.... but it is not all doom and gloom - the house on the market when sold will cover the debt and mortgage and leave around £ 100 k. I could chip in an amount but that money is struggling to buy a single bed flat, let alone a 2 bed - the other bed would be needed to be rented out to pay for a small mortgage she could tkae out - so maybe it is doable. In my opinion, this is the only way out - sell before the mortgage company take the house. I have no idea about the process or how quickly it happens but I would expect the company will sell the house as quickly and as cheaply as possible, as well as penalties, fees etc so she will get much less than if she preempts the situation by selling it herself.
I have arranged meeting with a financial adviser re: remortgaging but expect he will say the above.
I will arrange meeting with CAB too.
re: jobs - there is a stigma attached to applying for jobs that are below her experience/skills, it is natural that nobody would want to do a job that is "beneath them". I do not know what jobs she has applied but she has got to get something pretty soon to stay in her house.[/quote]
If she's left with £100k after selling the house and clearing her debts it really is a no brainer, isn't it?
So what if it won't buy a broom cupboard? It's a very healthy deposit to put down on somewhere once she's got a job, and without a job she has no chance of re-mortgaging...
You're thinking of helping her financially?
Give a man a gun, and he can rob a bank.
Give a man a bank, and he can rob everybody.