Not sure which board to put this in but this one seems best so here goes…
I am a 54 year old female who left a long marriage a few years ago. I remained in the family home while the legal stuff was sorted out. Anyway, I bought a 3 bedroomed house on a newish estate (there are still lots of houses being built nearby) but it’s terraced (and I’ve always had a detached). I expected that though as part of the split. We were mortgage free but I’ve had to take another mortgage out (he didn’t as he inherited another house after the divorce) and I’m paying £522 a month (fixed for 5 years) until I’m 75!! However, I have a long service history in the NHS (top of band 7) so I was planning to pay off the mortgage at 60 using my 95 section lump sum.
We have 2 children - both now over 18. The eldest is about to start his career after 3 years at university. He is planning to buy a house as soon as he can. The youngest has just moved away for university. They both stay with their father (I think it’s because they don’t like my new house and it doesn’t feel right/familiar to them - their dad inherited their grandparents house, which he moved in to and it is very familiar to them). So, my house is only being half used! There are 2 bedrooms that are never used and I don’t use the main bathroom either! So, to me, I’m paying this mortgage for nothing. I could’ve bought a 2 bedroomed house outright and saved myself the financial burden.
I am now considering selling up and downsizing. Is it worth doing now, to save myself £522 a month, or should I wait until I’m 59 (in 4.5 years) and build up equity in this place? Not sure what to do.
I also work in the NHS in a very stressful role (I took on this job 2 years ago and think I’ve ended up in a very poor, underfunded department). The workload is massive and I am regularly working over my hours. This isn’t what I had planned for my life! I am north east based but really considering looking for a remote role out of London to also free up commuting costs (I travel to the north west once a week as part of my role - at my expense and a hotel once a week) and work from home 2 days). I love regular trips to London and Surrey so it would suit me just fine! I have a strong background in something I could do this with. I have a 30 year background in the NHS.
I am happy to stay here until I’m 59 and move later but not sure what to do for the best. I did look at some lovely 2 bedroomed houses but dismissed them due to lack of storage space (my current house has lots and a large, detached, garage). Saying that, I do have a lot of stuff that I could probably get rid of. I definitely don’t want to work in the NHS post-60 though. So, this is at the back of my mind! I will get my 95 section lump sum and monthly payments at 60 but it’s not enough. I won’t get my state pension until 67.
Is it worth selling up early next year or should I wait until I’m 59 in a few years time? I’m conscious that the house is not being used fully. I would, obviously, like to keep
my pension lump sum and not use it to pay off the mortgage (I did pay for independent financial advice at the time of buying). I love to travel and would like to travel more later on. And, love my trips to London (but being money conscious, I don’t stay in central London).
My parents and siblings are no longer here so I feel very alone with all of this.
Any advice would be welcome, especially if anyone out there has done anything similar.