Looking for some advice please.
My husband will probably lose his job during the pandemic. The company he worked for have told him they will not be reopening in 2020 and it's proving difficult to find a new job right now.
I earn 200 per week minding kids in my own house and I am very happy with that and have no plans to take on anymore mindees
or try to earn any extra weekly money.
Husband getting PUP 350
So we have 550 per week coming into our house at the moment.
2 kids aged 11 and 13.
We have a house which we own with no mortgage and rent out for 800 pm (below market value). This house is worth 300,000.
We have a 2nd house which we live in which has a mortgage of 70,000. We pay 500 pm.
We owe 18,000 in loans (car loan, home improvement loan)
No savings or pensions
I think we should sell the first house, pay off the mortgage and put the balance into savings for kids college etc.
He thinks hold tight, he will get a new job eventually and we should keep the house as a sort of pension.
I hope this all makes sense. Should we try to get the call rolling on selling the house now (ie give notice to tenants) or scrape by and hope for things to turn around and life and earnings to go back to "normal"
Thanks
Martha
My husband will probably lose his job during the pandemic. The company he worked for have told him they will not be reopening in 2020 and it's proving difficult to find a new job right now.
I earn 200 per week minding kids in my own house and I am very happy with that and have no plans to take on anymore mindees
or try to earn any extra weekly money.
Husband getting PUP 350
So we have 550 per week coming into our house at the moment.
2 kids aged 11 and 13.
We have a house which we own with no mortgage and rent out for 800 pm (below market value). This house is worth 300,000.
We have a 2nd house which we live in which has a mortgage of 70,000. We pay 500 pm.
We owe 18,000 in loans (car loan, home improvement loan)
No savings or pensions
I think we should sell the first house, pay off the mortgage and put the balance into savings for kids college etc.
He thinks hold tight, he will get a new job eventually and we should keep the house as a sort of pension.
I hope this all makes sense. Should we try to get the call rolling on selling the house now (ie give notice to tenants) or scrape by and hope for things to turn around and life and earnings to go back to "normal"
Thanks
Martha