Downsizing to be MF - can I join the party ?

densol_2

Well the kids will both soon be off to A levels and University. Due to illness and redundancy - I'm thinking of downsizing from this big house I am rattling around in and becoming mortgage free. My plan is to do so in about two years time, although I keep looking at suitable houses now ! All I think about is not having a mortgage or any debts ( mine are small - just a car loan ) but I do have a big mortgage.

My outgoings will reduce by 66% and means I'm just paying out for cheaper utility bills and food. It feels like a huge freedom awaits !

I'm 50 this year. I used to be a very high earner - now I earn about 10% of my previous income - but am very happy. Im lucky that I've had the support of some tax credits and disability benefits - but it's like living on a knife edge worrying they will change so I'd rather be free.

This has been the kids house for 14 years but now they are becoming more independent they have got used to the fact we are downsizing. We can still get a nice modern 3 bed semi with a garage. We are in greater London but I want to move a few more miles out.

Any tips and thoughts would be great it feels good to have made the decision

somethingcorporate

I can see the attraction myself.

What is the 2-year time frame about? If you have no compelling reason to stay then start looking if it is what you have set your heart on!

densol_2

somethingcorporate wrote: »

I can see the attraction myself.

What is the 2-year time frame about? If you have no compelling reason to stay then start looking if it is what you have set your heart on!

It's when my youngest goes to uni in London and then I can move away slightly. His dad and I are separated and he sees dad a bit ( just round the corner ) plus his 6 th form is close. Plus he is disabled and I'm his carer so I don't want to disrupt any education stuff until after A levels and before Uni. Luckily they can live with Aunt / nan right next to the Uni and I've not got to worry about the disruption so much lol ! Complex plans

happydays_70

I'm planning on downsizing when my youngest goes to secondary in September. We can have a broader area of choice too, for now it is so convenient to be close to her school.
The thought of no mortgage or a small one feels alien to me. I have had a big mortgage on my own for 6 years. The kids are getting older and more expensive so I think a smaller/cheaper home in the next year or so is an option. I do tend to change my mind though:o