The house has a mortgage of about £225,000 and our next door neighbours just sold theirs (two bedroom, ours is a three bedroom) for £340,000, so at a guess ours is worth about £350,000.
There are no other assets, neither of us have pensions. The only other assets are the contents of our house.
I own a car which i bought for £600 my husband leases a car.
We owe £220,000 on the house as it is an interest only mortgage, and our next door neighbours just sold theirs (which is a two bed) for £340,000, so i guess ours is worth about £350,000 ish.
There are no other assets as my car was only £600 my husbands car is leased.
We have no pensions.
We are currently in the cheapest part of Bexley in this area for schools, Blackfen. We are surrounded by more expensive areas such as welling, Sidcup, Eltham, Bexley and Bexleyheath. I suppose there are some three bedrooms around for say £250,000 but without a job, i would not get another mortgage, and even with a job, would not be offered this kind of mortgage on my own. I have looked at the price of three bedroom flats but they are scarse, and are still around the £230,000 figure. I also considered a part buy part rent option, but again three beds are hard to come by, and i do not know if i would be eligible.
Before i left work i was working 9.30 - 2.45pm and taking home around £800. But childcare was costing us around £450 per month which would leave me nothing for mortgage after paying for food, travel to work, childcare, children's clubs, clothes etc.
I do not think my husband would sell his businesses to help me, intact he would probably try to hide his earnings by going bankrupt or something similar (which is what my friends husband did (who was also self employed) and she ended up with nothing but the house being paid for by the government, and benefits.
Yes one of the businesses could be sold,but i have no idea about value, at a guess, £100,000?
It would be difficult as our mortgage is £886 per month.
So this would cover the mortgage, but if i got a job, i would also have to pay for childcare.
What would happen to the proceeds of the house if we were to sell it?
Thank you Clare,
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