Should I be asking for help ?

enthusiasticsaver

There is something wrong with that mortgage repayment. If you only have £60k left and the rate is 3.99% you should only be paying around £1100 per month.

JayRitchie

I'm a bit concerned about how hard you are working. You are doing the right thing for a 25 year old with debts but shouldnt risk your own health now.

Could downsizing the house be an option? Also I dont think you are in a financial position to fund your daughters car. Is she likely to go to university? Will this be a big bill over the next few years?

getmore4less

Some things need to change.review everything once you have your SOA together.

Mortgage doesn't look right and the change to only 10y term with high payment has not helped, this needs review as you should be on a rate below 2%.
Going out to 10year will help a lot but that may not be easy.

Wife needs to earn more

Daughter needs to fund herself.

Running 3 cars is not sustainable at least one has to go, cme up with a sharing plan

Review your mother's benefits should there not be AA as well as CA.

Also look as downsizing now if you get rid of the mortgage payment it would sort out much quicker.

Did you mum/dad not have a house?

Pension_Geek

JayRitchie wrote: »

I'm a bit concerned about how hard you are working. You are doing the right thing for a 25 year old with debts but shouldnt risk your own health now.

Could downsizing the house be an option? Also I dont think you are in a financial position to fund your daughters car. Is she likely to go to university? Will this be a big bill over the next few years?

This is very pertinent, as depending on where and what she studies, if at Uni, that maintenance loan could struggle to fund the costs.

EssexHebridean

Pension_Geek wrote: »

This is very pertinent, as depending on where and what she studies, if at Uni, that maintenance loan could struggle to fund the costs.

Bluntly, the OP is struggling to make ends meet himself, currently, taking on further debt to help his daughter through Uni isn't really an option - she'll need to get loans etc - Martin has an excellent guide on exactly why this isn't the terrifying thing that so many think it is.

Pension_Geek

EssexHebridean wrote: »

Bluntly, the OP is struggling to make ends meet himself, currently, taking on further debt to help his daughter through Uni isn't really an option - she'll need to get loans etc - Martin has an excellent guide on exactly why this isn't the terrifying thing that so many think it is.

I fully agree, i was more making the point that if the daughter is at college and has that expectation, it might need to be discussed. The daughter may not be aware of all of this!

JayRitchie

EssexHebridean wrote: »

Bluntly, the OP is struggling to make ends meet himself, currently, taking on further debt to help his daughter through Uni isn't really an option - she'll need to get loans etc - Martin has an excellent guide on exactly why this isn't the terrifying thing that so many think it is.

My concern is not the daughter taking out student loans, it is that she will not get a large maintenance loan. Based on the parents income of £51,000 she would get £5,400 a year (living away from home outside London). The parents would be expected to contribute at least £4k a year to this based on income. It might get worse if the extra income from the OPs mother is counted in his earnings.

This is the unfortunate side of student finance. If the OP was working a minimum wage part time job with the house paid off and no debt he would have more cash, and his daughter could get the full maintenance loans plus bursaries.