Buying shared ownership when have enough to buy outright buy need an income

ria66

Firstly I’m dyslexic so excuse mistakes and missing words 
we will shortly move and be mortgage free with about £500k
I am wondering if we can buy a shared ownership  @ 50% outright not because we can’t afford it but due to needing an income for a pension and poor credit rating 
we are mid 50.s and I was very unwell for 15 years so my husband had to stay home to care for me and my son so we have a big hole in our pension for me even state pension 
we have debts which are managed and we are paying them off over time at % interest but I’m pretty sure that means we can’t get a mortgage understatement? I checked our credit and it was higher than I expected out if 100 say it was 82 I don’t know if that means I can’t get a mortgage but assume so and we want to have an income for our pension 
so I thought shared ownership pay half then the rest as rent while buying 2 flats in a cheaper part of the country for income I know it will  reduce the income from the rentals we hope to buy but is this possible?
my only other option as we don’t want to consider equity release as the amount left to our son would be so low I think they are so slanted in the favour of the mortgage company that let you live there and I also know I could do it with my son getting a third 
so I wondered if we could get my son to take out a mortgage (that we pay) so we can get a rental?
i know people who have done buy to let’s for retirement income but they had good credit ratings unlike us he has a mortgage excellent credit ratings etc but I see this would maybe take away the chance to move up the property ladder until we well die! 
advice please and I think I know this isn’t the spirit of shared ownership but surely it’s better to do this than claim pension credit during our retirement} 

so sorry if you can’t understand this I am dyslexic
 

Flugelhorn

Have you ever been a landlord? lots of people finding it quite tough now, lots of work and risk of periods of time with no income. 

Why not just downsize and live comfortably on what you have?

lika_86

If you own a shared ownership property then you usually aren't permitted to own another property. So buying half of a shared ownership property and also having buy to lets for income won't work.

There are loads of places in the country where you could buy a three bedroom house for £250k or less, freeing up a pension pot of £250k and you being mortgage/rent free. I'd do that.

wilfred30

The paragraph below is taken from the MSE article about shared ownership:

While exact eligibility criteria varies by property and area, when you apply you'll likely be required to demonstrate that you're unable to afford a property which is suitable to your needs on the open market.

So it would appear that you would not fit the criteria as you would have more than enough money to buy on the open market.

Albermarle

I was very unwell for 15 years so my husband had to stay home to care for me and my son so we have a big hole in our pension for me even state pension 

You should do something about this as a priority. You can buy extra qualifying years at about £800 per year.

For that you would get an extra £270 a year pension from age 66 for the rest of your life and fully inflation linked.

So in fact £800 is a really low price to get that.

State pension 2023/24: How much am I entitled to? - MSE (moneysavingexpert.com)

thegreenone

If your husband was your registered Carer, he should have built his years up for his State Pension.

Are you well enough to work now?  Does your son work?

If you are going to have 500k, can you buy a one or two bed for yourselves and give your son a deposit to get a mortgage and buy his own place?  Put the remainder of the money into a savings account/ISA etc and live off that.  Borrowing and savings calculator | Bank of England  I don't know where you live and the prices so can't give an accurate answer.

Adding to above, I certainly don't think you can buy a Shared Ownership property with 500k in the bank.

ria66

Flugelhorn said:

Have you ever been a landlord? lots of people finding it quite tough now, lots of work and risk of periods of time with no income. 

Why not just downsize and live comfortably on what you have?

Hi yes I have thank for replying 

Flugelhorn

ria66 said:

Flugelhorn said:

Have you ever been a landlord? lots of people finding it quite tough now, lots of work and risk of periods of time with no income. 

Why not just downsize and live comfortably on what you have?

Hi yes I have thank for replying 

just checking - anyway sounds like the shared ownership place is not an option.