Sell up or get a lodger?

[Knackerednow2019]

Hi wonder if anyone could offer advice on the following:

I need to get a place in London because the travel and the cost of travel from my house in Newcastle is crippling. I have a lovely 3 bed and nice neighbours. My kids have moved out and I live alone.

so I’m wondering what to do. would it make more financial sense to buy something small for when I’m working (literally a bed sit) so I don’t have to sell up but remortgage my existing property (no house move, hurrah) even though I will have to pay 12k tax for having a second home, or to sell up and buy something bigger in London? I don’t really have friends or a commitment to Newcastle though I like it.

I am totally stuck on this as I see pros and cons both sides. Either option will be tight financially but at least a London bolt hole is an investment?

the emotional stuff I can sort through (neighbours etc) but what about the money side of things? Which makes more financial sense? Either way I’m looking at a mortgage or a remortgage that is just about affordable; if I get a lodger for my 3 bed I wil be able to offset that a little (but that’s also offset by the second home stamp duty surcharge).

anyone have experience of making this decision? Or can recommend financial advisors that are inexpensive?

thanks

Eg... if you could get £1500pcm renting out your Newcastle house, could you stretch to this tiny bolthole just off Drury Lane for a year? More of a holiday than a place to settle but I think it would be fun.
https://www.rightmove.co.uk/properties/142340447?utm_campaign=property-details&utm_content=lettings&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_LET

That flat looks deeply depressing

I'd move to London! Sell up and move. Don't get into second properties/LL etc. unless you think it's just short term.

It could be a brilliant adventure.

I second a brilliant adventure for a single woman in London! I wouldn't consider somewhere like High Wycombe just to get more space (which you probably don't actually need), culturally it is worlds apart from Newcastle, let alone London.