Downsizing slightly in current market

sunshinetours

Been thinking recently about possibility of slightly downsizing by one bedroom.
Our current home is 4 bed detached and the thought was (as no more kids are planned) to downscale the mortgage by losing a bedroom and possibly slightly smaller garden, but ideally not lose any living space so we don't outgrow house as kids get older.

To give an idea of figures we would be looking to come away with around £30 - 40k to pay off part mortgage. Any less and I wouldn't bother

Any thoughts on this about doing this year. My reasoning is that prices are currently artificially high only due to shortage of decent properties on the market and so by going down the chain slightly at a higher price we should be maximising the amount we can get out of this. The aim is to reduce the mortgage so that it finishes somewhat earlier (probably by about 8 years or so by doing this)

Obviously I am taking into account stamp duty, legals and agents fees and relying on the as yet unconfirmed fact that I can port and reduce my current lifetime tracker (0.79% over base so don't want to lose that)

Any other thoughts?

poppysarah

You could get a valuation and then see where valuation -60k gets you.

(But valuation is not a price promise)