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mid-fifties, buy or rent

(3 Posts)
user1470862069 Sat 13-Aug-16 14:42:05

I'm 55 and my partner is 51. We rent our home at app.£620 per month and usually save around 1k per month and have 25k savings.
I think we could afford to buy a 220k ish house at £1600 per month but I'm worried about going from being comfortably off in middle age with plenty of ready cash (after a lifetime of penury mind) to having practically no disposable income and a huge financial burden and no savings.

Any thoughts?

Gotheftosleep Sat 13-Aug-16 20:14:31

Will you still be able to afford your rent when you retire?

Pisssssedofff Sun 14-Aug-16 20:17:17

If you fall on hard times you will have to piss away that £25,000 before you get any help. If you own the house and go on pension credits/ income support you get to stay in your home and the government pays the interest on your mortgage.
It's damn hard finding a rental if you do not work.
Lots to weigh up.

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