Mortgage coming to end, how to pay back.

TheAble

sammyjammy said:

GentleGiant01 said:

Thinking on what I would do in your situation…I would be tempted to buy a small bungalow somewhere circa £80k - £100k to live in and then either use the remaining equity from your house sale to either buy an annuity or purchase 1/2 BTL houses / flats. But I would absolutely need to speak to a financial expert to work out what the best option for your circumstances are, especially as rental properties can be a lot of work / risk. 

Where d o you expect the OP to be able to buy a bungalow for that kind of price?

BTLs way too risky as well - keep it simple.

diggingdude

GentleGiant01 said:

Thinking on what I would do in your situation…I would be tempted to buy a small bungalow somewhere circa £80k - £100k to live in and then either use the remaining equity from your house sale to either buy an annuity or purchase 1/2 BTL houses / flats. But I would absolutely need to speak to a financial expert to work out what the best option for your circumstances are, especially as rental properties can be a lot of work / risk. 

Considering they have got to mid 60s without the ability to pay a £30k mortgage, I'm not getting into property rental would make sense. Maybe downsize and use the rest for an emergency fund 

[Deleted User]

A bungalow for £80000 to 100000! In my area a 2 bedroom bungalow starts at £250000 with most £300000 plus!
A decent apartment is about £250000! Which area are you talking about?

TheAble

[Deleted User] said:

A bungalow for £80000 to 100000! In my area a 2 bedroom bungalow starts at £250000 with most £300000 plus!
A decent apartment is about £250000! Which area are you talking about?

He's maybe undershot a bit but in some northern and midlands towns for example property can be hugely cheaper than in the south.

Brie

[Deleted User] said:

A bungalow for £80000 to 100000! In my area a 2 bedroom bungalow starts at £250000 with most £300000 plus!
A decent apartment is about £250000! Which area are you talking about?

And the one bedroom bungalow* across from us sold for £340k!! No not in London!! But yes in the south.

*quite literally 1 bedroom.  there was also a bathroom and one other room which is the kitchen, dining area and lounge.  If there is a garden it's the size of a postage stamp.

DigDag

Thanks everyone for the interesting and helpful  replies.. 
I have been looking at bungalows in Lincolnshire for some time where I have family, and there is some nice bungalows between £150-200,000, and some smaller places under £100,000.

But I have health problems, had one knee replaced and waiting for the other to be done, which could be anytime. So would like that sorted out before I move. Especially if it to another area.

So it looks like throwing myself at the mercy of my bank. Although they have been good to me in the past.