How to manage

[OrangeFlower7]

I'm looking for some advice please, especially from others in a similar situation. my husband has finished a 2 year contract at work and has decided to go self employed as no other contract is forthcoming. I've been quite sick having had 4 operations in a year and looking after the children at present. It seems we might get a little tax credit money but not much as it's based on our previous last year's salary, and also some of the council tax paid. We won't get any help from housing benefit as are homeowners. I don't see how we are going to manage. He's working a lot towards a self employed job with a firm so just hoping it will be okay and he'll get paid from that soon. Is anyone else dealing with something similar and how do you manage? It seems that if we were renting that might be helped with housing benefit but don't think there seems to be anything for mortgage interest payments? We could try and move but then the costs of doing that are high too and we just live in a flat so wouldn't really be downsizing! Any advice welcome.

[YellowandGreenandRedandBlue]

Hi, really hope you get some luck soon.

My suggestions would be speak t your mortgage company, ask either for payment holiday or interest only.

There is support for homeowners but this may not apply as this is not a redundancy then jobseeker situation. But find out -citizens advice will help.

Or consider selling and renting - is your mortgage higher or lower than local rents? Don't ruin everything to hold on to a mortgage, sometimes better to cut your losses. But of course this is a very big decision.

Money saving expert is good for advice on this stuff.

[OrangeFlower7]

Hi and thanks YellowandGreenandRedandBlue. I think we already have interest only mortgage but DH seems to think it's best not to reveal the situation to the bank! Thanks for the advice to try citizen's advice. Our mortgage is not huge and about half the cost of renting round here, the rents are very high so would not want to be renting round here. We could probably rent the flat out though, may have to consider that and a tent/ living with relatives if this goes on! maybe I'll try the money saving website too, thanks . Over Easter we're going to clear out the lost and sell things online which may help

[Babyroobs]

I'm pretty sure that if you have a change in circumstances you can ring tax credits straight away and ask them to base your award on your current income, so that may be worth a try. If there has been a significant drop in your income, you should get more soon. You could perhaps ask your mortgage provider to extend the term of the mortgage so you are paying less over longer.

[Charlesroi]

Babyroobs is right. You can just ring up HMRC and give them your new income over the phone. Your H will need to be working 30 hrs per week to get the maximum cash (if you have children I think this can be 30 hours between you).
You might not get any more money for the rest of this tax year, but a new tax year is coming up next week so get in there. Dunno about mortgage interest benefit but think it doesn't get paid for a while. Have you tried plugging your figures in to entitledto?

[Charlesroi]

Just to add - make sure you claim as soon as possible, as benefits can take a while to come through. Also getting some benefits may enable you to claim others like school meals, dental care or prescriptions.
If your DH is not working (just trying to drum up some business but not getting paid) then don't use the word 'work' if you have to deal with the DWP. He's seeking work.
I hope things pick up soon.