Advice on downsizing/moving to less desirable area for financial reasons

[yesterdaystotalsteps123]

Hi, I live up north in a desirable area, single mum, zero hours contract job and now panicking about impact of covid on my income. I'm lucky to live in a 3 double bed close to good schools and have equity. I'm mortgaged for next 8 years, kids both in secondary. Should I look in an area that's not as desirable so I can be near enough mortgage free? I'm just worried about..well everything, but don't know if I can realistically hang in in there for 8 years. Ex is no help financially (or any other way) thanks

I wouldn't do it as I wouldn't be able to ever love back.

I wouldn't get a lodger especially with children. Your mention you need to feel safe - I'm not sure I would feel easy with some stranger in my home, even vetted.

It depends when your mortgage is up as you have stated it costs to get out of a fixed term mortgage. What about when your term is up getting an interest only mortgage and banking / saving the extra money you would have paid on a repayment mortgage. If the worst happened it would give you a lower outgoing and give you a chance to find something else and start banking the repayment portion again. I haven't done mortgage advice in years - so you should double check the pitfalls, but another option. You may also not get as much property growth in a less desirable area - so factor that in too.

Other options for income - renting your driveway or garage out if you have the space in addition to your car.