This might be long, sorry!
DH and I are 60 and 55, we have rented all our lives, never earned enough or had inherited money to buy.
We are currently renting a lovely house, rent split 3 ways with our adult DD but realistically she will probably move out in a year or two. It will be too big and expensive for us then.
Ideally I would like our next move to be a permanent one. I have a private pension which if cashed in I would get about 40k to use as a deposit. I do also have a work pension which is reasonably ok. DH is self employed so not much in the way of pension there and also has some health issues so not sure how long he will be able to work.
Would we be able to get a mortgage at our age? I should also add we have some debt on a management plan due to clear in 2028 (about 18k currently, due to DH business collapsing during COVID).
what should we do? Carry on as we are, downsize to a smaller rental in a couple of years? Try and buy shared ownership or retirement property?
Im so tired of the insecurity of private renting, but I have no idea if anything else is realistic or possible.
if you’ve got this far thanks for reading and I appreciate your thoughts!