62 years old, £77k cash, newly divorced, £33k wage... Suggestions for housing

johnthewomble

Have several months breathing space, but will then need housing options.
Recently walked away from a better job and now starting again  on a much lower wage at a new firm in 5 weeks.
I am looking to buy within a 50 mile radius of Stamford, please nobody suggest Peterborough, I would sooner live in a container in the woods and I mean that .

I am just throwing this question and my circumstances out there into the universe, I am not in a panic(though maybe I should be I am told).
Maybe I have no choices and renting is all I have.

tacpot12

I'd recommend living as close to your new job as possible. It will reduce your travel costs substantially as driving is getting increasingly expensive. Where is your new job? 

Getting a mortgage at your age will depend on whether you have reasonable pension provision. What sort of pension income might you have when you reach your state retirement age? 

Brie

I'd have to look Stamford up on a map so that tells you how much I know about the area.  But I just wanted to say well done for having enthusiasm for a new start.  Oh and actually a container in the woods might be considered quite trendy to some!!

mebu60

Assuming you're going to be working in Stamford (which is v expensive for housing) I would suggest looking at Grantham which is 20 miles north and linked by the A1 and a fair bit cheaper. Market town with most things you need. Mainline rail link to Kings Cross 1'10". Nottingham, Lincoln, Leicester all within an hour.

Also Market Deeping / Deeping St James and Bourne are smaller market towns within easy striking distance of Stamford. Oakham and Melton Mowbray other possible options.

A lot depends what you are actually looking for in a place to live. 

The_Phantom

For a mortgage you can go through a good broker, there are quite a few lenders that will lend up to age 80 if you have a relevant pension / income. My hubby is 75 and we got a mortgage no problem through a broker. 

Maahes

tacpot12 said:

Getting a mortgage at your age will depend on whether you have reasonable pension provision. What sort of pension income might you have when you reach your state retirement age? 

Not necessarily true. I got a 17 year mortgage at 61 and wasn't asked any questions about pension arrangements.

tacpot12

Maahes said:

tacpot12 said:

Getting a mortgage at your age will depend on whether you have reasonable pension provision. What sort of pension income might you have when you reach your state retirement age? 

Not necessarily true. I got a 17 year mortgage at 61 and wasn't asked any questions about pension arrangements.

Irresponsible lending? 

Maahes

tacpot12 said:

Maahes said:

tacpot12 said:

Getting a mortgage at your age will depend on whether you have reasonable pension provision. What sort of pension income might you have when you reach your state retirement age? 

Not necessarily true. I got a 17 year mortgage at 61 and wasn't asked any questions about pension arrangements.

Irresponsible lending? 

Maybe but my mortgage is £1000 a month less than the rent I was paying in London.

youth_leader

Could you possibly rent a Housing Association flat?  I live near a block of flats owned by Anchor and the residents all seem very happy with it.

lincroft1710

Rushden or Kettering will be a lot cheaper than Stamford, but obviously not so nice

ian1246

If good pension provision, look at a repayment mortgage for a property fully owned - 4.5times £33,000 is £148,500 - which alongside a deposit of £65,000 would get you to £210,000 - which from the brief look i ve had at Rightmove, would allow you to buy an actual house.

If poor pension provision, think I'd go for shared ownership - buying the max % you can whilst keeping £10,000 or so back in reserve. You'll then pay rent on the remainder - a couple of £100 a month.

I'd then throw all my income into a pension pot (to get the tax rebate!!!). You can then decide to use the pot of money when you retire to either buy the remaining % of the property (assuming your other pension provision can cover comfortable living costs) or, to just cover the couple of £100 a month rent, hopefully for the rest of your life.