To ask whether being a homeowner is worth this?

You need to the same comparison (rent v home ownership) for your retirement years too, as it's after the house is paid off that the real benefit comes.

@Peppermintpatty56

Do they still do lifetime tenancies in your area? If You could get one of those that's what I'd do.

if not I'd be prepared to be worse off now, for the security of owning. There are financial pros/cons to both, but for me it comes down to security, for me, absolutely nothing beats knowing I'll never be told I have to move out & worse still the absolute nightmare of trying to find somewhere. Especially if I was disabled myself & had children. That would terrify me.

is your gifted deposit very low? Would you qualify for a big enough mortgage to get a big enough house for your family's needs??

it is very unusual for a mortgage payment to be higher than rent on the same type of house unless you've got a tiny tiny deposit maybe.. Definitely recheck your figures.

So many things to consider & im very sorry you're losing your home.

@OneCoolPearlOP and they'll lose their mortgaged home to the bank if the husband can't keep up with the expensive payments as the sole earner.

The issue isn't really rent payments (although HB may not always cover full rent anyway) it's finding a place.
Most LL's don't want benefit claimants as tenants.
Can you imagine OP and her DH being evicted as pensioners and having nowhere to go?

Having said that, I've heard social housing is easier to get for over 55's in a retirment complex or similar.

when your children leave home you will have a drop in benefits especially the housing element so it might be worth buying to avoid the sudden drop in income and having to move. Or if your children are likely to remain living at home it may be better to stay renting.
Home ownership comes with surprise costs, usually when you can least afford them

I wouldn't in your position as you'll have to sell the home to pay for care fees when you're old but if you rent you'll get it all for free and your rent gets paid now anyway.

I would be thinking bigger picture in the future if you carry on renting just because it works for you now doesn't mean it always will - how will you pay rent once you have both retired? Do you have or will you have income from other sources/pension to fund your lifestyle later on?

Many things to consider when thinking about buying a property. Will you have funds available to maintain it e.g. if the boiler breaks and you need to spend 2k on a new one (e.g.).

I'd probably opt for buying in your shoes.

You might be paying the mortgage until your 60's but then... No more rent. And an asset that you could sell later in life to fund care.

You need to do the complete list of pros and cons based on where you are, what the local rental market is like and what you'd be able to buy.

Renting leaves you vulnerable to being ejected through no fault of your own.

Owning means you have to find the cash to deal with it when the boiler breaks or the roof needs replacing. If you rely on UC then it's difficult to keep enough savings in hand to pay for emergencies without losing some of your income.

Do you have any options for council/ housing association housing? I know there isn't much around but multiple disabilities must give your family some priority.

Any chance of getting social housing in the near future? With disabled children you'd be somewhat of a priority surely?

But you'll be paying rent until you die?

And a big advantage for your children.

One of the major reasons why we keep "climbing the ladder" beyond wanting some more space is to have more to provide my kids when they're young adults. Equity gives me a lot of comfort for their sakes.

Having suddenly been turfed out of a rented home after 10 years, yes I would do it. But only if it’s affordable. I love being able to relax and make our home the way we want it without being at the mercy of someone else’s whim.

I would write a careful budget based on the new earnings if you buy. Including making sure you include all the costs associated with it. Then if it was manageable without being really tight I would go for it. This is because you wouldn't have to worry about how to pay the bills in retirement. And you'd also have more security

I think it depends on how stable I feel in rented accommodation - is there lots of options where you live, are you likely to be evicted by landlords wanting to sell etc and then not being able to find anything else. When I got my own place a lot of worries that I wasn't actually aware of lifted and I felt very secure as it was in my hands. That said though, I wouldn't feel the same way if I was really struggling for money and worried if I could afford the next mortgage payment. So I think it's very specific to you and your families circumstances.