Housing worries later in life

[Gohackyourself]

Just wanted to ask if anyone feels worried about the/their housing situation in the future.
I’ve been renting for past ten years- I used to own a home but divorce etc had to give that up.
Moved on met a new DP, but both of carry debt from previous marriages/divorce.nothing that isn’t sorted in a year or two but that will make me 45.
At that point, I’m put off of buying a property, the cost in my area for what I need is likely to be 350k, saddling myself with a 25 year mortgage :-(
But I’m aware that later in life if I had a house, paid up, my pension will see me through comfortably, whereas with renting, I still need to pay that cost.
But I get worried that what if I get to 60 plus an can’t work to finish that mortgage off?! Or I have paid it off but it gets taken by the state to pay for care home costs an I have nothing to pass on to my children.
There’s so much do I/don’t I around property buying later in life- especially after 1 failed marriage an a 2nd partner cheating- I don’t feel confident to do it on own an it needs two wages .... argh anyone else stuck as to what will be for the best- will they afford it etc

What does a £350k house buy you? You could buy and live in it until retirement and then downsize if needed?
Is there scope for pay rises etc?

Would it not be better to have a house and then if you can't work to finish paying mortgage sell at that point? Then you would have a lump sum to hopefully see you through the years you need and you wouldn't be paying someone else mortgage for their retirement fund.

OP I started with a 35 yr mortgage taking me to age 70, like most of my friends my age. So if you get your skates on with getting a 25yr mortgage next year you’ll be fine.

Agree majority of people are shortsighted about things like renting vs mortgage and pensions too, it’s all a ticking time bomb. I was lucky to fall into working in a retirement business so have been fully aware and saving since my early 20s and I still worry about it all! I don’t think enough financial education is being done. It’s why equity release business is booming but that’s an eye-wateringly expensive solution.

Why does it matter if you have to sell your house to fund care? You're no longer living in it and your care has to be financed somehow.

I agree with the PP - I don’t worry about my house being sold for care costs - perfectly legitimate.

I might have a dilemma if renting was half the price of a mortgage - but generally, it isn’t.

So even if your house has to be sold, or you get it on 2 salaries and then split, I’d still rather have the years that I could get in an owner place.

I think there will be more pensioners in HMOs - and I don’t see that as a bad thing, or like a workhouse. It’s a practical solution. There are plenty of supported living places that are effectively large HMOs. Being in a uni type block could be cheaper, easier to maintain and more sociable. My daughter’s includes all her costs and has a gym too. Not sure about the arguments over who didn’t wash up... wouldn’t want to deal with that at 70! But I think we’ll see more older people renting a room in a landlord occupied house - as elderly home owners also try to make ends meet.

Ilovesooty- it’s important to me- if I’ve worked very hard to get back onto the property ladder again - that I’m able to pass on my property to my children to benefit from.

So, if you’re passing the house onto your children, who do you expect to pay for your care costs - everyone else?

No not at all- I meant I hope I don’t need care An get to pass onto my children !

Well I agree with that. I will do everything to avoid going into care including suicide if I can before infirmity prevents it. This is partly so I can leave house for my daughters but mainly because I couldn't bear to be in a care home.

I'm with you on that RaininSummer

I know this doesn't help but this was a massive worry of mine. Saving and sheer luck got me on the property ladder.

A friend of mine has parents still renting a council house (I was in council housing too) and I would worry so much about getting to retirement age and still having rent to pay.

This is why you should buy your first house in your 20s or 30s, even though it means sacrificing a few nights out with the girls and a few trips to Magaluf, instead of in your 40s

Coffee - what an awful judgmental post that is! There are all sorts of reasons why people can't do that.