We will not survive on benefits alone, what else can i do?

Hello Myfanwy

Thank you for reaching out to us – I do hope that we can suggest some things that might help during this really stressful time.

To start with, if you have any life cover or health related insurance policies, have you checked to see if these cover critical illness? If you have such cover, you may be able to make a claim. We’d be happy to discuss this with you further if you wish – our number is 0808 808 0000, Option 1, then Option 2, then Option 1. The team is available Monday to Friday 8am to 6pm.

Mortgage holidays are an option but, whether this would be agreed by your lender, will depend on their terms and conditions. If you have a repayment mortgage, you could also look into a temporary period of paying interest only. If your lender agrees to either of these, be aware that once the period of grace has finished, your monthly payments are likely to increase. This is because the amount you’ve not paid during the payment holiday or period of paying interest only will be added to your loan amount and spread over the remaining term. Your lender will be able to confirm what the revised payment would be.

You may also wish to check with your lender to see if they have any other mortgage products which are more affordable for you. Any deals they may have can involve payment of a fee however, so check this first. Also, be sure to ask if anything you agree will affect your credit rating in any way.

Mortgage lenders often have a vulnerable customer team that you could ask to speak to. It is worth discussing your situation with them, ie. that the household income is reduced because of your husband’s cancer and they may be more willing to offer additional flexibility based on these circumstances. If your mortgage is with any of the following lenders – Lloyds Bank, Halifax Bank, Bank of Scotland, Nationwide or Virgin Money – do speak to us on the phone as we can either transfer your call directly to their specialist team or give you the number to ring.

Equity release products are only available to those who are typically over the age of 55. They allow people to release the equity (cash) tied up in their home. The products have no fixed term and allow the homeowner to stay in their home for the rest of their life, unless they have to move into long term care.

These products are not suitable for everyone and can be expensive and inflexible if circumstances change. They can also affect any means tested benefits which are in place or prevent you getting further benefits in future.

For further information about equity release schemes, please see the information provided on the MoneyHelper website.

Please call us if you’d like to discuss this in more detail, or you could speak to us on webchat if you prefer, by clicking ‘Chat to Us’ at the bottom right of the screen.

Kind regards.

Julia

Financial Guide

Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.

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Thank you so much. I will look into those options. I'd be curious to know how other people have managed in similar circumstances.