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£80,000 not enough to buy a house - what can I do?
Blackwater
Posts: 2 Newbie
I am 63 and retired and am moving back to the UK with £80,000 savings. this is not enough to buy a house so I was wondering if there are any other options for me? Is the rent to buy schemes only available to first time buyers? I have owned a property previously? Also do private builders offer any incentives. I have a good monthly pension. I am looking to buy in the Somerset/Gloucestershire area.
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Could you not use your pension to pay the mortgage?0
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You could buy two flats in Bradford! Agree with Radiantsoul, why not get a modest mortgage? Do you really need a house, wouldn't good sized apartment suit?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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If all your savings will then be tied up in a house, how do you plan on maintaining and running this house?Work in progress...Update coming July 2012.
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Move somewhere cheaper? Lots of less than £80,000 houses if you are prepared to move up north. Might even have a few grand left over. Or get a ground floor flat for when the knees give out.Been away for a while.0
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Put the money into a savings account and rent? I know you won't get much interest but you might get 4%, which would be about three grand a year, you could put that towards the rent.0
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A quick search of Rightmove for Somerset and Gloucestershire tells me there are over 600 properties available for less than £80,000. If you extend your search to £90k and negotiate hard there are over 900 properties. Why tie yourself to a mortgage at 63.0
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Shared Ownership? You could buy your percentage outright and then rent the remainder.Everything that is supposed to be in heaven is already here on earth.
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