Would you take a 5 year step back or am I missing a financial trick here ?

[Inliverpool1]

Posting for traffic and because I’m driving myself bloody mental doing and redoing the math.
Current situation £100,000 equity in house since 2007. Interest only mortgage. £866 per month. Going nowhere really, can’t afford to over pay by much.
Looking at buying a house half the size, mortgage repayment would be £697 but that’s over 5 years and then it’s done. They won’t be much if any capital gains really though, house has gone up by £15,000 in 10 years.

Obviously bills etc will be much lower.
I’m not missing anything am I in terms of downsizing ?
Kid and I would have a bedroom each and a guest room. I’d have a study with a sofa bed too.

I'm very confused. How much is the amount of your mortgage? We have about £250k mortgage and pay £400 a month interest only.
Could you talk to an independent mortgage advisor. Mine gave me loads of free advice before we went with them.
BTW the interest only option was arrived with much soul searching and discussion. I know it's not right for everyone but for us it was absolutely the right decision.

I’m paying double what you pay for less mortgage but I don’t think I can remortgage tbh. It’s really upsetting 😭

Why can't you look for a better mortgage deal?

I’m self employed and only have 12 months books

Have you talked to a broker? We got a mortgage with one year of accounts for me with Halifax, but our broker did all the legwork.

Really ? That would be the obvious solution. Thank you