What are your home-owning/renting plans in retirement?

jamesd

Please do let us know how you get on. You appear to be in an excellent position to move to cut costs and risk exposure to the lender. It's just a case of getting them to recognise that and deal with you properly. Reduced borrowing and lower amount borrowed so you can perhaps do some on interest only and some on repayment would be win all around.

atush

greenglide wrote: »

Like the one we have had since 1983?

Why downsize when you had the "right size" all along? Of course we dont have the larger equity on a more expensive property but in this part of the world, at least, a four bedroom house is about the same as a 3 bedroom bungalow so there is nothing to be gained there.

May be very different in other areas of the country, of course.

I have a 5 bed house as i had a large family. Hopefully i wont in a few years, and they will all be off on their own. So i wont need 5 bedrooms then. And 3 bed bungalows go for around 300-400K here.

ibizafan_2

I've lived in a small three bedroomed house since 2000. When my OH and I got together a couple of years ago, the plan was to use the money from the sale of both our houses to move to something a bit bigger, as my third bedroom is tiny. I had visions of my son in Australia coming over with partner and daughter and my other son from London staying at the same time. In reality, we rarely have anyone to stay, and have decided to stay in my present house and just do improvements to it. It will be cheaper to put them up in a local Premier Inn than spend loads on upsizing, and we have a good sized spare room anyway. The other problem is that we live in just about the best location in town anyway, so I only had a couple of streets that I was prepared to consider. Love this house, and we can always put a stair lift in if God forbid, we can't get up the stairs in years to come!

MARTYM8`

Quite a thought provoking thread.

Given house prices now with so many more people renting how will the country afford all the housing benefit payments when these people retire with little or no pension.

edinburgher

MARTYM8` wrote: »

Quite a thought provoking thread.

Given house prices now with so many more people renting how will the country afford all the housing benefit payments when these people retire with little or no pension.

No doubt one of the many things that will no longer be deemed affordable.... What will they do to house people? Lord only knows...

bigadaj

MARTYM8` wrote: »

Quite a thought provoking thread.

Given house prices now with so many more people renting how will the country afford all the housing benefit payments when these people retire with little or no pension.

There'll be a correction, everything reverts to mean, the problem is the longer you go up, the greater and more dramatic the fall.

suki1964

I shall be selling this huge lump of a house ( mortgage free) and buying a nice 1 or 2 bed apartment in town or at least somewhere that has a shop and a bus sevice

If I can't buy I will rent. We don't plan on saving every penny we have to pass on to the next generation. We are trying to get through life without being a burden on the state

Wednesday2000

We will be mortgage free in 10 years time so we will probably buy a smaller or a cheaper place. I was considering moving to the coast, but lately I have been swinging towards the idea of getting a flat a bit closer to central London.

After Brexit I'm not sure, so I will have to see closer to the time to see how this all pans out!

molerat

MARTYM8` wrote: »

Quite a thought provoking thread.

Given house prices now with so many more people renting how will the country afford all the housing benefit payments when these people retire with little or no pension.

edinburgher wrote: »

No doubt one of the many things that will no longer be deemed affordable.... What will they do to house people? Lord only knows...

bigadaj wrote: »

There'll be a correction, everything reverts to mean, the problem is the longer you go up, the greater and more dramatic the fall.

Housing benefit is one of the drivers of house price and rent inflation but the government is too scared to cut it because of the effect it would have on the housing market (and MPs back pockets !).

walletmoths

Well, I've read about the news release about last Chancellor's letter to the FSA about mortgage prisoners, and now that Brexit has come along, I was wondering if they'll change the EU rules that were put in place to stop many existing mortgage customers moving cheaper or even getting a better deal with their current mortgage.

So, I've asked my MP what the plans are now, and if I actually do have any rights to demand that my current lender let me downsize. I'll let you all know what he says. (He's usually pretty good at replying).

I too, wonder what those who will never be able to buy a place will do in retirement if they all have to continue renting. I wonder if we'll all go back a generation-or-so and be living in a country full of rentals - like in Germany, maybe?