working in construction - what to do if laid off?

[JEE]

I am an architect still in employment in Dublin, and after witnessing collogues being let go and hearing of offices all over the country drastically reducing staff, I though to id seek some general advice.

Facts……

I am in full time employment for 2 years and 5 months.

Salary 40.000 a year.

Owner occupier for an apartment (owe 330.000 to bank).

I get 500 a month from flat mate.

I have a registered business name, which has never traded.

After all my mortgage payment I live on about 200 a week



My questions are…….

If I was to get let go, would I be entitled to the JA or JB and how much do you get?

Do I need to deregister my business name to get social welfare?

Are there any benefits you can get for payments on mortgage?

Is it easy to change your mortgage to interest only?


Any advice would be great and hopefully I will keep my job!

 

[Welfarite]

Some answers: As you are paying PRSI for over 2 years, you will be entitled to Jobseeker's Benefit. The current single rate is €197.80 per week. The business name will not have to be deregistered as you are not employed by that business.

 

[elcato]

Are there any benefits you can get for payments on mortgage?

You can apply for mortgage allowance/assistance from the Health board but its means tested and would only cover up to a max figure. Its usually about half your mortgage repayments max I think.

Is it easy to change your mortgage to interest only?

Probably can be done via phone and form filling as long as you stay with your current lender but most banks will charge a higher rate of interest. If you try re-mortgaging you would need to fill out all the usual forms for mortgage and may be liable for legal fees depending on the new lender's terms and conditions.