Shared ownership later in life

Niceforanoldbird

I am 60 yrs of age and purchased a so propery 8 yrs ago.  At the time my daughter and son were living with me and so it's a 3 bed property.   I'm now living on my own and paying a mortgage (only 5 yrs to go) and rent so it's costing me nearly £1,000 each month and still working full time. I have a 45% share.  If I sell the money left will not buy me a property outright as I live in  very expensive area.  Second highest in UK.  I don't know whether to sell and get another so property  with 70 or 75% share (hopefully with older persons share so no rent) or sell and rent? 

jonnydeppiwish!

Do you need to stay in your current location or can you move somewhere cheaper? 

I’m assuming you’re in London - there are some lovely places elsewhere and you may even be able to retire early if possible.

bouicca21

If you are in or near London it’s likely to cost just as much to rent a smaller place - and without the security that shared ownership gives you.

What will you be having to pay when the mortgage is cleared? Is it worth hanging on?  Could you bear to have a lodger?  Can you relocate to a cheaper part of the country - and that is not just a question about money, it’s about moving away from family and having to create a new social life.