Considering selling home to change career

Miss_Moneysaver

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?

Miss_Moneysaver

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 :-(

beanielou

You can only do what is best for you & your family.
What are your DH's thoughts?

Miss_Moneysaver

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...

museumworker

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

Red-Squirrel_2

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

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.

bexster1975

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

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.

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?

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.