Buy or stay in HA?

housebuyer143

kelslayer said:

sheramber said:

What pension provision do you have?

Would it be better to pay into a pension to provide income in your old age?

State pension alone doesn't go far.

We just have our occupational pensions, and I have a small SIPP.

Urgh….. why is this so difficult.

Once I qualify hopefully next year and then pay off an existing loan we would have potentially £1500 surplus income (also allowing for our monthly ‘playpot’ that we have now.

so we either put that into a house or savings/pension.

1500 x 12 x 22 years = £396k
we have no idea about investing!

If we didn’t but we would have this nest egg but still be renting. But in HA.

we can do what ever we like to the house in terms of decoration. We just can’t alter it I don’t think.

gosh we really need to make a decision before the solicitor wants us to sign contracts :-(

It's hard but I always plan for my worst case. What if the interest rates go up to 10%, what if you lose your job can you still afford the mortgage if you can only get a minimum wage job for a while as SMI basically covers very little so don't rely on it. 
How much of a back up do you have in terms of cash? 
I wouldn't be putting all your money in a pension until you have enough cash as a reasonable safety net. 

We took on a large mortgage and my husband was very unhappy not because we couldn't afford it but he felt like his options had been taken away from him, meaning he would always need to be working full time. We were able to half the mortgage and he is much happier as he's been able to get a job with a better work life balance. 

It's a really hard decision I don't doubt, but make sure you think about it all and don't just do it because "buying a house is something everyone is supposed to do".

Yellowsub2000

Dustyevsky said:

Yellowsub2000 said:

Why buy in a falling market? You know it will be worth less later.

It's not just the value of property that can fall y'know. That money stuff is losing value rapidly at present, and who's to know when it will, perhaps, turn into funny stuff called a CBDC? You can't live in one of those either!

I agree the current fiat currency is falling in value and yes there could be a new internal monetary system CBCDs in the future.

is property the best way to protect through to the other side? Maybe but we don’t know how it will work. I think real things like silver bullion will be very good way to protect your wealth through to the new monetary system whatever comes after this one.

Dustyevsky

Yellowsub2000 said:

Dustyevsky said:

Yellowsub2000 said:

Why buy in a falling market? You know it will be worth less later.

It's not just the value of property that can fall y'know. That money stuff is losing value rapidly at present, and who's to know when it will, perhaps, turn into funny stuff called a CBDC? You can't live in one of those either!

I agree the current fiat currency is falling in value and yes there could be a new internal monetary system CBCDs in the future.

is property the best way to protect through to the other side? Maybe but we don’t know how it will work. I think real things like silver bullion will be very good way to protect your wealth through to the new monetary system whatever comes after this one.

Property in the form of land has always been a good bet, but it's not the most liquid asset. I don't think people should think they'll get rich suddenly by buying precious metals. They might be part of a range of investments, and people naturally turn to them in times of crisis. A sound roof over my head, and easy supplies of food, fuel, and water would be my priorities, along with a good network of burly reliable friends. These things are still possible in the UK, or I'm living in a dream.

Divorcing_Dad

OP, how do you intend to pay your rent once you retire?