Changing my way of thinking

Limana68

Hi guys
Well..............I havent posted for a while but lurk lot and really admire you people for paying off your mortgages!

My situation is that I live in a detached Victorian villa, bought 7 yrs ago for £173000 to accomodate my family( hubby & 2 kids) and my Mum who was not well.

Fast forward to now and my Mum has been in a care home for past 2 yrs as her dementia got too much for us to cope with. Hubby has a disabilty so can no longer work, so I have been the main breadwinner.
I have suffered with my own health issues ( depression/IBS) due to stress etc and at one point was considering selling up and renting to get away from the rat race etc

I have now had a lightbulb moment and my plan is:

to retire at 51- move abroad to sunnier climes as hubby is so much healthier in the warmer months.
I would love to be able to buy an apartment outright at that time.

My mortgage is £146000 and I pay £989 a mth and we have approx 2500 arrears so I have been unable to pay any extra off as have had to reduce my hrs so I am home more.

I really need to try and focus on the long term but I do find it hard as I find everyday is a struggle

Anyway if you have got this far in reading this, well done lol

:D:D

edinburgher

Welcome to the madhouse :coffee:

You sound like you've had a lot on your plate over the last few years and positive plans for the future are a really good way to keep us all motivated.

There are a lot of very action orientated people here who will try and help you 'solutionise' (my wife used to tell me off for this!) A short list of questions/considerations below:

• Do you have a plan in place to sort your arrears with your lender?
• If you don't mind me asking, how long until you hit 51?
• How old will your kids be at that time? I.e. can you head off to the sun and leave them to their own devices?
• As I've said, you have a lot on your plate. Have you checked that you are receiving the financial/medical/emotional support that you need and are entitled to?
• Have you considered where you might like to live in the sun and have you any idea of how much an apartment might cost?
• Do you and hubby got any pension provision in place?

As a more general suggestion, it sounds like all the demands on your time have led to you spending more than you earn. It might be a good idea to post a Statement of affairs (SOA) so that the friendly MFWers can suggest areas where you might save some money and bring your dream closer.

Limana68

Thank you!

It is 6 yrs till I am 51...........:eek:
I am also in a DMP with Stepchange approx 24K left to pay.......
Hubby get DLA/ESA so realistically on paper we should be able to make overpayments on our mortgage.....however we are both pretty rubbish with money!
My eldest will be 21 and daughter 17 when I am 51.
We are looking at Malta or Cyprus, lived and know both really well, Cyprus cheaper.
Me and hubby will have a pension of approx £1400 a mth between us and I should get a lump sum of approx 50000.
Hoping that any equity plus lump sum will pay for an appt approx £90000- nothing flash.:)
I am looking at going back full time in a few mths as son is older now and can help out more. Then I can start paying my arrears off.
Then tackle my debts...........
Its a neverending worry and I find it hard to live in the moment sometimes.

edinburgher

You sound like you have a good plan, I'm a big fan of Greece, which isn't so far away.

Does your DMP include your mortgage, or does that sit seperately? If not, it might be an idea to see whether your lender can do anything to help (for example, increase the term etc.)

If you're largely dependent on your pension lump sum to buy the apartment, the reduced equity in your current villa might be worth the breathing space that this change could help with in the short term?

Do consider a SOA as well

Alchemilla

Huge good luck. X

Limana68

My DMP doesnt include the mortgage.
My mortgage provider wont help as need to pay off arrears first so I suppose I just have to plod on for now and keep dreaming of my future life in the sun haha

Unfortunately we bought our house in the boom of 2007 and it is valued the same now even tho we have had a disabled extension ! :mad::mad::mad:

Thing is we wanted my Mum living with us and this house fitted the bill so I really cant regret it as we had 5 yrs with her before she took worse.