To live in a Travelodge

@CanelliniBeans if you are relatively young though you will need a huge deposit - I looked into this myself - both RIO and lifetime mortgages. The RIO mortgage may well be an option as less age restricted-

@oakkiln
We have previously lived in a premier inn in a nice area for a few months. Feel free to pm me and I can tell you the pros and cons.

I'm pleased you agree with me on the risks of a landlord wanting to sell up.

@oakkiln Are you willing to give some figures?

It's pretty impossible to help you otherwise.

You're on £50K so how much is that net a month, and how much are you saving?

How much have you already in savings?

What kind of price is the house you're looking at?

Have you done some basic calculations? Have you spoken to a broker or a mortgage provider?

-Price of property
-Mortgage payments over a 10 year loan
-Deposit needed - usually 10% can be less.
-Legal fees

Is it actually feasible that you can pay a mortgage (plus the interest) in 10 years on your current income?

Also not a financial advisor but there are ways to buy houses that allows a retirement interest only mortgage and the lender recoups the repayment on your death. If you don't mind not leaving any inheritance this might be more secure than renting

Ok OP as you haven't said what area you are these suggestions may or may not be helpful

First off I think you need to try and get your costs down as you've said to think about saving more so don't shun over 55 housing- there's no way you would find living in travel lodge ok long term - washing/cooking facilities etc and you would struggle to get it at £30 a day consistently too - in my view best option is to look at an over 55 flat for initially a few years - this will give you the security and lower rent too to bang more away -

Have a look at anchor.org.uk - you can search on regions but also on immediate availability too - better in some areas than others- they also keep their own waiting list as well as via local authority - on average will be about£780 a month plus maybe around £420 a month for heating/counciltax/water etc

The other really good site for this is housing21.org.uk - again you can search on regions and then specific developments and it shows if they have ones currently available within the property text.

Both these are social housing but over 55- so you have the security - also with housing 21 it doesn't matter if it shows as an 'extra care' facility if you don't have any care needs- it's just an indicator for those that do need additional help . Some are very modern and really nice too - I know someone on her own who got a nice 2 bedder in a nice area too within 4 months simply as there was availability

If you could then save maybe £800 to £1000 a month to put away and still wanted your own place/rural there is a scheme called Heylo your home which is basically shared ownership but on the open market - you need to put down 25% in cash and it has to be a house not a flat but it can be anywhere that's in good condition - so if you could save say 40 to £60k over 5 years by utilising a cheaper over55 flat you can then look at places£160k to £200k -age isn't a factor - it's a long term lease and you benefit from increasing values too - you then pay rent on the part you don't own - so on those values would be about £550 a month rent. No service charges as can only be a house anyway -

There are massive advantages to shared ownership at your stage or indeed rented over 55s in case you loved it and stayed put- your rent is eligible for UC - so if you only have your pensions the chances are you would get a fair bit towards rent - you would struggle to get a mortgage anyway and could only get a mortgage over a relatively short time meaning much higher payments which may well then become a problem if you have to stop work.

Hope this may be of help

Get a caravan, use club sites, possibly a seasonal pitch, as suggested.
Don't bother buying, put your name down for housing association over 55. You can then store your caravan for trips once you have the h.a. accomodation. Simples.

Not a financial advisor, but I'd look at maximizing the use of your pension as a tax efficient vessel. On 50k, throw as much into your pension as possible to lower your tax bill, build your pension. Post 55 you can take 25% out tax free- there are rules around this, but if you think about using this as they way to save for your house deposit... Drop any savings in here too. I think if you do this, then they won't be counted against pension credit (youd need to check this....).... Also, for benefits, it's net income that counts... So if you are throwing large amounts into your pension , then would you be eligible for UC top ups?

@oakkiln

Isn't this what asylum seekers have to put up with?

I've got some very good suggestions for you OP given that you are both over 55 - don't ask how I know! I just do as have been in a similar situation so gave a great deal of empathy and no judgement.

What I need to ask though first is are you tied to a particular area/location because of your job etc - ?

None of the travel lodges I’ve ever stayed in have a wardrobe (or drawers) - it’s just a niche with a rail and a shelf over. Maybe stopping people doing this is why!

OP

are you both over 55? Not sure how old late middle age?

if so you could easily get over 55s accommodation with the council - its really not long a wait in most ares as the throughput is much more than other property types and as its age restricted it really does decrease the pool of applications

you can often get over 55s flats for £100 a week and it will have a lounge and kitchen along with one bedroom., yes you'd have bills and c/tax but these will be minimal and could see your annual rent and bills reduced to under £9500 a year

you'd obviously need apply to the council for housing and bid each week on over 55s accomidation

I'm sure others have said this (I haven't read everything)

You can't stay more than 90 days in a hotel per calendar year, otherwise they face fines as it becomes a residential property.

But if you do stay up to 90 days, ots worth asking for a 'bulk' deal, it's a nice guaranteed income for them so they will probably give a discount.

I'd do this! Get a lovely camper van and travel wherever you wish.

Respectfully wouldn't you have to be careful not to get ill? If you are only eatting cup a soup I know you're midleaged not children etc, but don't forget to get fresh vegtables, and raw food.
If you can't cook, it'll be hard to eat properly, and to store food.
This is what you hear when they put gomeless people in hotels.

A friend of mine lived in a hotel during A-levels due to various family dramas. If you want a long term booking, they may be open to negotiating the price so it could be cheaper than your estimate too.

With regard to moving out, this is only for a short period so could be a week spent at your mum’s or a different Travel Lodge before moving back.

Have you looked at social housing for older people? It can be lower demand than other low cost housing and even if it's not the long term plan it would give you some security while you look

Why bother? Home ownership isn't the be all and end all. In actual fact, it is a massive pain in the arse. Renting has many advantages.

Life can end in a split second, I strongly recommend trying to enjoy every single minute of it. Live for now, not some indeterminate point in the future.

It might be easier to stay in a Youth Hostel in a private en-suite room.
At least then you have access to a kitchen / fridge / freezer, lounge space, Wi-Fi and often a garden. Similar price as a travelodge

Where in the country are you? Are you prepared to consider moving to a much cheaper area? Because at the age you are and without good pensions it might be worth considering saving really hard for a few years and moving somewhere you can buy outright for £80k or whatever. Not owing anything will make the years to come so much easier.

Would you consider a year in a double room in a shared house so you can save more? Also have you looked at shared ownership schemes?

Box it up after use each day in wardrobe.

Portable hob, 1 ring. It is the hotel’s electric anyway.