Wwyd - relocating, mortgages, debt, studying, etc

[Ineedtonamechangenow]

Hi,

I'm going to include a fair amount of detail as I think it's all pretty relevant.

We have a house in the south worth approximately 280k and a mortgage remaining of approximately 25k. DH is a full time student and works self employed part time to top us up. I'm also part time self employed around our children - two kids under two.

Here's the dilemma.

Since giving up ft work we are stretched financially (obviously). We have debts of around 18k - a loan and one interest free credit card. I also have my car loan.

We not long finished renovating our house and I have a really strong support network of friends here. We have no family near by.

Our dream is to use the equity on this place to buy something special nearer where my parents live when DH qualifies. We'll aim to get something worth around 400/450k. My families area is slightly cheaper.

I think we should up and move now. We could get somewhere around my parents area roughly the same size with no mortgage. Although it wouldn't pay the debts off.

The draw back is DH studies just outside of London, about an hour away from where we live. It would be four hours if we move.

Equally, house prices here generally raise quicker and we would have an extra five years worth of paying into equity if we stay.

DH will really push to stay but I'm fed up of having very little money and watching my credit card bill increase every month. I end up feeling frustrated at DH when he does something like eat the ham because either the boys then go without or I have to replace it. It's pathetic.

Fwiw we're both early thirties.

So wwyd. Go mortgage free and move knowing that you'll probably never get your dream or stick it out knowing the house you want to eventually have is attainable

Mortgage remaining 125k. Sorry

Sorry a bit more relavant detail. DH will achieve an interim qualification in May allowing him to earn a fair amount more as an hourly rate. Also we're hoping to use his maintainance loan for this year to pay off the loan which will leave us approx. 350 per month better off from Apr

How would your Dh study if so far away? How much longer will he need to study?

Your debts are quite substantial but you seem to have a method to pay it down.
I think it's worth moving for school time as that might be a good compromise.

He started in September and it's a 5.5 year course.

It's technically part time - as in lectures are two weekends a month. He also has practice hours he has to do near his uni - this year is 100 hours for the year. Final year is 300 hours. Self study makes it up to be more than FT. It's more credits than a "normal" degree per year.

School time might work. Debts are massive considering we earn circa 16k per year between the two of us. But then 10k might be gone by April, I guess. In the mean time my credit cards are going up and up just to feed us

I'm so torn. I need to have a set plan if I'm to suggest to DH because this house is bloody lovely. He was a tradesman so it's all been lovingly crafted and is unique to us

Then there's the ball ache of moving two businesses

He currently works a couple of days a week in a trade and studies the rest of the time.

A salary job would be good but I'm not sure what I'd do with the kids. I work evenings and earn a very good hourly rate. I think I'm going to need to up my hours tbf but DH needs to be at uni on random week days too.

The course can't be shortened. It's a completely different profession. In the medical field and is our way out of poverty.

I just can't work out how to get it done without the massive stress about my credit card bill

I'm laughed when you said your job was your way out of poverty. People in poverty don't have 400/450k homes ...