Moving somewhere "cheaper" for better quality of life

[Facelikeanormer]

I've no one to talk to in real life so looking for some impartial advice. I am early 30s, divorced without child, no significant commitments outside of work (both parents passed when I was a teenager). Externally, work looks like it is going well. I earn c £75k per annum but realistically have risen to the level of my own incompetence. I have around £125k in savings and could where I live by a property of up £650k (mortgage AIP) but would need a long term and keep in the same type of employment ties. I live in a very expensive area (Jersey) so the property would be relatively modest.

I might be being crazy but I sometimes think about moving elsewhere in the British Isles and buying somewhere with a very small mortgage (or even none) and starting again with a lower level job that I could leave there at the end of the day.

Is this a silly idea? I know its not thought through, but what should I be thinking of? Employment prospects? Pension? Costs of moving? Difficulty starting again? Or should I be thinking of investing the money for a few years rather than rush into a decision?

Basically, money and life advice welcomed. Should I move in pursuit of an "easier" life or will I regret it?

Thanks, lots to consider. I've looked at a couple of council jobs in the North East and the level below my job looks around £45-£50k so when coupled with lower living costs, I think it would be comfortable. I think I will book a few weeks off and try to get under the skin of a few places. Very much appreciate the suggestions.

Yeah, the north coast of Northern Ireland is beautiful for example, and inexpensive compared to Jersey for sure but a whole other way of life. And cold too.

Sounds great OP! I'm v jealous and impressed!

If you live in Jersey on that salary I assume you work in finance. If you got similar level of responsibility in UK you would get approximately 20 percent less salary. You could move to a cheaper area of UK and buy a house for £250k but you won't have the beach on your doorstep. You could buy a 3 bedrooms terrace in Hull for £100k. Look on rightmove. My sister lives in Jersey and i do get although beautiful scenery, cost of living far higher there than in rest of UK and restrictive number of potential new partners as small island. You could move away and give it a go and know you can always go back. Basically you have nothing to lose.

Just a point. Last year my son took a big pay cut to move to Hull, buy a house and live. He is doing similar job for £20k. He is happy with his decision. Cost of living is much lower in Hull. Think large pizza with 4 toppings for £12. Cinema cheaper etc.

Do you also not pay tax in Jersey? So taking a less well paid job on the mainland would hit you twice?

Meant to put £20k less.

I wish this were true! We do pay tax, although it's capped at 20% so high earners are better off than they would be elsewhere.

My thought is, that your idea is basically a bit of a downsize plan, and I wonder if you’re too you g, because once you do it, it can be hard to upsize, if you ever want to.

some people move to a cheaper area because they can’t afford to buy somewhere else. That makes sense. However it’s not your position.

You could move to a cheaper area and buy a small property outright and have zero mortgage. That would be a nice feeling to have now. However, if you ever wanted to buy in an expensive area or to upsize from a small flat to a famiky house, it would be much harder because house prices would have risen more than proportionately in the mire expensive areas and for bigger properties. You can end up ‘trapped’. That’s fine when downsizing in older age to free up equity or to help kids out or to retire, but you are in your 30s. This is the time to be buying with a mortgage (doesn’t have to be huge) and building up something for the future.

Most areas will be cheaper than Jersey, but you don’t have to look at a cheap area. Don’t go cheap, just to be mortgage free at your age. As a PP said, cheap areas often have some kind of downsides…otherwise they wouldn’t have remained cheap. Don’t go tiny just to be mortgage free at your age. So don’t be looking at 1 bed flats in cheap places as you can buy without a mortgage and live mortgage and stress free.

Instead, think a bit more long term. Think about places that are places you like and property sizes which give you some flexibility and which would need a mortgage but a manageable one, that you can afford on a decent, but lower income than you have now. Expect to keep working until at least your mid 50s, so expect to keep paying a mortgage until mid 40s at earliest and probably later. This is fine.

If life is feeling stressful and mortgage free tiny property is feeling attractive, you need to think about why you feel like this. This is what needs addressing. Maybe you do need a lower powered ir less stressful job or perhaps other issues need addressing. This should be your first priority, not looking for a cheap area and property you can afford mortgage free as the solution.

Keep your options open. Buying is a good idea. Buying somewhere that means if you want to move in future, you’d have lots of options about where else to go, is a good idea. Tiny flat in cheap area doesn’t give you that and you can afford more. Expect to have a mortgage of some size - even if quite short term and small, and that you won’t own outright for a good few years.