Made redundant again and mother dying

[AmpleOlive]

I’m in a complete mess right now so please be kind.

I’ve just been made redundant for the second time in 18 months. On top of this, my elderly mother has had a severe stroke and is now on end of life care.

I’m 42, single and still renting (I put off the decision to ground myself as I was not sure where I wanted to be in life, but was planning on finally buying with a substantial deposit until work issues arose). The first time I was made redundant I was lucky enough to walk straight into another opportunity after a referral and good timing. This time I don’t think I’ll have the same luck. I work in a niche industry (localisation/translation project management)

I do have substantial savings (£120k) which I fully understand puts me in a better position than most. But because of the redundancy and the heartbreak of seeing my mother decline I have no energy left and am struggling with the prospect of being out of work for months and having to go through the cycle of applications and rejections that so many others are dealing with right now.

My sister is pressuring me to buy somewhere cash only just for the security. Is this a feasible option bearing in mind I am now unemployed?

I’m struggling to think straight with the stress of it all.

I’m sorry that you are going through all this and about your mother.

Is £120k enough to buy somewhere in your area? If so, this might be a good idea. I’m not an expert but my understanding is that, if you were to have a period of unemployment, you wouldn’t currently be eligible for benefits due to your savings but if you had spent them on a flat then you would be eligible. Do check that though as I am not sure. I really hope you find a new job soon.

I am sorry to hear about your mother but is there some time pressure to house hunt or put down money on a house or flat right at the moment?
If not, could you just park it and focus on your DM for the time being?

I wouldn't make any big decisions at the moment. I'd live as frugally as possible and focus on your mum. The redundancy, while stressful, means you can be present in your mums most difficult and vulnerable time. You can remake money but you won't get this time back.

In your position I would buy a 100k flat (they do exist where I live) because although I’m not au-fait with the benefits system, I’m fairly sure you’ll be entitled to absolutely nothing if you’ve got 120k in the bank, and it won’t take long to burn through your savings if you’re renting privately.

Apply for benefits straight away (get help from CAB if you're not sure what you are entitled to) and this will mean that your NI contributions will be made.

Unemployment benefits are not means tests they are contribution based so if she has paid enough in she can withdraw

I would not worry about another job right now. Concentrate on your mum and your own health

I agree.
This sounds a really stressful time. Not the best time to be buying a house. Try to live as frugally as you can and use a bit more your savings. Spend the extra time, from when you’d have been at work, with your mum. Decide what you want to do afterwards.

I'd re-frame the job situation as a massive stroke of luck which allows you time to spend your mother's final days at her side without worrying about work etc, and which will also give you time to deal with her loss - both at an emotional and a practical level - when the time comes. By all means keep an eye out for new positions, especially if it's the sort of industry that takes months for recruitment processes to work through, but job hunting wasn't my priority when my mother was dying and I was out of work.

I wouldn't rush into buying a property now just for the sake of it, and you are likely to have far more useful security from the money at the moment. It would also be a fairly long term commitment based on short term circumstances. You haven't mentioned anything about the prospect of inheritance and whilst many would find it distasteful to think about it now, if losing your mother does change your circumstances significantly then you would be far better to wait until matters are a bit clearer. Similarly, buying a property ties you to a particular location and if your line of work is that niche you will need to be realistic about the prospect of relocating for it.

Ref redundancy you can apply for "contributions based job seekers allowance" & your redundancy money is NOT taken into account for a certain time period.

If your DM is over state pension age, suggest apply for attendance allowance, it is not means tested.
You could then claim carers allowance, this pays your National Insurance contributions as well if you are not working. However, if you do work, you can only earn a maximum of £196 per week.

Look on www.gov.uk for more info & apply

If your DM is under state pension age, suggest apply for PIP and LWCRA

Hope things work out for you all

Thank you all for your advice. Sadly my mother has passed away. Buying a house is firmly off the cards, despite pressure from my family.

Now I’m focusing on mourning my mother and trying to find another job. To say I’m overwhelmed right now is the understatement of the century.

I'm so sorry for your loss.

I’m really sorry for your loss. Take good care and don’t rush into anything until you get your head around everything.