Support Needed

maidamess

Hello everyone. This is my first tentative post about our debt situation. I am hoping for some kindness and non judgement but also maybe a gentle kick up the bum to help me navigate the best way forward. The debts are mine and my husbands although mainly in his name. We have around £10000 credit card debt, A car loan of £15000 and a loan of £5000. We are living in a rented house at the moment. My husband owns a house that is sold subject to contract for £100000 with a mortgage of £48000. So we could potentially if the sale goes through clear our debts. But this sale has fallen through twice before and we are paying out for the council tax, gas elec and water rates and mortgage on this empty property. So we have considered renting it out and keeping it?

We would like to buy our own home.....

My salary is self employed 14800 and his is 23000 annually. We are struggling so much to pay bills for two houses and all the finance.

We have three children. 

We do not live in the house he owns because it is only a two bedroom property and a different area. Can anyone unpick this mess and help me.We feel we are going around in circles and not getting anywhere. We would love our own home. We are aged 48 and 50 so feel time is running out to sort our finances.

Thank you

TheAble

Probably having a mortgage on the second property might make it tougher to get one on your own home to buy for yourselves. I'd probably try and hold on to try and get the sale through and be shut of it.

BabyStepper

Post a statement of affairs. That way we can see exactly what is going out and coming in every month, and help you make some decisions. It sounds like seeling your husband's property would be useful, but not solve the problem entirely. Hope the sale goes through. 

Keep posting. 

EssexHebridean

Yes - the SOA is the first step, without question. 

Ask your estate agents whether there is anything they can suggest to try to avoid future sales falling through, and also whether there are any small things you can do to make the property more appealing to perhaps get a quick sale.