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  • FIRST POST
    • Beatle Ray
    • By Beatle Ray 9th Mar 18, 2:46 PM
    • 151Posts
    • 38Thanks
    Beatle Ray
    convince me this isnt a daft idea
    • #1
    • 9th Mar 18, 2:46 PM
    convince me this isnt a daft idea 9th Mar 18 at 2:46 PM
    Hello,

    Background: Married 25 years, me 55, DW 51, all debt cleared, no children but one dog, one parrot and two horses, dog and parrot live with us and horses on rented land at very low cost, house value £400K and owing on mortgage £127K, I'm about to be made redundant at the end of this month and the DW has a small income but not sufficient to cover all our costs so was thinking with no one to leave the house to when we're both gone why are we knackering ourselves to pay the mortgage each month, why not sell the house and live in rented occomdation, if we found somewhere for a max of £1000 the £275K without any interest would last 23 years almost making me 78 and the wife 75 if we make it that far, is that just plain daft, I do have a pension with about £85K in it
Page 2
    • FTBScotland
    • By FTBScotland 9th Mar 18, 9:22 PM
    • 7 Posts
    • 20 Thanks
    FTBScotland
    After spending all my life private renting I have finally been able to afford my own house, and there is no way in hell I'd recommend renting! You have no security, rents are often more than mortgage payments anyway for similar sized houses, and you are restricted with how you can decorate etc. I've had to move 13 times in 12 years, and goodness knows how much money I have wasted in rent, moving costs etc. If I were you I would downsize and enjoy your money rather than paying a landlord's mortgage. Renting is not the easy option, and I personally found it very depressing.
    • Asl77c
    • By Asl77c 9th Mar 18, 9:34 PM
    • 78 Posts
    • 63 Thanks
    Asl77c
    +1 on the daft idea vote here
    • Red-Squirrel
    • By Red-Squirrel 9th Mar 18, 10:25 PM
    • 2,777 Posts
    • 7,409 Thanks
    Red-Squirrel
    Completely daft idea.

    Have a look at what £275,000 can buy you in other areas of the country, if you aren't tied to a specific area you could be mortgage free easily.

    Also, I don't think its a particularly good idea to retire in your fifties. We are living longer, you've very likely got time equivalent to your whole working life so far still to live! You'd be better off trying to find less stressful work that you can enjoy, or at least not mind for a bit longer.
    • Davesnave
    • By Davesnave 10th Mar 18, 8:54 AM
    • 25,295 Posts
    • 93,030 Thanks
    Davesnave

    Also, I don't think its a particularly good idea to retire in your fifties. We are living longer, you've very likely got time equivalent to your whole working life so far still to live! You'd be better off trying to find less stressful work that you can enjoy, or at least not mind for a bit longer.
    Originally posted by Red-Squirrel
    We're not all living longer though, and quality of life is possibly a factor for many to consider. It's no fun being half-dead and rich.

    Several of my colleagues didn't survive to draw their much-vaunted 'gold-plated, index linked pensions,' despite females generally living longer than than males.

    I agree that putting feet up isn't a great way forward, but there are lots of enjoyable things to do that raise the heart rate!
    If you are finding huge gaps between your paragraphs and use Firefox, MSE know about the problem. However, they aren't necessarily doing anything about it yet....
    https://forums.moneysavingexpert.com/showthread.php?t=5844460
    • Red-Squirrel
    • By Red-Squirrel 10th Mar 18, 10:26 AM
    • 2,777 Posts
    • 7,409 Thanks
    Red-Squirrel
    We're not all living longer though, and quality of life is possibly a factor for many to consider. It's no fun being half-dead and rich.

    Several of my colleagues didn't survive to draw their much-vaunted 'gold-plated, index linked pensions,' despite females generally living longer than than males.

    I agree that putting feet up isn't a great way forward, but there are lots of enjoyable things to do that raise the heart rate!
    Originally posted by Davesnave
    I just can't imagine retiring at such an early age without having some sort of firm plan of how that time will be spent, its not really anything to do with money, its about having structure and some responsibilities still. If you have a passion you want to dedicate time to, fair enough, but if you're going to be trying to find things to fill the time, that's a nightmare and probably a factor in a quicker decline.

    There's a happy medium I suppose. I will probably have to work till I drop (I'm in my mid thirties) but some people of my grandparents generation have been retired for over 30 years and are likely to live another 10 and just seem to be killing time.
    • Arklight
    • By Arklight 10th Mar 18, 10:42 AM
    • 1,249 Posts
    • 2,067 Thanks
    Arklight
    • You!!!8217;ll find it difficult to rent privately if you don!!!8217;t have a job as you won!!!8217;t pass the clearance checks
    • You can pay upfront for a year or a number of years but that gives you a lot of other problems
    • What are you going to live on?
    • Renting is horrible in the UK. You!!!8217;re just paying off some dodgy small investors mortgage for them
    • Don!!!8217;t do it

    Is that enough?

    If you want to move somewhere cheaper then look at a flat or a park home.
    • zagubov
    • By zagubov 10th Mar 18, 11:03 AM
    • 15,305 Posts
    • 131,061 Thanks
    zagubov
    You're marvelling at the thought of living till your 70s. It hasn't worked like that for ages. Pop over to the livingto100 website and get a rough idea of the average life expectancy for someone with your characteristics, habits and lifestyle.

    Every year you live adds eleven weeks to your life expectancy. Card shops have stocks of Happy 100th Birthday cards, which they didn't when I was younger.

    So another vote for don't switch to private renting. Get another job, or downsize.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • Red-Squirrel
    • By Red-Squirrel 10th Mar 18, 11:28 AM
    • 2,777 Posts
    • 7,409 Thanks
    Red-Squirrel
    You're marvelling at the thought of living till your 70s. It hasn't worked like that for ages. Pop over to the livingto100 website and get a rough idea of the average life expectancy for someone with your characteristics, habits and lifestyle.
    Originally posted by zagubov
    Ooh I like that site it says I'll live to 97!
    • CathA
    • By CathA 10th Mar 18, 2:02 PM
    • 902 Posts
    • 4,575 Thanks
    CathA
    Ooh I like that site it says I'll live to 97!
    Originally posted by Red-Squirrel
    I tried it, filled out all the millions of questions, site wasn't working so no answer for me

    I'm going for 97 too!! x
    • parkrunner
    • By parkrunner 10th Mar 18, 2:51 PM
    • 1,149 Posts
    • 1,814 Thanks
    parkrunner
    And what if you live to 100?

    Of course its a daft idea.
    Originally posted by parking_question_chap
    Housing benefit.
    • parkrunner
    • By parkrunner 10th Mar 18, 2:53 PM
    • 1,149 Posts
    • 1,814 Thanks
    parkrunner
    Ooh I like that site it says I'll live to 97!
    Originally posted by Red-Squirrel
    93 for me, don't believe that for one second!!
    • Smodlet
    • By Smodlet 10th Mar 18, 5:51 PM
    • 3,168 Posts
    • 6,289 Thanks
    Smodlet
    I was just reading that, on average, every inch in height over 5ft takes 1.5 years off your lifespan.
    Maybe I won't wear high heels tonight!

    And I too think renting in these circumstances is a terrible idea.

    Have you rented before? I mean, relatively recently?
    Originally posted by Quizzical Squirrel
    I suppose statistically wearing high heels increases your chances of breaking your neck... How can some website have a clue how long anyone is going to live? What a box of b0110x! You could be hit by a truck even while wearing flatties.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Pancake1302
    • By Pancake1302 11th Mar 18, 3:15 PM
    • 8 Posts
    • 0 Thanks
    Pancake1302
    I think it would be much more sensible to downsize/move to a cheaper area. You will have the security that renting can't provide. Particularly as it seems you're planning on staying in one property for years to come.
    • AdrianC
    • By AdrianC 11th Mar 18, 4:34 PM
    • 17,602 Posts
    • 15,964 Thanks
    AdrianC
    23 years might be 276 months, but I bet your rent will rise by inflation over that time...

    If we look at inflation over the past 23 years, £1,000 today was the equivalent of about £528 in 1995. Assume that inflation follows the same path, and your rent today will be the equivalent of about £1,900 in 2041.

    I don't want to sound harsh here, but keeping multiple horses sounds like an expensive luxury that you may need to rethink.
    • lookstraightahead
    • By lookstraightahead 11th Mar 18, 4:58 PM
    • 246 Posts
    • 266 Thanks
    lookstraightahead
    You!!!8217;re very young to both retire imo.

    I would buy somewhere smaller - maybe a nice apartment? Invest some of the leftovers in something else as well, like a small portfolio. You can!!!8217;t take bricks with you and I!!!8217;m all for living life but you!!!8217;re still very young to make your money last by retiring.
    • NeilCr
    • By NeilCr 11th Mar 18, 5:09 PM
    • 1,809 Posts
    • 2,438 Thanks
    NeilCr
    Urgh.

    I retired at 55. One of the best things I ever did.

    Volunteering, use a gym regularly, met my partner etc. Sure you have to plan it - sure you have to keep busy. But. In my case, anyway a damn sight better than slogging my guts out for another ten years

    Life is for living. Not thinking about what you might, or might not, do.
    • DigForVictory
    • By DigForVictory 11th Mar 18, 5:17 PM
    • 7,803 Posts
    • 22,932 Thanks
    DigForVictory
    As another doubter this is the sane path forward, have you discussed this (or even shown the thread) to your good lady? Who may have several plans and ideas, which you happen not to know about as you haven't discussed what she wants to do.

    May I suggest that you May be headed into rented accom (for the newly divorced bachelor) if you don't discuss this with her, in some detail?

    Best of luck.
    • deannatrois
    • By deannatrois 11th Mar 18, 5:38 PM
    • 5,415 Posts
    • 7,590 Thanks
    deannatrois
    You could do something called equity release in 4 years (when your wife is 55.

    That just means you take out a loan secured against your home that only gets repaid when you pass away or go in to a home.

    It does not necessarily need to be your current home, you can move to another and downsize if you wish.

    I do not do equity release Mortgages personally (although I do know a man who can), but it just means you never need to be worried about being evicted because a landlord wants to sell up or rising rent etc. It might be worth speaking to someone about as an alternative?
    Originally posted by ACG
    This is an idea but my father did it, lives in an upstairs flat with steep stairs and can't even put a chair lift in or make any alterations to the place to enable him to get up and downstairs now he's 82. Its part of his equity release contract, or so he says.

    I'd go for selling your place, pay off the mortgage and buy a cheaper place in another part of the country if necessary. But think of what might happen in later years as regards mobility when buying.

    Would never consider renting again if I had any other choice at all, for all the reasons stated, no guarantee repairs will be done, no guarantee your LL will be one of the decent ones, no guarantee of staying any longer than your first AST agreement, each time. Not necessarily going to lead to the hassle free life you want.
    • Beatle Ray
    • By Beatle Ray 13th Mar 18, 12:35 PM
    • 151 Posts
    • 38 Thanks
    Beatle Ray
    Thanks everyone, as society child says there is a common answer here, it was an off the cuff thought and moving to a cheaper part of the country makes sense, we are in Hertfordshire and Cambridge is not that far, I did speak to the DW about this and she said that we should stay where we are for another 10 years or maybe a little less, buy a smaller one bedroom property outright, use some of the money we made from selling and buy a camper van and travel round Europe during the warmer months and then southern hemisphere for their warm time of year, we could rent out the house we had during this time, that makes a bit more sense I think,
    • teddysmum
    • By teddysmum 13th Mar 18, 1:46 PM
    • 9,044 Posts
    • 5,392 Thanks
    teddysmum
    In Staffordshire, £275000 would buy you a small detached or substantial semi (decent drive and garden if pre 1980 )and there are plenty of horse grazing areas to rent.
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