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Original poster

Advice on what to do re our housing situation as we approach retirement.

70 replies

Cherubneddy · 03/04/2025 08:55

I’m 54 and DH is 51. We have my 12 year old DS living with us. We currently rent. Due to previous relationship breakdowns for both of us we are in a precarious financial position. I have a poor credit score ( although it is rebuilding) due to defaulting on debts following financial abuse in my previous marriage.

We hate the lack of security from private renting. We currently pay £950 a month for a 3 bed house in a lovely village, but are aware our landlord could decide to sell up at any point. We’re starting to think about retirement and what our housing/ financial situation will be then.

The one thing we do have in our favour is we are both in full time permanent, stable employment. I have a good local authority pension, DH has a pension too, albeit not as good as mine. We earn approx £82k between us.

Im aware my pension won’t go very far as we’ll need to continue paying rent into our retirement and won’t be eligible for any benefits. We have no savings currently, although I will get a lump sum as part of my pension.

We looked into shared ownership/ right to buy ( if we could manage to get a mortgage with my credit score) but we are over the £80k income threshold, same for renting a housing association house, which would have also given us some security. Because of our ages a mortgage on buying a property outright wouldn’t be affordable as it would need to be over a max of 15 years probably, making the monthly payments too high.

What would you do?

OP posts:
6namechange3 · 03/04/2025 09:00

Can you save like mad until you retire and buy a very small property for cash with savings and your lump sum. If you in the north you can still buy a one bedroom flat for less than £100,000?

Summerhillsquare · 03/04/2025 09:05

It's kicking the can down the road but housing associations often have over 60s only properties where I am.

Many lenders happy to consider pension income on mortgages tho.

Original poster
Cherubneddy · 03/04/2025 09:07

Thanks both for your replies. Over 60’s or 1 bed flat was in my mind, but I expect my son will still be living with us when I retire!

OP posts:
Bloompetal · 03/04/2025 09:10

Is your DS also your husband’s?

Are you envisaging uni?

Neededa · 03/04/2025 09:15

Renting in retirement is as you say precarious. You can apply for alternative mortgage products as you get older, I don't know off hand how old you need to be/your required income level/deposit amount required etc to qualify and it would absolutely be worth speaking to a broker, but there are products such as Retirement Interest Only (RIOs) which might suit you. You would never actually "own" your home but you don't now and at least a landlord could not move you on at any time.

Original poster
Cherubneddy · 03/04/2025 09:21

Bloompetal · 03/04/2025 09:10

Is your DS also your husband’s?

Are you envisaging uni?

No he’s not. He has 2DC of his own who don’t live with us. 1 of whom will be going to uni.

It’s v unlikely my DS will go to uni, he’s not academic, and he’s interested in the apprenticeship route. He’s excellent at practical things!

OP posts:
Original poster
Cherubneddy · 03/04/2025 09:21

@Neededa that’s interesting, thank you. Worth speaking with a mortgage broker then.

OP posts:
Bloompetal · 03/04/2025 09:23

Why doesn’t your DH own? Or have a penny in savings at 51?

RedRosie · 03/04/2025 09:35

That's a touch rude @Bloompetal! I'm sure lots of people are in that position. My own elderly parents always worked hard but never owned property. Some people lose/hand over assets in divorce or through other life events. Many never inherit etc.

OP I think some planning is an excellent idea. On those salaries it may be possible to get a shared ownership/standard mortgage (depending where you live). I'd try a broker. You have plenty of working life left!

Cherubneddy · 03/04/2025 09:42

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Bloompetal · 03/04/2025 09:44

Good grief

he’s 51
on a decent salary
not a home owner
zilch in savings

I simply wondered why

Neededa · 03/04/2025 09:44

Cherubneddy · 03/04/2025 09:21

@Neededa that’s interesting, thank you. Worth speaking with a mortgage broker then.

definitely worth speaking to a broker, there are specialists in "later life" mortgages if you google. The rates offered will be higher than standard rates but if you can afford £950 a month rent now and are expecting a reasonable pension, it would at least give you security of tenure (as long as you can afford the interest only element).

BaronessEllarawrosaurus · 03/04/2025 09:46

Bloompetal · 03/04/2025 09:44

Good grief

he’s 51
on a decent salary
not a home owner
zilch in savings

I simply wondered why

The op is 54, on decent salary, not a homeowner and zilch in savings - are you questioning her financial position? No then why question his?

Bloompetal · 03/04/2025 09:48

BaronessEllarawrosaurus · 03/04/2025 09:46

The op is 54, on decent salary, not a homeowner and zilch in savings - are you questioning her financial position? No then why question his?

Show quote history

Because she explains why FGS

Bloompetal · 03/04/2025 09:49

I have a poor credit score ( although it is rebuilding) due to defaulting on debts following financial abuse in my previous marriage.

the op explains why

I was asking the why in relation to her partner

orangegato · 03/04/2025 09:57

@Bloompetal I thought it was a fair questions to understand if there was a backstory as 950 rent between you on about 5k net does make you wonder where it all goes?

My parents are in the same situation (potless decent salaries on paper) but that is because my mum spunks money up the wall.

PerkyGreenCat · 03/04/2025 09:59

I think nowadays you have to factor in the likelihood of your son still living with you in his early to mid 20s.

Was there a plan when you decided to have a baby? Or was it a surprise pregnancy? That's not a snarky comment by the way, I just wondered if there was a plan - I know you said you had your son with your ex - what did you and your ex plan to happen? Could your son live with him when he leaves school?

Your rent isn't unreasonable but of course there's the concern about rent increases.

I know you don't think your son will go to uni but he's only 12! A lot can change before he's 17 and having to make that decision. If you'd asked me at 12, I'd have said there's no way I'll go to uni, I want to work on Debenhams beauty counter or be a travel rep in Majorca. As it happens, I've never done either job and went to uni at 18.

If he goes to uni, you'll have uni "top ups" to factor into your plans.

If he does an apprenticeship and lives at home, he can contribute something to rent and bills. He won't be able to afford to live alone on an apprenticeship wage.

Original poster
Cherubneddy · 03/04/2025 10:00

@Bloompetalmy less emotional response is that we have both made some poor financial decisions in the past, which we accept responsibility for. He did own a house with his ex wife but walked away without a penny due to the guilt he felt about breaking his family up, and he didn’t want his DDs to face further disruption due to the house needing to be sold for him to get his share. Not the most sensible decision possibly, but there we are. I didn’t include it as I didn’t think it was relevant as we are where we are and need to look forward now.

OP posts:
Bloompetal · 03/04/2025 10:01

orangegato · 03/04/2025 09:57

@Bloompetal I thought it was a fair questions to understand if there was a backstory as 950 rent between you on about 5k net does make you wonder where it all goes?

My parents are in the same situation (potless decent salaries on paper) but that is because my mum spunks money up the wall.

Exactly
if the op for example had said… gambling problem

Original poster
Cherubneddy · 03/04/2025 10:05

orangegato · 03/04/2025 09:57

@Bloompetal I thought it was a fair questions to understand if there was a backstory as 950 rent between you on about 5k net does make you wonder where it all goes?

My parents are in the same situation (potless decent salaries on paper) but that is because my mum spunks money up the wall.

Not sure what you mean about where it all goes? We manage ok but running a house, 2 cars, supporting 4 teenagers and debt repayments takes care of most of it, not leaving a lot for savings. Admittedly we could afford an extra couple of hundred a month if needed for rent/ mortgage, but I was more concerned about the limited number of years we have in employment regarding taking on a mortgage.

OP posts:
Chewbecca · 03/04/2025 10:05

I would definitely look at buying asap, then overpaying the mortgage whenever you have an opportunity.
What are house prices like in your location?

Original poster
Cherubneddy · 03/04/2025 10:07

Chewbecca · 03/04/2025 10:05

I would definitely look at buying asap, then overpaying the mortgage whenever you have an opportunity.
What are house prices like in your location?

We’re in the North so house prices aren’t too bad. Could get a 2 bed house for £220k probably.

OP posts:
Tryingtokeepgoing · 03/04/2025 10:07

Bloompetal · 03/04/2025 09:44

Good grief

he’s 51
on a decent salary
not a home owner
zilch in savings

I simply wondered why

But isn't that also true of the OP, give or take?

Kallabra · 03/04/2025 10:08

If you have sizeable debts, when will they be paid off?

Kallabra · 03/04/2025 10:08

Tryingtokeepgoing · 03/04/2025 10:07

But isn't that also true of the OP, give or take?

Show quote history

She has a dependent child