We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
dazed and confused
Saint_Hope
Posts: 9 Forumite
looking for some good advice I am 56 early next year and have a pension which I took this year took 25% which was 16 k I have 49k remaining it is a drawdown pension I am also employed by the local council 10 years service and hope to do another 10 very good pension about 5 k per year going in partner works part time the problem is I am still renting a house from a housing association how do I get on to the housing ladder as my pension is no good if I don't own a house
0
Comments
-
as my pension is no good if I don't own a house
Why? Can you explain what you mean?0 -
all my pension will be spent on rent0
-
I wouldnt say "no good" its better than not covering rent !
Plus you'll get State pension as will your partner will you not? Thats another £15k or so between you?
How much do you earn?
How much does partner earn ?
How much would a house cost?0 -
23k/ 8k an ex council house would be about 90k0
-
There are advantages to living in a HA property. You dont pay for maintenance. The rental is secure. You wont get hit by an interest rate rise. The downside is obviously you pay rent forever.
Say you took out a 14 year repayment mortgage. (taking you to age 70)
And say you get one for £90k because you bought a £100k house. And hopefully you have £15k floating around for deposit and fees and other stuff.
That would cost £636/month @2.5% interest.
Then you are done.
What is your current rent? How does it compare to that?0 -
Are there any options to buy-in to HA schemes in your area?
Bottom line is that, age 56, it will be tough to buy on the open market unless you have a big chunk of capital. However, HA's sometimes offer schemes on properties for those approaching/at retirement age,0 -
have considered that but was looking for something more imaginative0
-
have considered that but was looking for something more imaginative
The 2.40 at Chepstow? Cryptocurrencies? :eek:
You'll have to cut your coat according to your cloth?0 -
Hate to say this but i think youve woke up to the possibilty of owning a house a little late in life , what has stopped you going down that road earlier?. The thing is even if you do it now you wont be any financially better off its just any siblings etc will get the benefit of it when your no longer around. My mother in law lived in a council house for years she had chance to buy it years ago which she did and shes still in it and it paid for she bought it wait for it...............£12k0
-
used to be married divorced years ago starting again still looking for ideas0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards