Houses - Renting vs Buying Advice

Polargirl1974

Hi - we sold our house a few years ago as it was one I had lived in with my previous partner, and are currently in a rented house in a rural location. We love it there but are now approaching 50 and wondering whether we should get back on the property ladder before it is too late and we cant get a mortgage. Trying to weigh up the pros and cons is causing headaches and sleepless nights! We love where we live and if we were to buy, it would be a modest house in a less nice location. We could never afford to buy our present house. But ultimately if we buy we will be assurred a roof over our heads once the mortgage is paid off. I have suggested we continue to rent but try to put money aside in case we decide to buy once we retire. We want move to Scotland eventually but that wont be until retirement.
Has anyone faced a similar dilemma?
Any advice appreciated! Thankyou.

Glover1862

Get a BTL and use the proceeds to to repay the capital and carry on renting.

Pixie5740

Do you, or will you, have enough money to buy a property outright in Scotland when you retire as the chances of you getting a mortgage could be slim by then?

PasturesNew

I'd "settle" for something small, easy to maintain/run that could be paid for with cash, or smallest mortgage possible. That way you're not forced to work and earn £X for years until it's paid.

As you get older you'll fancy working less - and might be unable to work as much. Also, if you did lose your job it'd be much harder/impossible to get another, or another that paid as much.

So, my opinion (I'm a minority) is to get a place paid off ASAP.

I've just bought my house based on: cash, in a flat area, modern so minimal bills as it's insulated, newish so less likely to need big jobs doing, walking distance to a shop where I can get the basics (Lidl). This way I am not dependent upon transport or a job to continue living here ad infinitum.

However, this plan also relies on you buying where you're happy to live without moving. Otherwise, rent the smallest/save the most, then buy once you retire/move.

My plan was also based on checking the prices of retirement flats locally - to see the difference I could pocket between selling this one and buying one of those in 20 years' time or so..... which'd free up cash for one last hurrah.