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Alterastro
Posts: 3 Newbie
Hi all
Looking for a bit of advice...
After a failed marriage five years ago, I had to sell my house and subsequently moved into a private rented house, where I’ve been since. My landlord moved to South Africa, but we’re in regular contact and I’m a model tennant :-)
I have a bit of a problem that I’d like to buy somewhere, but I’ve just turned 55 so my options are limited due to the mortgageable years I have left, meaning I would have to downgrade and mortgage payments would be crippling.
I haven’t approached my landlord, but had an idea that I could offer to buy 50% of the property i’m In (and obviously still pay a reduced rent for their share). The question is, is this feasible? What are the potential pitfalls and problems? Would I get a mortgage for 50% of a property? If my landlord or I decided we wanted out in the future, is there a market for 50% for either party?
Otherwise, I’m not sure what to do.... do I just keep on renting privately until I can’t work any more - and then what???
Advice and suggestions gratefully accepted!
Thanks
Nick
Looking for a bit of advice...
After a failed marriage five years ago, I had to sell my house and subsequently moved into a private rented house, where I’ve been since. My landlord moved to South Africa, but we’re in regular contact and I’m a model tennant :-)
I have a bit of a problem that I’d like to buy somewhere, but I’ve just turned 55 so my options are limited due to the mortgageable years I have left, meaning I would have to downgrade and mortgage payments would be crippling.
I haven’t approached my landlord, but had an idea that I could offer to buy 50% of the property i’m In (and obviously still pay a reduced rent for their share). The question is, is this feasible? What are the potential pitfalls and problems? Would I get a mortgage for 50% of a property? If my landlord or I decided we wanted out in the future, is there a market for 50% for either party?
Otherwise, I’m not sure what to do.... do I just keep on renting privately until I can’t work any more - and then what???
Advice and suggestions gratefully accepted!
Thanks
Nick
0
Comments
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No. And your lender couldn't exactly repossess and sell 50% of the property. So it's a non-starter, assuming you need a mortgage.Alterastro wrote: »Would I get a mortgage for 50% of a property? If my landlord or I decided we wanted out in the future, is there a market for 50% for either party?0 -
Alterastro wrote: »H
Otherwise, I!!!8217;m not sure what to do.... do I just keep on renting privately until I can!!!8217;t work any more - and then what???
Hopefully you are building up some pension provision for when you retire ?
Many people live in private rentals during retirement - they use your pension/savings to pay rent and if necessary claim housing benefit0 -
Otherwise, I!!!8217;m not sure what to do.... do I just keep on renting privately until I can!!!8217;t work any more - and then what???
Sorry to hear about your situation.
You'll need to buy 100% of a property somehow. Is there a cheaper area you could move to? Something small like a one bed flat you could buy? Or someone you know that you could buy together with? (done well this arrangement can work).
If you really have no buying options, you may have to start planning retirement around this - but perhaps you'll be able to find something as you still have 12 or so years left.0
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