Where to start? self-employed, debt, overwhelm

Andyjflet

From  my own point of view, your mortgage is whats killing you, you have too much house for your income, I would suggest selling, downsizing and reducing your mortgage to half the current cost. 

EssexHebridean

Andyjflet said:

From  my own point of view, your mortgage is whats killing you, you have too much house for your income, I would suggest selling, downsizing and reducing your mortgage to half the current cost. 

OP has already explained why moving really isn't an option for them. having just dealt with a house move myself, I wouldn't fancy trying to do it while also being in their position! 

OP - something that did occur to me - can you bolster your own income by doing online surveys and that sort of thing? It won't make your fortune, but right now, it all helps. 

enthusiasticsaver

That mortgage repayment is very high if 2.5% and interest only. Are you sure it isn’t part repayment? 

Buildings and contents insurance is very high as is groceries. 

Is the overdraft personal or business? 

CreditCardJunkie

Sorry to be blunt but is the house genuinely worth all the stress? I get that you want to leave somewhere secure for your daughter, but at that value unless you're central London it's bound to be much bigger than what your daughter needs. 

I know people get attached to homes but it's bricks and mortar. Standard of living is much more important in my opinion. I hope you find a resolution as it sounds like you're under a lot of pressure!

kimwp

I think there needs to be some thought about what will be left to your daughter and how useful it will be to her. If she is unable to work then a mortgaged house will not be useful as there will no benefit support to pay the mortgage. If she's unable to look after herself, then a house  (mortgaged or not) may not be useful to her either if she needs to go into supported accommodation - it may be better in that case to downsize, save money on interest payments and save into her accounts while (in a few years) finding her somewhere that she can be supported. 

debtfreein2024

Thanks everyone. 

Just to clarify: it's 2.5% over bank of iengland base rate. I have dyscalculia and am crap at numbers.
I have no idea about the insurance costs. 
We live in the most expensive city outside of London so yes, it is expensive. It's also where our family and community are. Moving elsewhere is another thing that will isolate and disable my kid (and me) more.

This just confirms that actually I should not have posted here. I know you meant to be helpful but given the level of distress and anxiety - and the fact I've stated up front that my home is the ONLY thing that's stable for my autistic kid, I don't think any of you can actually help. 

EssexHebridean

debtfreein2024 said:

Thanks everyone. 

Just to clarify: it's 2.5% over bank of iengland base rate. I have dyscalculia and am crap at numbers.
I have no idea about the insurance costs. 
We live in the most expensive city outside of London so yes, it is expensive. It's also where our family and community are. Moving elsewhere is another thing that will isolate and disable my kid (and me) more.

This just confirms that actually I should not have posted here. I know you meant to be helpful but given the level of distress and anxiety - and the fact I've stated up front that my home is the ONLY thing that's stable for my autistic kid, I don't think any of you can actually help. 

You were very clear about moving not being the right option, or even a possible option for you - something which some replies here HAVE taken into account. If you do want to try to improve your situation, there is plenty of good stuff here you can take on board, and plenty of help to be had.  I think at the moment you are focusing on the stuff that involves things you can't do, rather than engaging with the stuff you can - a positive step forwards would be to start looking back through the SOA line by line for example, and perhaps begin to think through where you may in fact be able to make reductions, or where there might be holes in your budget?

fatbelly

I agree with Essex. I made a couple of posts earlier and did not suggest a move. Far from it.

In an online forum you may get some off-message views expressed.

You do however need to engage with the positive suggestions

Grumpelstiltskin

This sentience worries me.

 'I have dyscalculia and am crap at numbers.
I have no idea about the insurance costs. '

If you are self employed you need to be on top of your incomings and outgoings.
If you can't manage the figures yourself you need help otherwise down the line you will find yourself in debt to HMRC and they don't mess around.

MEM62

debtfreein2024 said:

This just confirms that actually I should not have posted here. I know you meant to be helpful but given the level of distress and anxiety - and the fact I've stated up front that my home is the ONLY thing that's stable for my autistic kid, I don't think any of you can actually help. 

Really?  You have had some really constructive feedback - particularly @EssexHebridean 's comments on your SoA.  If you want to address your issues and improve your situation you would do well to stay engaged and take on board some of the advice on offer.  It is being offered by people that know what they are talking about.