My Situation - Your Thoughts Please

Mutton_Geoff

Saga wrote: »

Cheers everyone. I'll contact L&C.

Many people, self included, have had poor experiences with L&C. It may be worth getting recommendations for a local mortgage broker you can chat to face to face.

Saga wrote: »

On the question of buying vs renting, do yo all think it's a good idea at my time of life? I don't plan to change jobs.

And because I've only ever rented I've never had to do any repairs or DIY or more serious work requiring contractors, so my knowledge of how to maintain a property is woefully lacking and, if I'm honest, it's all really quite daunting! I've got dodgy knees so can't see myself going up and down 30-foot ladders to re-paint the roof fascia or clear the guttering!

Think about your security into retirement. There is always a risk in rental the landlord sells up. You want to be moving house at 75? Ownership brings with it a lot of security. Sure, you are responsible for your own maintenance but the repairs to rental property is factored into your rent, so just put some money aside for general repairs. Just don't buy a listed building or something needing massive renovations.

hazyjo

Saga wrote: »

On the question of buying vs renting, do yo all think it's a good idea at my time of life? I don't plan to change jobs.

This current thread may give you some opinions.
https://forums.moneysavingexpert.com/discussion/6068633/rent-or-buy-at-44

Saga wrote: »

And because I've only ever rented I've never had to do any repairs or DIY or more serious work requiring contractors, so my knowledge of how to maintain a property is woefully lacking and, if I'm honest, it's all really quite daunting! I've got dodgy knees so can't see myself going up and down 30-foot ladders to re-paint the roof fascia or clear the guttering!

Make sure you have enough savings/disposable cash to 'get a man in' (using the common turn of phrase, not saying women aren't capable before someone lynches me!).

Saga

Mutton_Geoff wrote: »

Many people, self included, have had poor experiences with L&C. It may be worth getting recommendations for a local mortgage broker you can chat to face to face.

hazyjo wrote: »

Make sure you have enough savings/disposable cash to 'get a man in' (using the common turn of phrase, not saying women aren't capable before someone lynches me!).

I've asked work colleagues whom I know have bought in the last couple of years and 100% have said they just went with their bank/BS as it was easier than looking for a broker! So I don't really have any recommendations for local brokers.

Similarly for contractors, I wouldn't know where to start to find a good electrician or builder local to me.

hazyjo wrote: »

This current thread may give you some opinions.
https://forums.moneysavingexpert.com/discussion/6068633/rent-or-buy-at-44

Thanks for the link.

Crumble2018

Saga wrote: »

I've asked work colleagues whom I know have bought in the last couple of years and 100% have said they just went with their bank/BS as it was easier than looking for a broker!

And they probably didn't get the best deal they could have. A broker will know which lenders would suit your circumstances.


Use google and then look at reviews and FB pages for the brokers you find. Thats what I did. Also ask on local facebook groups for recommendations. I also do that to find recommendeded tradesman.

sgun

First Direct were perfectly happy to offer me a 25 year mortgage that would end at 70. Good rates and unlimited overpayments too. No need for a broker.

I have to say in your situation I would be tempted to splurge it all on travelling the world and having fun. I was in a similar position to you before I bought this place and although I love it there is a small part of me wishes I had been more spontaneous!

motherofstudents

We have not had a good experience with L& C so I’d consider paying a broker. If you overpay you’ll get the mortgage down quicker and then live rent free after retirement or be able to sell and rent somewhere again. It gives you options.

Saga

Surprised about the L&C reviews, with MSE's FTBs' Mortgage Guide 2019 sponsored by them!

FreeBear

bouicca21 wrote: »

and if things get really tough you get a lodger.

Sometimes, a lodger is not just about the money - They can be good company in the evening. Also useful when one needs an extra pair of hands for a job or two. Just remember, they come in all sorts of shapes & sizes. Some can be a nightmare to have, others you end up wanting to hang on to.

jwil

I used L&C and had no issues with them. It was 10 years ago, so something may have changed in the meantime.

EmmyLou30

What you have to consider is the practicality of renting in retirement. Often rents will rise a lot quicker than your pension will (if your pension is even index linked and rises at all!)....and then where does that leave you....other than working till the moment you drop dead. Buying is the way to go for sure, have that security. Do you want a S21 in your 70's every couple years potentially? Yes you'll have bills for maintenance but YOU are in control.