# Unemployed and looking for advice about mortgage.



## Coys84 (27 Feb 2013)

Personal and income details
Income self: Jobseekers Allowance €248 Weekly

Income history: I was made Redundant in March 2009 and have had no work since other than small jobs for friends.

Income partner/spouse: 3 days a week as a Hairdresser,works on commission can range from €250-€330 weekly

Income history: Worked as a Hairdresser since leaving school 13 years ago

number of children:2 Children aged 5 and 2

Amount of Mortgage Interest Supplement received:€64.70

Home loan:€220,000
Lender: Ebs
Amount outstanding: €210,000
Value of home: €100,000 roughly
Interest rate: specify whether tracker or SVR or fixed rate:SVR
Monthly repayment €1140
Amount in arrears €5,200

Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then. MARP for 12 months interest only for 18 months.


Other loans and creditors - delete those which don't apply to you
Credit Card -€1200
Credit Union- €8000 shares of €1340
Bank of Ireland loan-€7980


Other savings and investments 


How important is retaining the family home to you? 
Which of the following best describes your situation? 
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.


Any other relevant information

What is your preferred realistic outcome? 
Just don't want to lose the home ,hoping we could pay what we could until circumstances changed.

Hi all was recommended to come here and ask for advice.
We Have been on interest only with Ebs now for 18 months or so and we filled out the latest sfs form and now have been told my our mortgage company that we can no longer have interest only and have to look at other option.
The options given were,
Surrender the house,
Sell it,
Apply for mortgage to rent scheme,
Extend the mortgage,
or a split mortgage.

We Have been paying €600 a month which at that is crippling us but the correct monthly payment is €1140 but now there saying that the €600 is no good and want more.
Were in panic mode now as we are not very good with all this and are worried about losing our home.
Any advice would be greatly received and can give any details needed to help.


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## Bronte (27 Feb 2013)

For the 5 options you've been given can you give us the figures please.  Also can you give us a lot more detail on your income and expenditure.  Please also tell us which bank it is.  Also what is your best case scenario.


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## Coys84 (27 Feb 2013)

Have just edited post above with details.Thanks


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## Bronte (27 Feb 2013)

Why are you getting such a low amount of mortgage interest supplement?

Why do you want to keep the family home?  Would you not be better off with the banks suggestion of selling it?  Based on your unemployment status and your partners practically nil salary you must be a good prospect under the new insolvency regime to have the debts written off?


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## Coys84 (27 Feb 2013)

Bronte said:


> Why are you getting such a low amount of mortgage interest supplement?
> 
> Why do you want to keep the family home?  Would you not be better off with the banks suggestion of selling it?  Based on your unemployment status and your partners practically nil salary you must be a good prospect under the new insolvency regime to have the debts written off?


Not sure why we are getting so low,we was getting €540 at one stage and he kept reviewing us every 2 months.
We have been here 8 years this year,both our kids were born in this house.When we had money we put a lot of money into the house and have it nice.


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## Coys84 (27 Feb 2013)

loulou117 said:


> I'm confused... how does 248euro include your wife and 2 children? Is this based on jobseekers plus part-time work? Also, if she is earning between 250-350 per week would it not be in your interest to apply for fis?
> 
> Also, your mortgage interest would be so low because the cwo only pay part of the interest only and in the last year both the interest rates have come down and the cwo have reduced everyone's mortgage interest supplement.  Also, because your partner is earning between 250-350 per week, as far as i'm aware you are not entitled to any mortgage interest supplement based on that income and your sw payment.  After the first 50euro earnings the cwo assess your mortgage supplement euro for euro, for every euro you earn they take that off your MIS.


Yeah sorry i think i get full rate 188 plus the 2 child dependants,it's the wife's means that i was on about,I'm confused myself.We was told we couldn't claim fis?


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## loulou117 (27 Feb 2013)

if your wife works more than 19hrs you would be entitled to apply for fis and while your waiting on your fis to come through you are entitled to continue getting your sw payment until the switch over.

Fis for a family of two is 604 euro per week by that i mean they will make up 60% of the difference and you may still be entitled to MIS.


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## Coys84 (27 Feb 2013)

loulou117 said:


> if your wife works more than 19hrs you would be entitled to apply for fis and while your waiting on your fis to come through you are entitled to continue getting your sw payment until the switch over.
> 
> Fis for a family of two is 604 euro per week by that i mean they will make up 60% of the difference and you may still be entitled to MIS.


Great thanks,so my wife would need to claim fis in her name,would my jobseekers money be affected by this while we wait for a decision on it?


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## loulou117 (27 Feb 2013)

If you are getting FIS you may also be entitled to the Back to School Clothing and Footwear Allowance. Your FIS payment is not taxed. Your income from FIS is not taken into account in the assessment for a medical card.

Your spouse, civil partner or cohabitant can claim FIS while you are getting one of these payments i.e jobseekers etc..

http://www.citizensinformation.ie/e...es_and_children/family_income_supplement.html

best of luck.(yes, your wife should claim)


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## Coys84 (1 Mar 2013)

Has anyone any experience with mortgage to rent scheme it seems like our only option at present but i can't find much information about it.


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## Bronte (1 Mar 2013)

Coys84 said:


> Has anyone any experience with mortgage to rent scheme it seems like our only option at present but i can't find much information about it.


 
Why are you saying this is the only option when the bank has given you 5 options.  Can you please clarify your income and expenditure.  You must have these details from the SFS you filled out?


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## Coys84 (1 Mar 2013)

Bronte said:


> Why are you saying this is the only option when the bank has given you 5 options.  Can you please clarify your income and expenditure.  You must have these details from the SFS you filled out?



1 we don't want to surrender our home.
2 we don't want to sell our home
3 we can't afford to extend mortgage term
4 we don't want split mortgage as they said will mean defaulting on other loans
5 is Mortgage to rent.
Will do up income and expenditure shortly when kids are at school,cheers


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## Bronte (1 Mar 2013)

Coys84 said:


> 1 we don't want to surrender our home.
> 2 we don't want to sell our home
> 3 we can't afford to extend mortgage term
> 4 we don't want split mortgage as they said will mean defaulting on other loans
> ...


 
Your original question was which of these were best. When you do up the income and expenditure could you also for each of the 4 options you've decided against could you state your reasonings please.  Plus figures would be great.


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## Coys84 (1 Mar 2013)

Mortgage Balance-€155,012.64
Top up loan-€54,033.18
Bank loan-€7,929.24
Credit union loan-€6,560
Credit card €1400



Income}
Wife's wage based on today's as she on commission-€338
Jobseekers Benefit-€248
Child Benefit-€280
MIS-€64

Expenditure} Monthly
Mortgage-€600  -should be €1140
Bank loan-€180.24 
Credit union-€60
Credit card-€50
Gas-€130 
Electric-€140
House Insurance-€32 
Bins-€25 
Boiler service-€17
Mortgage protection-€15
Mobile phones-€45
Broadband-€37
Car insurance-€25
Food shop-€400 
Petrol-€240 p/m
Tv licence €13.33


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