To sell or not?

[Firstshoes]

We are just coming up to the end of a lovely 1.6% five year fixed mortgage. We are mid 50s and will have 12 years left with monthly payments being around 850 on the new rates. Everything has gone up and our house is old and not greatly energy efficient so very expensive to run.

It is becoming a struggle lately and there's not much left each month and obviously we aren't getting any younger. However our house is in a nice area and we have been happy here for a long time. We brought our kids up here and they still live with us although are young adults now.

We have been thinking of selling for a while. We had it valued yesterday and where we live we would have enough equity to buy something outright that would be suitable for our needs but on a cheaper road with no view etc and may be a tad smaller but with sufficient bedrooms. We have a lovely open view at the moment which we would miss too. I am so torn. The security of owning outright is extremely appealing as I'm getting older. Who knows what's round the corner health wise once you are in your 50s and if one of us got too ill to work it would be a real struggle for the other one.

Also one of my adult dcs has autism which means she will be with us a while so the security of knowing she'll have a home forever until or if she decides to move in the future is also a very comforting thought.

We need to make a decision and get the ball rolling really. I'm not looking forward to the buying/selling process either! Would you move or stay? Please help me decide.

Thank you for everyone's input. We are going to do some research, have a good think over the weekend and then make a decision on Monday. Hopefully it won't come down to tossing a coin

It’s not a good time to downsize as house prices are stagnant in most areas. Also, it seems like neither of your children are likely to be in a position to leave home anytime soon. So I think personally I would stay put for the time being and reassess in a year or two.

I'm a big believer in right house for the time of life and I think you are right to be considering it.
Its a hard call, my thoughts are either stick it out for a while until the kid at uni has finished and is working then they can contribute, consider if a lodger might be possible, or any other way of bringing in a bit more money if you love the house.
Or sell up and take a much smaller mortgage or go mortgage free, but for this the new place would need to be really great with some solid upsides (ie not just about the money). Otherwise the risk is regret and missing your old place daily.