The Case of the Overwhelming Mortgage

AgathaSquirrel

Ran 10k this morning. Not planned - just did it.

greent

Awesome!!  

savingholmes

Well done on the run. 

On the car if you bought a few year old car and took a car loan - at least at the end of the 3 year term or whatever term you fixed there would be residual value where with a lease there isn't. Only you can decide what's right for you... Personally having done a leases I'd be reluctant to ever do them again.

AgathaSquirrel

We’ve always done as you suggested but with that comes paying repair bills for cars, which has wiped out our savings this year, and the ongoing saving for a new car, which we haven’t managed to do. We’ve decided to go for the work scheme for his car and use my inheritance towards mine, although we’re holding on to it for as long as we can to recoup some of the money spent this year.

Hopefully my inheritance and the money from the sale of the current car will give us a buffer we are sadly lacking at the moment.

savingholmes

At least you've thought it through. What are you both going to get car wise?

AgathaSquirrel

His is an MG (something, dunno I’ve paid minimal attention). I’ll probably get a Hyundai i20 once my current car dies.

LadyWithAPlan

Well done on the run ! Buying cars can be a big decision- just think in 5 years though when the house is paid off how much money you can save for the next car !

AgathaSquirrel

Playing with calculators today. Once probate clears unsure whether to clear small mortgage of £19000. It would mean only £5000 towards a car but could save the £200 a month from mortgage towards this.

DH is having a career wobble. Think it’s just a difficult point in a project and it will pass but we’ve been discussing alternatives both within and out of his current company. I think this is where my mortgage anxiety is coming from. The less debt we have, the more options we have.

AgathaSquirrel

In other news parent 2 was diagnosed with cancer in September. All a bit of a shock and I stopped sleeping for a while and as I couldn’t get up I also stopped exercising. Operation was this week and hopefully curable but maybe further treatment required. I’m back running now and will hopefully return to the gym again soon.

savingholmes

Thanks Agatha. Sorry you are having such a tough time. Not surprising it is having other effects on you and how you function. 

The car and the house spend are on necessities so try not to let them consume too much attention. Hope your parent's operation goes well.