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  • FIRST POST
    • Miss Moneysaver
    • By Miss Moneysaver 8th Oct 17, 8:08 PM
    • 205Posts
    • 144Thanks
    Miss Moneysaver
    Considering selling home to change career
    • #1
    • 8th Oct 17, 8:08 PM
    Considering selling home to change career 8th Oct 17 at 8:08 PM
    Hi,

    We are about 3 years away from paying off our mortgage. Hubby is lower earner, but not by much - he's on £26K, and I'm on £35.5K. Both full time although I was part time for 10 years. I returned full time to a new job (I used to work there before though) as my old job was moved too far away.

    Anyway, I'm NHS and our shifts have been changed and are now horrendous and I am becoming extremely tired and don't see my children much when they are off school. I am thinking of changing career but that would leave us with only hubby's salary for a while - it isn't enough. We would only just cover the bills and not much left for food, let alone entertainment money/pocket money for kids. If it was the other way around, and he was changing career, we could probably manage on my salary.

    I'm thinking of selling up and buying a smaller house. We are in a 4 bed detached house and, tbh, we don't use the 4th room at all and we could manage with a decent sized 3 bed. We could pay off the mortgage doing this. Would you? I can't stand the mental damage and poor quality of life staying in the NHS. Nightshifts are killing me.

    I would need a student loan to re-train as I'd probably do a MSc. Work won't let me go part time as they are seriously short staffed - as other mums have left recently for the same reasons.

    Dilemma. Any ideas?
    Interest rate 1.25%, offset mortgage Woolwich
Page 1
    • Miss Moneysaver
    • By Miss Moneysaver 8th Oct 17, 8:10 PM
    • 205 Posts
    • 144 Thanks
    Miss Moneysaver
    • #2
    • 8th Oct 17, 8:10 PM
    • #2
    • 8th Oct 17, 8:10 PM
    P.S.
    We have lost so many staff over the last year and so many are on long term sick - hence why I am under pressure and being forced to do something :-(
    Interest rate 1.25%, offset mortgage Woolwich
    • beanielou
    • By beanielou 8th Oct 17, 8:42 PM
    • 49,035 Posts
    • 182,067 Thanks
    beanielou
    • #3
    • 8th Oct 17, 8:42 PM
    • #3
    • 8th Oct 17, 8:42 PM
    You can only do what is best for you & your family.
    What are your DH's thoughts?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Miss Moneysaver
    • By Miss Moneysaver 8th Oct 17, 8:44 PM
    • 205 Posts
    • 144 Thanks
    Miss Moneysaver
    • #4
    • 8th Oct 17, 8:44 PM
    • #4
    • 8th Oct 17, 8:44 PM
    He doesn't have a lot to do with the finances as I deal with it all but he has said to do what's best. I am just so upset about throwing my career away and putting us in a mess really. NHS fault though.
    Hoping someone can come up with an idea...
    Interest rate 1.25%, offset mortgage Woolwich
    • museumworker
    • By museumworker 8th Oct 17, 9:32 PM
    • 2,001 Posts
    • 11,351 Thanks
    museumworker
    • #5
    • 8th Oct 17, 9:32 PM
    • #5
    • 8th Oct 17, 9:32 PM
    Hi Miss MS

    Sorry to hear you're having a hard time, sounds really stressful.
    It's hard to know what to recommend based on the information you've given. It sounds as if your heart is saying leave. Shifts must be really tough with kids.

    Maybe do an SOA based on current situation, then work out how much a new home would cost after moving fees, stamp duty, solicitors, etc. Depending on where you are it can cost c£20k to sell and buy so you may not release as much as you think. I would also think about the risk of relying on only one salary.

    Could you rent the spare room out instead as a Mon-Fri let? I assume you are near a hospital so could be popular.

    Or look at having a skills audit and see which transferable skills you have that would allow you to change career without having the expense of retraining? Or maybe you could get a sponsor?

    HTH, and hugs

    MW x
    Mortgage 16/03/2011: £190K 01/01/2017: £107,729.65 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
    • Red-Squirrel
    • By Red-Squirrel 8th Oct 17, 10:22 PM
    • 2,020 Posts
    • 5,535 Thanks
    Red-Squirrel
    • #6
    • 8th Oct 17, 10:22 PM
    • #6
    • 8th Oct 17, 10:22 PM
    What do you do in the NHS? If you have a qualification and you still enjoy the actual work just not the new shift pattern, then have you looked at other options? Its easy to forget that there are other options besides the NHS but I've been working for a different provider for a year and the difference in work/life balance and stress levels is unbelievable.
    • FloppyDisk
    • By FloppyDisk 9th Oct 17, 6:58 AM
    • 507 Posts
    • 3,720 Thanks
    FloppyDisk
    • #7
    • 9th Oct 17, 6:58 AM
    • #7
    • 9th Oct 17, 6:58 AM
    Could you remortgage to redcuse payments and rent out your spare room to help you through the Masters?
    Mortgage free is nice but instead you can use your assets to increase income.
    July 2012 £139,642 / Dec 2017 £111,214
    EF - £20,156/£25,000
    • bexster1975
    • By bexster1975 9th Oct 17, 7:09 AM
    • 1,065 Posts
    • 4,896 Thanks
    bexster1975
    • #8
    • 9th Oct 17, 7:09 AM
    • #8
    • 9th Oct 17, 7:09 AM
    Hello Miss MS

    I am very sympathetic as have been in similar circumstances in the recent past.

    As the shortfall for coping financially is about £9000, could you find something part time while you retrain/ decide/ look for something else so your current position needn't change? Lots of very good advice already on this thread, just a thought.

    It sounds like it's making you unhappy, and by extension, your family unhappy.

    I hope you make the decision that is right for you.

    Bexster
    • Miss Moneysaver
    • By Miss Moneysaver 9th Oct 17, 7:53 AM
    • 205 Posts
    • 144 Thanks
    Miss Moneysaver
    • #9
    • 9th Oct 17, 7:53 AM
    • #9
    • 9th Oct 17, 7:53 AM
    Thanks for the replies.
    I don't think we'd rent a room out as it would invade too much on our privacy. I think everyone in the family would shudder at the thought tbh.
    I have applied for a lecturing post in the past and just missed out. There are other areas I'm looking into - medical writing and clinical trials - but there doesn't seem to be much out there at the moment.
    I have got a place on a MSc (I already have a PGDip but a different subject) and I have been awarded a student loan of just over £10K. I am wondering whether to just take the risk and use this to survive and then I'd have another qualification to play with. Worried about what would happen come September if I didn't find anything though. I'm highly experienced in my field and have a string of qualifications though.
    Interest rate 1.25%, offset mortgage Woolwich
    • louloubelle79
    • By louloubelle79 9th Oct 17, 8:15 AM
    • 257 Posts
    • 127 Thanks
    louloubelle79
    Oh dear I can sympathise, left NHS few years ago due to stress but now back part time and got community nursing job term time which allows me to see kids and relieve so much pressure. I've been told term time won't stay around for long so taking opportunity whilst lasts. Could this be an option?
    Hoping to be mortgage free by 2026 age 47
    Current rate 2.79% fixed for 10 years
    Current mortgage end date: 03/10/2043
    MFW Starting Mortgage Jan 17 - £114,703
    2017 OPs £6000
    Jan 2018 balance- £105,923
    • Miss Moneysaver
    • By Miss Moneysaver 9th Oct 17, 9:08 AM
    • 205 Posts
    • 144 Thanks
    Miss Moneysaver
    No term time working allowed in what I do. At the moment, I am working 3 out of 4 weekends and usually nightshift before the 4th weekend. Add in many late and early shifts and you can see why I want out.
    Management work 9-5 M-F. They are screwing the rest of us.

    I can't re-mortgage as (a) we don't have that long left on the mortgage and (b) I doubt we'd get a good deal as the one we have right now.
    Interest rate 1.25%, offset mortgage Woolwich
    • Miss Moneysaver
    • By Miss Moneysaver 9th Oct 17, 9:10 AM
    • 205 Posts
    • 144 Thanks
    Miss Moneysaver
    The more people that leave the harder it becomes as we are rostered to cover the leaving persons out of hours shifts. There aren't many of us left. As long as management look good and still provide a service...they don't care how they achieve it.
    Interest rate 1.25%, offset mortgage Woolwich
    • Miss Moneysaver
    • By Miss Moneysaver 9th Oct 17, 9:12 AM
    • 205 Posts
    • 144 Thanks
    Miss Moneysaver
    Oh, and recruitment take months to say we can replace a person and then it is at a lower grade. Management have started saying that they need 'like for like' as we can't continue to provide a service like this (can't leave lower grade staff to work alone etc.) but nothing positive coming out of it.
    Interest rate 1.25%, offset mortgage Woolwich
    • ViolaLass
    • By ViolaLass 9th Oct 17, 9:45 AM
    • 5,149 Posts
    • 7,146 Thanks
    ViolaLass
    I can't re-mortgage as (a) we don't have that long left on the mortgage and (b) I doubt we'd get a good deal as the one we have right now.
    Originally posted by Miss Moneysaver
    a) does not matter, does it? You could make the term longer.
    b) would it make much difference? You can't have much left to pay so not much on which to pay interest either.
    • pjcox2005
    • By pjcox2005 9th Oct 17, 10:35 AM
    • 480 Posts
    • 528 Thanks
    pjcox2005
    Always a challenge to make the big decisions like this.


    A website worth a look is https://www.mrmoneymustache.com/ if you haven't come across. It's basically looks a simplifying certain areas of life and avoiding unnecessary spend (e.g. excess rooms in a house) in order to be able to work less and have a better balance. The forums have a lot of similar bits.


    As mentioned though, if you do downsize, you need to consider the impact of legals, stamp duty, removal fees to ensure it is worthwhile but could be a good answer.


    An alternative may be to borrow more on the mortgage given it's paid down as this may give you some space to retrain as you'll have money in the bank to use for living and paying down the mortgage you've just extended. May be a question on whether it's an acceptable reason with a mortgage advisor but ways to manage that.


    Good luck though with any decision.
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