Please don't punch too hard.
Thanks to nasty divorce I gained our house. Due to harassment we moved to be near family 200 miles away. Old house in negative equity so rented it out and took out large buy to rent mortgage which financed our cottage in the Midlands. House no 1 is valued at approx £275,000 though due to UK stamp duty will probably only make £249,995. (Paid £280,000 in 2008). Mortgage is £152,000 (now £149,000 due to overpayments.) Interest only at £470 but I pay all the rental plus more - £900 per month. Rental is £825 when there are no expenses. Let through agent because of the distance. (200 miles). Cottage cost £132,000, needed renovations and with mortgage of £92,000. This is £585 which is a lot cheaper than renting.
Do I sell house or hang onto it as long term investment?
Income is shockingly small. £200 per week net plus working tax credit £130 per week, child maintenance £400 a month and child tax credit of £132 per month. 2 children, aged nearly 10 and 11. I'm an older mother (ahem rude to ask I am English you know!). We are frugal and my car comes with my job. Spending is just under outgoings which are approx £2500 a month although Ex keeps taking me to court and mediation (long and tedious story)which has clocked up £12000 and this week 2 mediation sessions for the children has clocked up £300 which I have not got. End is in sight as 24th November is final hearing and any nonsense after this I will represent myself although I am very shy and hate confrontation. What do I do guys? Thank you! X
