mid-fifties, buy or rent

[user1470862069]

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?

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

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.