Should I downsize?
Please help, I'm putting myself through real turmoil here, though appreciate this is a heart/head situation.
I'm a single mother to a 3 year old daughter. I work (really) hard and have a good income, approx. £61k. When I left her dad a couple of years ago, the housing market was a nightmare due to the mortgage rates, I had to buy this house due to a number of reasons, all with time against me. It ended up being a lovely 5 bedroom detached house we're in, integral garage and west facing garden - large kitchen with lots of storage etc. The house obviously ticks all the boxes and more given there is only two of us. When we moved in, sadly there was a massive leak which took months to repair - there's been a few hidden issues with the house due to botch jobs by the previous owner. I think because of this, the house that should've been my sanctuary moving from an unhealthy relationship, in some ways hurt me more and caused so much disruption after moving from what was my dream home (still a lot of sadness losing that house, I had my daughter there!).
Anyway, my mortgage is now going up to £1,000 a month. We can afford to continue living here, I'm just not sure if its sensible. I'm 41 and its a 28 year mortgage, meaning not great options for retiring early etc. And obviously, most importantly, building up any sort of funds for my daughter.
There is a new build development closeby desperate to sell off the final remaining homes on site. There is a 3 bed semi that I like, its obviously a large downsize, has no drive or garage, small north facing garden and much less storage. However I fear I'm being picky, as obviously given there is only two of us, the house would suit our needs and we would adapt. If we moved, it would save £400 a month on the mortgage, more with energy and council tax savings too.
There is an element of pride here, I'm proud of what I've achieved in life, I've never been given money and this is all from my own work and dedicated savings. Should I move to a home I'd maybe be less proud of and need to make sacrifices, for quite substantial financial freedom, the ability to pay off my mortgage in say 10-15 years whilst still living a good lifestyle with my daughter - holidays, experiences etc?
Or should I stay in the big house that gives us everything we need practically, still a good lifestyle but unlikely I'd be able to massively reduce the length on my mortgage?
I feel like freeing up money is more sensible on paper, but I'm scared I'll regret moving from this house. Any opinions appreciated! Thanks
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