On my own and don’t know what to do… money query/mortgage

[Itsjste]

I’m 38 and owe 280k on my mortgage, on a home valued around 520k.

I am recently single and ex DP’s contribution to dd (age 4) is 200 a month. He should pay more and I will have to go to cms.

Luckily, it’s my home and he had another that he rented out that he’s moved back to. But it means that I face big financial decisions alone. I am so daunted by the future.

I have 95k in savings and my mortgage term expires in a year. I don’t know what I should be doing, should I pay in the 80k now? I do overpay around 500 a month but I feel sick with the weight of the mortgage now I am alone.

I don’t know what is best or where to start financially, I have no family to support me with these decisions and feel uncomfortable taking to friends. Any advice would be so welcome

Hi OP,

If I were you I wouldn't be making any major financial decisions right now. There's no rush. Have a good think about what you want to happen next, both financially but also generally. Is your DC at school or are they due to start in September?

As you're so worried, it would make sense to speak to a financial adviser. You're doing the right thing, I think, by not discussing your finances with family and friends.

You mentioned that with overpaying your mortgage by £500 p/m and saving £500 p/m it doesn't leave you enough to live on. Personally, I'd reduce or stop saving for the moment. You already have plenty in savings and why scrimp if you don't have to.

Why is your ex-DP paying so little towards DC? Is it because she's with you both 50/50?