Pay off mortgage and start having fun!

gallygirl

My advice would be:

• Clear the loan and ccard debt as this will stop you getting a good mortgage offer next time round (I would normally suggest put the 0% ccard money into savings but I know how impulsive you can be :rotfl:)
• Convert mortgage into repayment when that is done and overpay whatever you can for a few years. This will put you in good stead for btl.
• Then, once you have a much smaller mortgage, you will have more choices, including remortgaging and taking out capital for a deposit on a btl.

Personally I think you'd be crazy to try anything any time soon, with OH's stressful job and v long hours. Plus he has less money coming in. Work out the mortgage on a btl. How long could you pay that if tenants stopped paying and it took months to get them out? How could you raise say an extra 10k to repair damage done?

Put yourself on a stronger financial footing before you try to help the kids out.

newgirly

Hi GG thanks for replying, you are right I would not consider this until having cleared the mahoosive debts first and having some savings so we are talking a few years done the line. It was more the idea of it as a long term retirement/help the kids out plan. Although to be honest I really am In Two minds as to whether helping them financially is really in their best long term interests.

gallygirl

newgirly wrote: »

Hi GG thanks for replying, you are right I would not consider this until having cleared the mahoosive debts first and having some savings so we are talking a few years done the line. It was more the idea of it as a long term retirement/help the kids out plan. Although to be honest I really am In Two minds as to whether helping them financially is really in their best long term interests.

There are different ways of helping. I've given/am giving my 2 the deposit for a house, after that they're on their own (unless an emergency). I've also agreed to lend DD the money for a deposit on a btl, to be repaid with interest, but it will be her project, her debt and her responsibility. I realise I'm lucky I can do this but I wouldn't want to do any more as it affects their independence.

newgirly

You don't want to adopt a 38 year old new DD do you?

gallygirl

newgirly wrote: »

You don't want to adopt a 38 year old new DD do you?

Nope, am up for adoption myself .

megela

Perhaps Tilly will adopt us all? Or did Froggy just get lucky??:rotfl:

newgirly

I suppose I can adopt you, but only if I can claim child benefit for you :money: :rotfl:

Tilly_MFW_in_6_YRS

I'd really like someone to adopt me please

gallygirl

Tilly_MFW_in_6_YRS wrote: »

I'd really like someone to adopt me please

Personally I'm looking for a wife :rotfl:.

Tilly_MFW_in_6_YRS

gallygirl wrote: »

Personally I'm looking for a wife :rotfl:.

That would be fab, yes please