Truly terrified if losing my home, what would you do…

[Permanentlyoverwhelmed]

I saw a post about a lady ‘terrified of losing her house’ it prompted me to do my own post. Whilst I am not trying to go one up, after reading it she had £700 spare a month and 40k in savings… this is not the case for me.

I left the father of my two children 3 years ago (I had no choice it was DV and spiralling). Since then I have had a rough few years battling through courts for the domestic violence, children and finances. I have nearly come out the other side (still another Childrens case to go next month)

Financial wise I can stay in the house till the children are 18 and he should pay £300 towards the mortgage (currently £815) then when I sell we take 50/50 each.

Im battling as best I can through debts accumulated whilst we was together (various catalogue’s in my name that we used for house furnishings) and I just about keep my head above water and my two children (5 & 9) clothed, fed and happy.

However, my gas and electric debt is spiralling (nearly £2,000) in arrears. I cannot afford to pay more then I do currently. I increased my monthly payments to what I could which was £120 to £200 and now my mortgage rate is due due renewal in January. I have two choices (but really only one). 1) is accept a assisted rate for 1 year which has been offered to me in exceptional circumstances as the court proceedings order is still be put into effect. This rate is 2.49% for 1 year. An increase of around £50. I can scrape to this or fix in for 5 years at 5.69%. An increase of around £400 a month. I cannot cover this but what happens when the 2.49% come to an end and the rates are higher then the 5.69% I could of got now. I cannot sleep at night worrying over it all. I will be forced to lose my home.

I work part time, I cannot increase hours as being a single mum and my daughter having various issues that require a lot of hospital visits and lots of diiferent appointments with various professionals I struggle with time as it is and live in a constantly overwhelmed state.

I’ve accessed all the support available to me. I literally do not no what to do for the best.

any advice would be greatly appreciated. I just really want to no what others would do in regards to their mortgage if they were me.

Not at all, given the interest rate crisis. Equally possible that interest rates will be lower due to recession. Third possibility is that op will again get an emergency rate for a second year.

Glad you know better than all the economists though! Bonkers to tell Speke to rush now into leaving their home when rental prices are surging and social housing is virtually impossible to get.

BG
have you tried the British Gas Energy Trust? You don’t have to be supplied by BG x

I think I'd take the fix for a year. Yes, things might be worse in a year, but it's also possible they will get better. If interest rates stay as they are, a lot of people will be struggling to pay, and I don't think, realistically, any government will want a lot of people losing their homes.

It's also a short term view, but I'd try to stay in your home for as long as you can.

In a year you might also feel like you are in a better position in terms of going back to court etc.