Need some ideas - please help!

EllieB

Hi,

I'm posting this here rather than relationship issues as the (now dead) relationship is not the issue.

In a nutshell, I told my husband 3 weeks ago that I want to seperate. We don't have kids. Neither of us have told family yet, just one close friend on either side as we don't have answers to the inevitable questions yet. Now that the initial shock has worn off, we've started taking finances.... this is where I come undone. I will hopefully be keeping the house. He is fine with this as we built on a site given to us by my Dad and I have lots of family living around. He is going to move out once we get the financial messiness sorted.

Having sat down and done the sums, I've come to the unhappy realisation that my wages just about cover the mortgage, bills and loan that I have. Basically I can survive if I don't eat. I've shopped around (before I instigated the split) for best deals on all utilities, insurance etc and have started making the necessary cut backs. Refinancing isn't really an option to cover existing loan and credit card as both are quite high and I don't think, in the current climate, any bank will take a risk on me.

I've been spending my evenings trawling the internet looking for part time work to supplement my existing income but I live in a small rural town and job opportunities are few and far between. Also looking at work from home opportunities online (have typing skills so transcription services or similar would be ideal) but it seems to be one scam after another.

I'm not sure what I'm asking here..... except has anyone got any ideas how to supplement my income so I don't have to give up my house or go on a very extreme diet!!

All suggestions welcome!

Blush_01

Would a lodger be an option?

Unreg1980

Speak to your lender and see if you can pay interest only for a period of time, or extend the term to lower your repayments. When you get your feet on the ground or your salary increases you can lower the term again.

Or.. rent out a room or two. I know you mentioned you live in a small rural town but you could try sticking an ad up in the local shop windows or daft.ie looking for a housemate. Might not be ideal but as you said you need to supplement your income so it may be your only option

EllieB

Blush_01 wrote: »

Would a lodger be an option?

I've considered this. I've got a 4 bedroom house but just have one spare room furnished. Its a big bedroom but I haven't done the en-suite and at present can't afford to do it. I haven't done my own en-suite yet either so a lodger would have to share the main bathroom. It's been years since I shared a house with anyone so do you think bathroom sharing would be off-putting for potential lodgers?

Blush_01

I currently share a bathroom in the house I live in. If the location suits, if the rent is ok and if the accommodation is what I'm looking for, sharing a bathroom wouldn't bother me, as long as we're on the same page regarding the bathroom having to be clean and neat.

It might be the cheapest option if you want to keep your home, plus things like the heating, lighting, refuse etc. would be shared, which could only be a good thing!

EllieB

Unreg1980 wrote: »

Speak to your lender and see if you can pay interest only for a period of time, or extend the term to lower your repayments. When you get your feet on the ground or your salary increases you can lower the term again.QUOTE]

I hadn't thought about this. Do you know does it impact on your credit rating? And how likely is it that the bank would agree to it?

Blush_01

If you talk to MABS (if I'm not mistaken their services are free, and there should be a local office near you, their number is 1890 283 438 and their website is www.mabs.ie) they should be able to offer you some solid advice regarding refinancing, budgeting etc.

Unreg1980

EllieB wrote: »

Unreg1980 wrote: »

Speak to your lender and see if you can pay interest only for a period of time, or extend the term to lower your repayments. When you get your feet on the ground or your salary increases you can lower the term again.QUOTE]

I hadn't thought about this. Do you know does it impact on your credit rating? And how likely is it that the bank would agree to it?

No its has nothing to do with your credit rating, when people get mortgages they sometimes opt to pay only the interest portion of the loan at the beginning- thus making their repayments lower. Usually between a 1-5 yr period. When this time is up it will revert to Capital and Interest repayments, usually increasing the monthly repayment. Many people are requesting to pay interest only at the moment because of job losses or change in circumstances etc

In your situation at the moment I am not sure if thhe bank will agree - you need to take your husbands name off the deeds and off the mortgage first seeing as he wont be contributing to the mortgage/living there.

You should really speak to a Solicitor or Citizens Advice about it all

EllieB

Thanks Blush and unreg1980, for your helpful suggestions. I'm kinda in a can't see the woods for the trees place right now so I appreciate your help:)