To downsize to lower mortgage

[pinkbunnylugs]

So looking for advice as the economy is pants.
We moved to our current house 2.5yrs ago and since a lot has changed…it’s a 4 bed 2 bath which we’ve made our own and put our stamp on it. A Year ago we moved our kids from mainstream to an alternative education independent school, due to neurodivergent reasons. Anyway, since interest rates have soared & VAT has been added to school fees & bills have generally soared. We can cope right now but are considering moving a/ closer to school (out of expensive mainstream catchment) and b/ to half our mortgage which is currently £2k/month. But we would be moving to a smaller home, 2-3 bed, no utility, would need work eventually. But would mean we are safer financially if say we lose our jobs etc.
Has anyone done this? We know very well the cost of moving is around £30k (SDLT etc). Worried it might be the wrong decision but paying out so much per month now feels a bit like we are trapped, with no movement to change career or to save or go on holiday etc
Thanks if you read this far!

I moved to a smaller house, myself and 3 children due to divorce.
Now 3 bed, one bathroom, no utility.
Left a 4 bed, two bathroom and downstairs cloakroom, utility, playroom, huge kitchen.
Was the best decision (although unavoidable!) and love my smaller house. Easier to maintain, cheaper council tax, lower mortgage (will be mortgage free in 15 years or less) and no utility isn’t an issue. Also hated cleaning the bathrooms lol!

I wouldn't move to a 2 bed with ND children if possible. They will probably need their own space more than non ND kids and that would bring a whole new round of stresses, especially if you don't think that they will ever move out as adults.

It sounds sensible, esp if you don't need to be in the expensive catchment area.
I guess the question is, can you do it and find a house big "enough". I'd do it if i could find a house with a decent room for each dc and one for you. I'd think about what space you need downstairs. If you could do that, it makes sense.

We downsized from a 4 to a 3 bed house. Some of the same reasons- cost of living mainly, but it means our council tax is over £100 a month less, car insurance and house insurance are less and it’s easier to maintain this house. I miss some things, but I don’t miss the area, or the town.

Its different, because we don’t have a mortgage, but we do have a fixed income, so we need to be as economical as we can.

I would want enough bedrooms per dc as presumably they will need to live with you for some time as young adults.

Thank you everyone. If it were 2 bed it would be a house where we could extend sensibly in time. To add a bedroom. Our kids are currently young enough to share. Thanks for your thoughts, makes me feel less mad for thinking it.

Exactly what’s been on my mind for the last 2 years. Bought in the covid market and it’s just been ever increasing bills since. Can’t work more as already at our limit with childcare etc. to factor in. Have never earned as much our whole life but still struggling. Debt mounted up again due to buying a fixer upper. The beauty of hindsight. Will be making very different buying decisions for the next house.