time for lifestyle change?

evelek

I'm a 55 year old forum newbie and like most people here facing redundancy, in my case from my local government job of the last 10 years.
I've been out of work before when my kids were young and it was completely devastating and I don't want to go through that again even now they're almost both at Uni.
I'm doing all the right things... hanging on in there; doing a financial audit, cutting expenditure, reducing my debts etc; starting to job hunt etc, but I keep coming back to one thought... perhaps its time for a complete change.
I've changed career before too - from retail management to local government - and I'm confident I can do this, I just need the financial support.
What we're thinking of is selling our house on which we have quite a small mortgage and moving to a cheaper part of the country. We then want to buy a smaller house with some holidays lets and run that as a business - and we'll continue to work part time to give us some regular income.
Has anyone out there done or tried to do anything like this?
If you buy a home and business do you need a residential and commercial mortgage or just a commercial mortgage?
Presumably you'd need to go to the bank with a business plan when you find somewhere, but what about securing a loan in principle?
Any advice gratefully sought.

themull1

have you actually been told that you're being made redundant. Or are you just thinking that you will?

evelek

Hi Mull

No it's not definite... yet. Just highly likely. And I'm trying to be prepared/have a plan b.