If you own your house

[rainbowbaby2]

If you owned your house outright but struggled with daily cash flow, what would you do?

We're 48 and 44, paid it off outright five years ago. We've always had the idea that if it got tough we would sell and rent instead, release the equity and won't have to stress for a while. We work together in our own business, income fluctuates and hasn't been great lately, but hanging on. If it got bad though we would sell.

If self employed isn't paying then go for a job for stability?

You haven’t answered the question about what type of company it is, if he’s a Ltd company he can wind it up, if he’s a sole trader you’ve screwed up.

Seeing as your situation will change massively in a year or so with business rent ending (plus you fully own your own home), I’d remortgage the house to solely cover the business rent outgoing and set up a special account with this pot of cash in and nothing else, so nobody touches it except for rent direct debit.

I’d also put an additional £10k on the remortgage figure and shove the cash somewhere to cover emergencies solely.

Things will change rapidly when your DH starts work elsewhere in 18 months.