Is there a way I can move house at my age?

bouicca21 · 30 June 2016 at 8:00PM

Before finding a broker, you should work out what your pension is likely to be - the teachers' scheme is a good one and as you are presumably in the defined benefit section it will give you a decent lump sum as well as an income. My annual statement from my scheme always had a section on how to calculate the potential pension, I suspect yours has similar benefits and a more or less identical calculation.

Davesnave · 30 June 2016 at 8:35PM

There's also the possibility that you paid/are paying AVCs, in which case there would be another pot that could be raided to help pay down the mortgage, although 25% may be taken tax free.

tugrin · 30 June 2016 at 8:38PM

Teachers pension =£1000 p.m. no lump sum (its gone don't ask) no AVC

xylophone · 1 July 2016 at 1:33AM

You are already in receipt of your pension from the TPS and are still working full time?

You have obtained a new state pension statement?

tugrin · 1 July 2016 at 5:45AM

Last time I looked(earlier in the year) it said I would be entitled to the new weekly amount of £155 pw when I get to 65 if I retire then. I was forced into early actuarially reduced retirement at 58 and unexpectedly got a full time post 18 months later (unexpected in that I didn't expect I could get another job).
I tried to sell up 2 years ago intending to move to France (thank goodness that didn't happen) but market was very sluggish then - come to think of it I may have same problem now after Brexit although I am in a 'holiday home' type village.

AdrianC · 1 July 2016 at 8:01AM

Have you looked into the cost of installing a stairlift?

bouicca21 · 1 July 2016 at 8:24AM

What I did in the last few years before I retired was to practise living on my projected pension. You already have £1000 a month and will get another £620 state pension every 4 weeks. So after tax you should be looking at a retirement income of about £1500 a month. IMHO that's not bad, try living on it and put the rest of your income into paying down that mortgage or savings. Then moving/downsizing becomes far more feasible.

I take it that you have blown your lump sum, so living on a restricted budget may not come easy. Try a money makeover and visit the debt free board for ideas on how to change your spending habits.

moneyistooshorttomention · 1 July 2016 at 8:26AM

AdrianC wrote: »

Have you looked into the cost of installing a stairlift?

or those other lift type things? Don't know what they are called and no idea how much they would cost...

I've seen photos of a small lift installed in a ground floor room and you get in it in, say, your sitting room and push the button for it to go straight upwards and it takes you to, say, one of your bedrooms.

EDIT; just googled and found, for example:

www.stannahhomelifts.co.uk/salise/

Judging by the fact its by an "ordinary" range firm - then I'm guessing it's set at a price a lot of yer "ordinary people in the street" can afford?? I would imagine that, if a lump sum wasnt available to pay for it outright, then presumably they do "hire purchase" type arrangements?

moneyistooshorttomention · 1 July 2016 at 8:40AM

Of course - another fact to bear in mind is that, if one buys a house that is "easier to live in" eg bungalow for instance - then there is a very good chance it will be very outdated and a higher chance it will be in need of extensive maintenance work.

The reason being - precisely the type of person who might have owned it last (ie an old person).

I can certainly see that it's more often than not the case (in my current area at any rate) that these properties often come onto the market as probate ones. You just know that the last owner probably bought it somewhere between the 1960s and 1980s and it will probably be "set in stone" in that decade. Right now - the 1980s seems to be the most likely decade these properties will be "set in" as far as I can see. Add if it's a more old-fashioned part of the country (ie things might be a decade or two old in style even at the time they were done) and....

Work....and more work......and lots and lots of expenditure.

Been there....done that....who on earth would have thought a 1970s bungalow could be so old-fashioned? unusable?. Lots of the work done so far (at least the place "works" now - which it didnt to start with) and lots more work still to do. It's cost tens of thousands of £s:eek:. Finishing it will cost more tens of thousands of £s:eek:.

You might be lucky - and find one that was SO bad that a builder got it and gutted it of course. But - if you're not - you will be the one that has to either do that or put up with it being like that.

At least your present house is a "known quantity".

AlexMac · 1 July 2016 at 9:15AM

I'm almost surprised that the OP has stuck with this thread, so good on you; we are only 69, and relatively fit but are already futureproofing our house with a walk-in shower and later this year, a planned garage conversion with an ensuite. (So when we do fail the stairs test, or can't remember where they are, we can smuggle in a nice Romanian carer as a post-Brexit illegal and let them live in luxury upstairs as the price of looking after us!?)

But more seriously, as well as asking your own lender about porting, and finding a mortgage advisor, you might talk to the Nationwide (one of the last major mutuals).

They were superbly helpful and flexible when we took out our mortgage many years ago (when I was technically without salary as I'd just been made redundant and was still waiting for another job or pension); I did get a job, and we have since ported and topped up their mortgage. I know that lenders have tightened up their affordability criteria, but worth a go.

They are also keen to attract new current account clients, with an offer of £200 (£100 each) if I persuade and refer a new customer (pity I don't know you!). Their account's aren't bad- the premium one at a tenner a month gives me world travel insurance despite my age, car recovery in UK and europe, plus, for the 1st year 5% on balances up to £2.5k. Their online banking's as good as anyones'.

Best of all they are talking about mortgage lending to 85; although I've not tried 'em on this;
http://www.thisismoney.co.uk/money/mortgageshome/article-3577491/Now-homeowners-repay-mortgage-age-85-Nationwide-raises-bar-big-lenders-open-arms-older-borrowers.html

So it might be worth a chat with a local manager (they even still have branches- just not near me in SE London - my only gripe) to see if they'll do a package deal on savings, mortgage etc if you switch to them.

And if you do - can I have the £100 bribe - sorry; intro fee? lol

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Is there a way I can move house at my age?

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