteness of the place is such where you really have to be a driver. And like me, a non-driver, you need to take 2 buses before you finally find a town that has a train station. Oh the privilege! If Stafford was bad for jobhunting, then look what I have to look forwards to if Nationwide kicks me out! Yes I know there are 2,500,000 out of work but I don't care. I, in contrary to many, want in, not out.

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Why would you have to move back in with your parents? Can't you just rent somewhere, or get a flatshare?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Most landlords will refuse unemployed tennents.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I think you should phone Nationwide and ask them what will happen.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    doesn't your mortgge interest get paid by the government?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Big Gay wrote: »
    doesn't your mortgge interest get paid by the government?

    It should be. they pay the interest part but nothing off the loan. So if your loan is frozen you should be able to stay until you find a job. Dunno how long your bank will stand for it though.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    RubberSkin wrote: »
    It should be. they pay the interest part but nothing off the loan. So if your loan is frozen you should be able to stay until you find a job. Dunno how long your bank will stand for it though.

    Banks love it - don't forget they offer interest only mortgages anyway. The interest is being paid, so they're making the money on the loan, and you're not going to default. Why bother taking it to court to get a repossession order, and then have the hassle of trying to sell your house ?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Thanks for the input from all of you. I will book a session with Nationwide hopefully in the next week while I still have time (3 months), then I will follow this thread up to let you guys know what's happening.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Remember, never make yourself homeless.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hi there,

    It seems like you are going through a difficult time right now with your mortgage problems.

    Hopefully you will be able to talk to your lender next week to come to some sort of solution.

    In the meantime I thought I would post some articles for you to obtain more information.

    theSite's article on Mortgage arrears and Repossession is full of information and links to other sites.
    For example you may also want to speak to a debt advisor. soon to work out how much you can afford to pay each month. You can then let your lender know when you see them.

    Furthermore, there are a number of schemes out there to help people with their mortgage payments. You have already come across one (Support for Mortgage Interest) but you may be eligible for others.

    If you lender does decide to repossess your home, it is important that you seek legal advice straight away. Try a local law firm, law centre or a Citizen's Advice Bureau.

    You may also wish to consider selling your home yourself before your problem gets any worse to be able to pay the mortgage balance. However, you would then need to think about accommodation for yourself. Therefore you would need to think about this option carefully before you took any action.

    Hope this helps.

    Let us know how the meeting with your lender goes.

    :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Thanks a lot L'il One. There's some good reading. I will deffo let you know the outcome after I've met up with Nationwide.
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