Housing Options 50+

PamelaFlitton

Hi
Apologies if this has been covered previously, I did search the threads but didn't find anything.

I have just split up with my partner after 5 years. There are no financial issues but I am moving out because he was renting the flat when I moved in.

What worries me is the future. I am in my late 40s. I was a lone parent for all my child's upbringing. She is now an adult with her own family. I didn't work for the first few years of her life and for much of her childhood did not earn much money. Because of this and because we live in London I was never able to afford to save up for a deposit to buy a house. It was always out of my reach or so it seemed to me.

I got into a lot of debt in my 30s and I'm paying that off but I have a terrible credit record.

I now earn a decent salary and I am also training for a new profession which means my income should be okay for the next 20 years I hope.

But what about my housing situation? I am moving into a shared flat with a friend. I hope this will be long term but one never knows. I had hoped to remain with my partner and although we would have struggled to get a mortgage we could at least afford to rent without too much difficulty. But now my options are very limited. My new rent will be more than my previous rent.

What have others done in this situation? Private renting is not easy at any time but when you're older or retired it seems as if it would be impossible and very insecure.

student100

What is your new profession? Do you have ties in London or would you consider moving to a cheaper part of the country?

PamelaFlitton

Yes I would consider moving, but I won't be fully qualified for at least 3 years & during that time & for sometime afterwards I will need to continue with my current job. And if I did that elsewhere I would earn substantially less.
In 5-8 years I could be earning a good amount, but I will be approx 55. No way Id get a mortgage & still no deposit anyway.
I will probably have to move out realistically but I'm hoping this flat share will last a few years.
Hoping for a lottery win obviously.

amateur_house

I don't think age alone would stop you getting a mortgage. I am mid 50s and have just received a mortgage offer. I do have a deposit though, and took a shorter term so it will be paid off by the time I am 67. A longer term would have been possible if I wanted but I would have needed proof of income in retirement.

bouicca21

Some retirement complexes set the age requirement at 55. The ones I am familiar with are quite cheap to buy but have high service charges. Worth thinking about.

carefullycautious

Hanover retirement properties can be rented for the over 55s. It may only be a 1 bed flat but they are all over the country.


Also have you thought about living in as a companion for someone. Or housekeeper. The Lady magazine has many jobs like this available.


Diggers and dreamers have info on communal living (may be an option)


Become a property guardian, low rent to look after a property


Sometimes you just need to think outside the box.
If I was in your position I would downsize everything I owned so that I could move quickly if needed and look at the above options and save as much as I can.


I

amateur_house

I looked at a few of the over 55 developments, but found the idea of buying one depressing. The ones I saw seemed to be aimed at people much older than 55. Or maybe I'm in denial about my age

:rotfl::rotfl::rotfl:

Cakeguts

amateur_house wrote: »

I looked at a few of the over 55 developments, but found the idea of buying one depressing. The ones I saw seemed to be aimed at people much older than 55. Or maybe I'm in denial about my age

:rotfl::rotfl::rotfl:

Some people just leave moving too late. It is easier to move at 55 than at 75. If you do it at 55 you shouldn't have to go through the upheaval later.