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Wife made redundant - what should I do?

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Wife made redundant - what should I do?

edited 30 November -1 at 1:00AM in Redundancy & Redundancy Planning
6 replies 2.7K views
cometecomete Forumite
7 posts
edited 30 November -1 at 1:00AM in Redundancy & Redundancy Planning
Bit of insight into our situation:

We bought our house in zone 2 London last year, our mortgage is pretty low at £1200 a month. Low enough that i can cover the mortgage and bills (never more than £2500 a month) with my salary, with a bit left over.

My wifes industry is relatively niche, and this has given her the push she needs to set up her own online business (she trialled it in the past on a small scale and made reasonable profits, but now want to reinvest these rather than drawing a salary until its more stable). This is great as I am a remote worker so can be based anywhere, meaning we're no longer tied to London, or any city for that matter. We're having our house valued to sell, with a view to halving our living expenses.

Really the main thing I need advice on is in relation to a car. I have put down a 1k deposit on an 11k car, with the 10k balance to be paid on collection on 01 November. 8.5k of that 11k is from a bank loan, with monthly repayments of £200. Where we're planning to move we'll absolutely need a car. I'd appreciate your advice on how to proceed with this.

Option 1: continue with purchase and scrape by in the hope that wife can contribute before we eat through our savings
Option 2: cancel purchase, lose 1k deposit, buy cheaper car for 2k, and have no monthly repayments

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