Can't sleep/eat worrying about buying house after separating

[FridayFeelingmidweek]

Just that. Post separating I've racked up credit card debt ('excellent' credit score though as I always pay on time) and am trying to plan what I can buy when our house eventually sells (it's taking longer than we thought it would). I'm worrying about borrowing enough to buy a decent house for me and our children, especially as I won't be able to get rid of debt that quickly.

180k equity for me when house sells. My salary is £55k. New house needed likely to be £400k. Debt is £10k. Am 46. Am I worrying over nothing? I'm so stressed as I'm worrying about the debt, being refused a mortgsge, etc. Anyone been through this and come out ok?

I know I need to talk to someone as it's not just this, it's the financial stress every day too, as well as the separation. It's all getting a bit much.

No exact advice but might it be worth using some of your 180k to just clear the debt? How much per month are you spending on repayments?

If you're paying interest on the cc debt, move it to interest-free if you can.

Speak to a financial advisor / mortgage advisor who can help with the rest.

That's a decent equity. I think you're stressing a bit too much

Do you have any joint savings that you’ll get a share of that can clear the debt? You’ll need to factor in stamp duty and solicitors fees for buying a house too so it may be tight depending on how much you can borrow. Have you spoken to a mortgage advisor?

The equity on the day if sale will go straight to new home/mortgage so I'll still need to apply for the mortgage with debt first. Thank you.

Yes, on zero interest credit card. I think I am worrying you much, there's just so much going on I think it's taking its toll and I'm focusing on the house/money.

No joint savings. Yes, I've included that so the 180k is worst case equity.

Take a breath.

You're in a good position. You worrying about it and not eating / sleeping won't be of any help, and won't make any difference to the outcome. Wait it out, the house will sell for what it will sell for, and then you will find out what mortgage you can get. No amount of worrying will make this any better!

Just focus on the things you can change - be mindful with your cash for now, make sure the children are happy and feel loved, enjoy Christmas.

You will get through this, for sure x

Pearlyb advice is really good. I struggled massively moving house this year, bigger mortgage, extra responsibilities etc. I couldn't eat/sleep and got in a spiral. Anti anxiety medication has help me massively, it might be worth a gp visit just to help you get through this. I truly think it'll be OK on your figures but totally understand how you're feeling right now.

How have you accrued the debt? Are you having to pay all the bills on the family home until it sells? A mortgage of £220k when you are already 46 on a £50k salary seems high, will you be recieving much maintenance?