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Original poster

Three years of so many outgoings

70 replies

thisisasurvivor · 23/06/2023 21:57

Hello all

Money saving tips would be very much appreciated

Have got so many direct debits coming out over the next three years

Building a house
Had savings but the cost went way over

Had to take out loans (I know it's not the end of the world ) just trying to figure out how to manage these over next three years

Monthly income £3300
Loans total to £2500

I have some credit cards to use to
And pay the minimum monthly payment each month (max limit in total on them is 14k)

Crazy situation I know
Just wondering if I should stay well clear of the credit cards?
Try to get another loan?? Possibly madness I know

OP posts:
User19844666884 · 23/06/2023 22:25

I recommend you speak to a mortgage advisor who has experience in self build.

Let us know how you get on. We’re all rooting for you!

RhubarbandCustardYummyYummy · 23/06/2023 22:28

You can get profession specific mortgage brokers for self employed people that can usually bypass the ‘computer says no’ issues. I’m assuming medical field??

Original poster
thisisasurvivor · 23/06/2023 22:28

Hobbes8 · 23/06/2023 22:24

How long ago did you set up your business and when we’re you turned down for a mortgage? Also, was the mortgage on a partially built house? That would be much riskier than a finished house, plus you’ll have been self employed for longer.

I was self employed when I bought my current house (plus I was pregnant and had an unfunded maternity leave coming up!). At 41 you could take out a 20-25 year mortgage for a few hundred quid a month and take the pressure off - you can always overpay, or a 10 year mortgage and get it paid off quicker.

Id speak to a decent broker - happy to PM you mine. She’s super nice.

Wonderful advice

You are all so so helpful

I applied when my business was one year old

Applied as the house was 1/4 built as I realised how bad the situation was
They said no

So now I should apply with the house finished and try to pay it all off as soon as possible

41 years old

OP posts:

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Original poster
thisisasurvivor · 23/06/2023 22:29

RhubarbandCustardYummyYummy · 23/06/2023 22:28

You can get profession specific mortgage brokers for self employed people that can usually bypass the ‘computer says no’ issues. I’m assuming medical field??

Yes medical

Did not know this !!!!!

Thanks all
So glad i posted even. Though I feel so idiotic

OP posts:
cestlavielife · 23/06/2023 22:31

Own other plots but don't want to sell them :/

Just sell

Hobbes8 · 23/06/2023 22:32

I’ve sent you my broker’s details. I think most lenders want you to have 2 years self employed earnings but there’s always exceptions. I got my mortgage whilst pregnant with my second child (so with a glaring gap in earnings from my first child) and it was fine. She’s really helpful.

I presume your finished house is worth a lot more than £70k?

Original poster
thisisasurvivor · 23/06/2023 22:35

cestlavielife · 23/06/2023 22:31

Own other plots but don't want to sell them :/

Just sell

Yes true

OP posts:
Original poster
thisisasurvivor · 23/06/2023 22:36

Hobbes8 · 23/06/2023 22:32

I’ve sent you my broker’s details. I think most lenders want you to have 2 years self employed earnings but there’s always exceptions. I got my mortgage whilst pregnant with my second child (so with a glaring gap in earnings from my first child) and it was fine. She’s really helpful.

I presume your finished house is worth a lot more than £70k?

Wonderful thanks

It is worth 230k

OP posts:
RhubarbandCustardYummyYummy · 23/06/2023 22:40

Scottish widows deffo used to do doctor mortgages for self employed but only available through brokers - not sure if they still do. I can recommend a medical broker if you need. I got my most recent deal pregnant with number 2 self employed….

Original poster
thisisasurvivor · 23/06/2023 22:41

Yes if you would not mind

I thought I would be tore to shreds for posting tonight

Thanks all xxxxxx

OP posts:
Original poster
thisisasurvivor · 23/06/2023 22:56

And sorry last daft question I promise

So if I take out a mortgage it's on the current property and that money goes to pay off the loans?

OP posts:
RhubarbandCustardYummyYummy · 23/06/2023 23:00

Yes

Original poster
thisisasurvivor · 23/06/2023 23:06

Thank you all

Feel so much calmer now xxxxxxx

OP posts:
Radiodread · 23/06/2023 23:07

I think you will be ok, OP, if you get some actual financial advice. I find it a bit hard to believe that someone who has a medical degree and career can’t work the maths here.

Just liquidate some assets. There is no way anyone can do every weekend locum shifts on top of a full week of being a doctor with no family support. You’d literally never see your kids.

Original poster
thisisasurvivor · 23/06/2023 23:39

Radiodread · 23/06/2023 23:07

I think you will be ok, OP, if you get some actual financial advice. I find it a bit hard to believe that someone who has a medical degree and career can’t work the maths here.

Just liquidate some assets. There is no way anyone can do every weekend locum shifts on top of a full week of being a doctor with no family support. You’d literally never see your kids.

You find what a bit hard to believe ???

OP posts:
Radiodread · 23/06/2023 23:54

That you are a medical doctor with the exacting mathematical and decision-making skills needed for that job, but can’t fathom your domestic finances :/ honestly it isn’t that hard, you are asset rich, you can make this work easily. Just sell stuff! And spend less. It’s what us lifelong poor underachievers do every single day. Sorry, am being flippant but all I mean is, this is totally within your grasp. If you can save human lives, you can pay your debts and do just fine 👍

Original poster
thisisasurvivor · 23/06/2023 23:55

Radiodread · 23/06/2023 23:54

That you are a medical doctor with the exacting mathematical and decision-making skills needed for that job, but can’t fathom your domestic finances :/ honestly it isn’t that hard, you are asset rich, you can make this work easily. Just sell stuff! And spend less. It’s what us lifelong poor underachievers do every single day. Sorry, am being flippant but all I mean is, this is totally within your grasp. If you can save human lives, you can pay your debts and do just fine 👍

Who said I was a medical doctor 🤦🏼‍♀️🤦🏼‍♀️🤦🏼‍♀️

OP posts:
Radiodread · 24/06/2023 00:01

if you can haul in £600 a day for locum it has to be some senior medical role? Intrigued to know, would bloody love to be able to earn that amount…

Thistlelass · 24/06/2023 00:01

I think you should look for a mortgage broker who specialises in new builds and self employed.

Original poster
thisisasurvivor · 24/06/2023 00:01

Radiodread · 24/06/2023 00:01

if you can haul in £600 a day for locum it has to be some senior medical role? Intrigued to know, would bloody love to be able to earn that amount…

Really helpful thanks 🙏

OP posts:
Radiodread · 24/06/2023 00:09

Honestly though if you really can earn that much working locum, and it must be a medical role because locum is only used for medical, dental and (sort of) social services… why would you not just be a locum, full time? You’d be raking it in.

Original poster
thisisasurvivor · 24/06/2023 00:09

Because I clearly have no clue 🤦🏼‍♀️🤦🏼‍♀️🤣

OP posts:
Radiodread · 24/06/2023 00:18

What I’m saying is, OP, you totally have the skills to solve this issue if you have a job that can net £600 a day. If you’re lacking confidence, perhaps because you’re not used to being in charge of yr own finances, Pay a proper financial advisor to teach you and show you the ropes. This is easily solveable. You have capital and manpower assets. Lucky you. Honestly.

Original poster
thisisasurvivor · 24/06/2023 09:04

Radiodread · 24/06/2023 00:18

What I’m saying is, OP, you totally have the skills to solve this issue if you have a job that can net £600 a day. If you’re lacking confidence, perhaps because you’re not used to being in charge of yr own finances, Pay a proper financial advisor to teach you and show you the ropes. This is easily solveable. You have capital and manpower assets. Lucky you. Honestly.

I need to sit down and sort things out
How the heck I have not done this properly before now

Thanks all these ideas are just what I needed

OP posts:
Original poster
thisisasurvivor · 28/06/2023 22:05

Update

Thanks all

Great advice and I rang a lovely person who helped so so much !!!!

The loans are a pain in the backside
It will be very tight going for three more years

The alternative for a 10 year mortgage is a good option but - the interest I would pay over those ten years is a lot more than I expected (I know I'm clueless don't come at me )

So I need to a) stop being an utter fool with money
B) get on with paying the loans cancel all unnecessary luxuries
And
C) do more extra locum work as it will help to over pay some of the loans

I know I'm clueless re all of this

So the help from so many has been much appreciated

OP posts:
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