My journey to a debt free life

Onebrokelady

HairyHandofDartmoor wrote: »

Blimey that's gone up a lot :eek:. Could you sell up and downsize when you retire so as to be mortgage and rent free?

I can retire when I'm 67 which is thirteen years away. I'll have to wait until then as I've got no pension . Mind you if I retired at 60 (only six years away :eek:) I think I'd be bored out of my mind.

I know,the prices have shot up where I am but a smaller house in my area just sold for £209,000 that was for a two bedroom house :eek:
I could buy a flat but your still talking £130,00 ish for something decent,I will keep monitoring the situation and when it is time for me to retire I will investigate my options

Hairy if I could I would retire tomorrow,there is no way I would be bored,I don't have enough hours in the week to do all the things I would love to do,I've got so many hobbies, it would be heaven 😄

HairyHandofDartmoor

I just hate the thought of having nowhere to go and no one to see once I retired. I worry that I'd be trapped in the house and feel lonely, because hobbies that get you out of the house cost money, so unless you have a good pension you can't afford to go out much. I don't have many indoor hobbies and even if I did I'd miss going out and seeing people.

So I'm going to try and get a job and work for as long as I can and earn as much as I can .

Onebrokelady

Zoee wrote: »

You opened my eyes today!

Heard the term Shared Ownership and thought after awhile your share increases while theirs decreases.

Oh boy I am naive

Plod on your debt free day will arrive and never know something can happen where you get to do a buy out!

Nope the scheme I am on is simple,you buy a share you can afford which in my cause was half back in 1994,then you had to live in the house for a year before you could buy any more shares,,after that you can buy more shares starting from a quarter and so on until you own the whole house,but each time you buy a share the house has to be valued for the current market value and that's what you pay
When it comes to selling you have to give the housing society first dibs to offer it to anyone on their list,they do have to pay the current market value though,if after 3 months the housing society hasn't found a buyer from their list you can sell it on the open market,but the housing society gets to vet all potential buyers to make sure they are financially viable,if they don't think your buyer is a safe bet they can refuse the sale
So buying the house in the first place is difficult but trying to sell it is even worse,knowing they have to be vetted before they can buy puts off a lot of buyers,that's one of the main reasons I'm still here
The house is also a leasehold because I don't own it all and the lease has about 87 years left on it but once that falls below a certain time you can't even get a mortgage,so unless I can somehow increase the term of the lease it won't sell anyway
If I had known then what I know now I would never have bought it in the first place,I gave up a brand new council house to buy this place because my now ex partner wanted to buy a house and convinced me it was the right thing to do,that was the biggest mistake of my life and part of the reason why I'm in so much debt ( not all of it,some of that was me being stupid )
I could have stayed in my council house until my girls left home and then exchanged out of that into a smaller property which would cost me half of what I'm paying now

Still never mind,I'm here now and have to make the best of it and I'm sure it will be fine in the end

Onebrokelady

HairyHandofDartmoor wrote: »

I just hate the thought of having nowhere to go and no one to see once I retired. I worry that I'd be trapped in the house and feel lonely, because hobbies that get you out of the house cost money, so unless you have a good pension you can't afford to go out much. I don't have many indoor hobbies and even if I did I'd miss going out and seeing people.

So I'm going to try and get a job and work for as long as I can and earn as much as I can .[

If I wasnt working I would have quite an active social life, I get out and about quite a bit now but I'm hampered by work,I would also spend more time at the stables and out with the dog then if I factor in doing the garden (which is 80ft long) during the summer I would grow my own food so that would eat up the time,then there would be preserving and jam and chutney making
In the winter I knit and embroider plus I read constantly,I would spend half my life in the library :rotfl:and of course there is my DGS I would be able to spend more time with him and my DD would be able to save money on sending him to nursery

Onebrokelady

Nicnak wrote: »

Your chickens are hilarious!!

They are quite entertaining I must say,my neighbours must think I'm bonkers if they hear me out there chatting to them,they are such funny little characters

HairyHandofDartmoor

You sound like you would keep busy OBL . I obviously need more hobbies! I've only got reading and Pilates that I can do in the winter. Although I do like walking and can do that at any time of year, plus I like gardening and visiting NT places. But they're all quite solitary activities apart from Pilates.

Onebrokelady

I did manage to go and get my shopping today,I waited and waited for it to stop raining but it looked like it wasn't going to so off I went ,it was horrible and I got quite wet just getting out of the house with the buggy
I got the shopping I needed though and then came straight home,I had to throw my brolley away though because it broke,luckily I have a spare but it's not a fold up one so I will need to buy another one for my bag at some point

DGS fell asleep on the bus just as we were getting near to home but I managed to get him into the house and his cot without disturbing him,he slept for an hour and a half so I chilled out with a nice coffee and watched Escape To The Country,the couple on there today had 1.3 million pound for their budget and wanted to move from London to Cornwall,the houses they showed them were beautiful but the couple didn't seem that impressed to me......how the other half live eh

Onebrokelady

Oops forgot to say earlier I have moved £50 from my current account into the Xmas savings account so it's out of the way,this will be for Bristol if I need it and I just need to work out a food list because that has to come out too,I have bought some bits for treats already and our nut roast but need the trimmings some drink,dessert and something type of buffet food for evening munchies
I spoke to DD1 when she came and picked DGS up and they are coming to me for Xmas day,I wasn't sure if they would but I didn't see them last Xmas day so it's my turn this year,they are bringing their turkey because I don't eat meat so don't buy it,they will bring a turkey breast roast from M&S I expect so thats all sorted

Willowtree222

I'm always astonished by the budgets on that programme. I have never seen anyone go on it and be like 'erm, I have £150,000'

It was awful weather yesterday. I got soaked collecting little one from school.

Shared ownership is something we looked at once to buy a house. We had everything in place and the mortgage advisor rang me to go over the particulars and that's when I realised it was on the current market value. Basically it would always be an unknown amount you were saving for.

I queried it with the company we were buying the new build from and they got angry with me for not being willing to buy a house and then owing them money, but not knowing how much and no matter how much I saved, it might not be enough, but by the time I saved more, it might have gone up again. I couldn't see the logic in it. x

Thick_n_Thin

I always wonder what the candidates on escape to the country do for a living they always have such massive budgets! Boo to getting soaked in the rain!