Mortgage and car finance Advice needed please

wilt_2

Hi all. This is my first post on any kind of site so please be kind. Basically my ex and I bought a house 10 years ago . We then split 6 months later and the house had gone into negative equity. When we divorced the ginacial side of things couldn't be sorted because there was no money to sort! I managed to get it done a few years later. I didn't get any of his pension as I'd only been married 6 years. I got nothing basically. I stayed in the house and have paid an interest only mortgage on my own since. The house stayed in negative equity until 2 years ago but I now have 100000 equity as prices have shot up around here. Unfortunately I have 195,000 mortgage and it's still on interest only. The lender won't let my ex off the mortgage as I don't earn enough. I gave him some money two years ago and managed to get him off the lease. I've been to a couple of different places and I've been told I can't get a mortgage on my salary. My only option is to overpay. There's 12 years left on it. My ex and I have 3 children together and I now have my elderly mother who has Alzheimer's living here also. Downsizing is therefore not an option. Basically my car gave up the ghost last week and the garage say that repairs will cost more than it's worth by a long way. I'm thinking of finance. Shall I buy new and get a pcp agreement? Shall I get home? Shall I buy used? I have no deposit but I could use a credit card or go overdrawn. I hv an interest free card at the mo with a 5000 limit. I have a 1500 overdraft limit. I had to reduce my hours from full time to three days a week at Easter due to stress and looking after mum. I do plan to go full time at some point but it's not feasible right now. I was planning to start overpaying on mortgage but monthly car payments will eat into this. However a car is pretty essential in my situation. Sorry if I'm rambling but any help to clarify my thoughts would be appreciated.

Wookey

Cutting your hours and taking on more debt is never a good idea, i would rule out buying new to as it's a big expense.

There are plenty of secondhand 4-6 year old cars with well under 100k miles on them, i would be keeping an eye out for one of those from a reputable dealer and make sure that it is free from finance and MoT'd for a year before you buy it and check what % car dealers would give you for finance and weigh up how long the repayments would be against how long the 0 % card is gonna last you and if you can clear the debt inside that time, also make sure you can clear a finance deal with over payments without any penalty.