I am no longer with my partner. We have an 11 month old. Luckily I had my own home I could move back into which I did last weekend. However, last week I have been taking stock of the situation and I am hugely panicking. Basically I don’t know whether to downside to mortgage free and save money from there, or keep plodding on in the hope the house goes up or retains value and then reconsider whether to sell in a year, two years or three years etc, with hopefully more equity. My family are of the opinion that I should stay put and hold on a bit… for context the house is valued at 490, and in the last year has only gone up by 8k, in contrast to the year before where it went up 17k. I know these are valuations and doesn’t mean anything unless someone pays that for it but it’s all I have to give a general idea of where I am potentially at. There’s only 210k equity so family are saying if I hold on a bit longer then I might get that up to 250k down the line and that would make life easier when I move. I’ve sort of accepted I will have to move at some point.
I have around 1k spare a month after expenses but the mortgage is 1,100 and I do feel if I got rid of that then I would be able to relax a bit and maybe even go part time. I can’t do that now. Ex will pay only 420 in maintenance so it’s not helping much.
Would you move into somewhere smaller now or wait it out? I haven’t even had such a stressful financial situation and I’m just so worried about the future.