I can't afford to be alive anymore

[worrywilma]

I live alone and I'm barely making ends meet. My mortgage is due to go up in 3 months by about £340 a month and I just don't have that money

My mortgage is for £125k and I'm already at the top end of the term. I earn £30kpa, which is a good salary, and just get by now, how am I going to be able to pay the additional on my mortgage?

I don't have children so I can't claim any benefits. A single person should be able to pay their bills, eat and have some sort of life on one salary. It's so scary

How many bedrooms do you have? Is a lodger a possibility?

Only two things you can do: cut expenses or increase income. Check all your expenses and see if you can save anything eg cheaper internet, cheaper utilities and then turn to income- change jobs, weekend job?
I appreciate that this is not easy to do either of these things.

What do you take home and what are your expenses?

It's a 2 bed but half way though a Reno. So no plaster or carpet in that room. I can't afford to finish it!

You can rent your room out tax free to a lodger. Ok not the best but if it gets you through a sticky patch or maybe look to host a foreign student through your local uni / college plus you're not stuck with a lodger that way . You would have to declare this to your lender / insurance as it could render your insurance invalid

If you can drive O/P maybe do some extra delivering parcels or supermarket food deliveries.

If you think you can't cope contact your lender asap as they may be able to work something out for you . Good luck .

Sorry cross posted .

You could turn your mortgage into an interest only one and extend the loan period

Do you need to do the Reno or could you live with it as is? It’s quite ambitious on a £30k salary if your mortgage is going up. Unless unlovable it may be best just to live in it for a while without spending money on it or do a tiny bit at a time?

Could you swop to the unrenovated room and let yours out?

It really sucks

I was going to suggest an interest only mortgage for a period too. You could use the money you save on finishing the second bedroom, then get a lodger. Then go back to a repayment mortgage.

Meant to add, sorry yourein this horrible situation.

I just had to increase my mortgage until I was 75 so I know how this feels for me, basically shit and terrifying

This happened to me and I got a weekend job within a month of the increase in payment. Working in a pub gives you money and a bit of a social life and I stayed on for a long while.

I feel for you regarding the renovation in these times... Tbf, there isn't an amount you could earn that the builders wouldn't take off you.
I'd make do/DIY as much as possible (and I do - about to put up new ceiling joists upstairs) and source materials as remnants or second-hand.
A whole weeks plastering course (£500) is cheaper here than hiring a plasterer. Though I understand if that can't be an option time/money wise.

This. If you are in a popular area you might be able to get a Monday to Friday lodger and use some of the rent money to finish the spare room as well as offset your mortgage. Maybe one of the free sites for a rug / off cut of carpet / furniture to put down on the floor if you do move into the spare room. Everything will be ok in the end.

You’ll need to move into the bad room and put someone in the good one

@worrywilma I’m a bit concerned about the title of your thread. Are you ok?

Be easier to see if you can switch to interest only mortgage for a short while. You cna then always make up for later on when you improve your income and overpay to claw back on your term.

Sounds like a really difficult situation, Op. Have you got anyone that you can discuss this with in real life?

Sorry that you’re in this situation. I think a 2-bed is just hard to afford as a single person. Can you consider selling and moving into a 1-bed or a studio?

Have you actually talked to your mortgage provider about the payments? They may be able to arrange something if you are seen to be struggling. Most banks don’t really want to go through the hassle of foreclosure, so can look at getting better terms in such circumstances.

Is it going up because you're coming off your fixed term and going onto the standard variable rate? You can usually re fix with your existing lender without having to go through surveys, financial checks etc. I got a reasonable deal about 6 months ago doing that, the bastard still went up but by a fair bit less.

What are your outgoings/incomings?

Im single too, vent away. I rent a studio and I dream of having a flat with at least 1 bedroom.

It's a sad state of the country when people believe that we just have to settle for this existence and spend our lives working.

Lodger or second job xx

Did you buy on your own @worrywilma or have your circumstances changed? Because £125K mortgage on a £30K salary is quite high anyway so you should have been stress-tested at a higher interest rate.

Have you based this on a best-available rate with your current lender, or on the SVR? If you can’t extend the term (are you sure?) then asking to put some of it on interest only could be an option, perhaps. Speak to your lender, they’ll want to help. Or talk to a broker about options. Sorry if this is teaching you to suck eggs but you haven’t given much info.

A lodger in the good room is an option you should definitely consider.