I've recently separated from my husband. I have 2 DC, 7 and 8. DS has additional needs. I currently work full time. I have a large mortgage of £185000. Monthly repayments of £895. House is worth approx £215000. Financially, I'm managing ok with this. BUT, and this is the problem, my mental health is suffering massively due to a very stressful job. And my DC, particularly DS, needs me to be around more. My life currently feels way out of balance.
So, I am going to move to another part of the country where all my family are, so I have support around me ( no support at all currently, I live 350 miles away from all my family support currently. ) House prices are a bit cheaper there, but I would still be looking at a mortgage of approx £90 to £100k. Monthly repayments I'm guessing would be £600 per month? Not enough of a reduction for me to be able to work part time in a less stressful job.
I have seen Shared Ownership properties available where I want to move to. There's one for £80k on a 33% share. I could pay the 80k outright from my equity. It would only leave me with the rental share which is currently £400 per month.
Would this be a bad financial decision? Plus, would I even be eligible for a SO property as I can afford a property outright?