Downsizing

[Mermaidinthesea]

My 2nd marriage ended recently and I decided I'm not the marrying kind anyway, men really piss me off.
Anyway I have my house and £170 equity in it. If I stay in my current home which is a lovely house in the countryside I can pay the bills and whats left of the mortgage but will have very little left over.
I have a good job and a pension in the NHS and I'm 55.
I'm thinking of moving on and buying a two bed flat and having no mortgage now, this means I can save at least £600 a month for the future, £800 a month if I get a lodger and I can still have a garden which I love.
If I stay here I can maybe save £100 a month.
I'm really torn, I love my house but it really isn't doing much for me financially and I'm so afraid of making a big mistake given that if I wait until the mortgage is paid off in 7 years I'll have £240 equity instead of £170 but few savings.
The other alternative is to stay here and go back to work full time which would increase the money I bring home.
Anyone have any thoughts?

If you stay where you are would you have money for extras like holidays/emergencies such as a boiler replacement. 7 years is a long time to scrimp unless you didn't mind going back to work full time. I would make the best decision for my quality of life rather than love of the house

Yes that's what I was thinking girlsworld, I'd happily go back to work full time so I might try that for a year and see what gives and if my quality of life is no better I'll move. Thanks.

That sounds like a really good plan. Good luck