Property Advice

[seanne]

I own my flat worth about £170 000, I am now retired and living on basic pension. No money coming in but I have about £20 000 in savings. I am just short of buying somewhere else more suitable, as I live in the S E and I am happy here. I have no dependants. I,d like to move as I can't manage stairs now. I have no family help. I know I can't get a mortgage at my age. What's the answer ?

[fiction-factory]

Hi. Rent? Look for some sort of equity release mortgage? You may be able to find something more affordable if you are prepared to move maybe 10 mles- is that an option?

[Sqad]

I agree with ff...sell up and rent.

[seanne]

Hi don't really want to move from my town as I have travelled all my life and finally settled here

[fiction-factory]

How old are you seanne? I know rents are expensive too- may be over £15000 a year if you don't want to share so the money may run out

[david small]

My brother in law sold his bungalow for £225,000 and now rents. He has a new car, and financial security. He can move whenever he wants, with applicable notice of course.

[ladybirder]

Don't know your age but nowadays you can get mortgages until the day you die. https://www.which.co.uk/money/mortgages-and-property/mortgages/types-of-mortgage/retirement-interest-only-mortgages-explained-a9z9k0h9lbfy

[fiction-factory]

Yes. you can get mortgages in your 70s even 80s but you'd need plenty of equity and some reasobnable pension income, so a basic state pension alone may not be enough I think

[hereIam]

Would you not consider buying a stairlift Seanne, then you can stay in your home ?

[-SharonA-]

The cost of renting is high and would soon eat into your savings. I would look for a place within budget.

[seanne]

H I that is not an option.

[hereIam]

Ok x

[bookbinder]

How about something like this?
https://www.anchor.org.uk/our-properties/chancel-court-bungalows-canterbury

[seanne]

Wrong area BB

[bookbinder]

Have a look at some of Anchor's properties in other areas. You can find them from this website.

[seanne]

Bb none in the area I want but thanks x

[ubasses]

Try this Company, you can go from independant living right through to needing care.
https://www.abbeyfield.com/retirement-properties/

[fiction-factory]

Have a look at this tool.
Ask the council what they may be able to offer.
Google retirement villages.
Look at this option:
https://homeshareuk.org/

[seanne]

Thanks but not in my area

[fiction-factory]

This is the tool I thought I'd included
https://hoop.eac.org.uk/hoop/start.aspx

[seanne]

FF coming up as denied access