Mortgage repayments and rent allowance

Beckala

My partner and I co-habit and have no children. The mortgage is in his name.

Unfortunately, we're not working, so he was allowed to pay interest only on mortgage for the past 6 mths. We have paid that on time every month €200. (full normal payment €500)

He has ever only missed one payment before it went to interest only and interest grew on that missed payment or some such nonsense meaning he now has arrears of €1500 on the mortgage as well ~nightmare~

He applied for 'interest only' mortgage again recently when the previous one ws up and was told that yes, he qualifies but when that 6 mths is up that they'll either park part of the mortgage ie. reducing full payments, the bank taking an equity of the property or they'll sell the house from under us.

The house is worth €50,000, a terraced 2 bed, 3 bath with small back garden.

I think we could be getting alot more for our money. I think the bank will come back in 6 mths and screw us on these so called arrears and make us pay more than €200, which we are just about able to pay (we receive €300 in total a wk., I have 2 teenage children from previous marriage which we drive up and down from Portlaoise - Cork every wkend to have up with us. Even tho I have joint custody, my ex is the one recognised by the state as the 'main care giver' as, technically, he has the kids a half day extra than me so I am not entitled to even the childrens allowance and the state does recognise me as having kids at all so we have to accommodate for their expense too out of the €300 a wk)

Would we be better off renting a 3 bed semi with front and back garden for €600 per mth with social welfare paying €400 until we're working again? (gaining a extra bedroom for kids and front garden) not to have to stress if boiler goes or anythings wrong with the house but get a landlord to sort it free of charge? Do we even qualify for rent allowance, i've heard you have to be renting for 6 mths before your entitled to allowance?

Money is a huge concern right now eg my car is sitting outside for the past 3 weeks coz I can't afford to get the stuff I need to change the oil filter myself!

We don't qualify for the state 'interest only' after 12 mth on dole as he has signed on and off as a few days work came in. We have 6 mths before the bank possibly sells the house so I'm trying to get info now. What can I do?

Annasopra

Call MABS

http://www.mabs.ie/