Never having your own home - is housebuying out of reach?

[YoureNotGoingOutLikeThat]

I am a bit hesitant of posting as I am natually a private person and sensitive to boot. But I think I need someone to give my "head a wobble".

I am mid 50s. I rent. And I'm single. I have a DC who is an adult teenager and student. It's just me paying for bills and the options for improving my income significantly enough to buy somewhere are low. I am stuck in my own opinion that I am now too old and too poor to ever buy my own place. I'd love a two bed with parking and a garden, that I can decorate to my own taste and even perhaps have a dog. I worry that the landlord will give me notice to quit and I won't find anywhere to live. And then I worry that I won't be able to act as guarantor for DC when they move into a student rental. I worry about myself and DC becoming homeless quite a lot.

What can I practically do to get out of this catastrophising? I am cutting back and saving where I can but the odd £20 here and there seems laughable when I need 10s of thousands. How do I secure my future?

I think on mid fifties it’s best to Accept you will always be renting, and focus on building savings, so if you need to move you habe enough money to support that.

Also you don’t say your income, but you can do the math calculation if it is feasible for you to be a guarantor. And if not, start thinking rhough options for your child.

How much do you earn, what is the cheapest house price in your area and would you move to a cheaper area?

Other option is over 55 council properties, this would give you security at least.

Do you have any savings at all? You could look into shared ownership in a cheaper part of the country?

Where do you live? And is your job transferrable?

This + do you have any savings? And how is your pension provision?

(The reason I ask is if you have none you may be entitled to housing benefit in retirement).

Finally, council properties specifically for retired people are often much easier to get than regular ones - could that be an option for you. Low rent and secure.

Not sure how true this is but I’ve heard that it is easier to get social housing for older people who don’t need a family house, might be worth seeing what your council’s policy is so when you hit retirement age you might be able to get a more secure tenancy? You could also look at some form of shared ownership though you do need to read the small print.

Can I ask @YoureNotGoingOutLikeThat why you didn't buy earlier?

As you seem to be the generation where property was more affordable.

It’s so tough. I only managed it because my parents equity released. Where I live, even though I earn a decent amount it’s impossible on a single income 🥲

Also don’t write yourself off at getting a mortgage in your fifties, it might be more challenging but it’s not impossible.

https://www.comparethemarket.com/mortgages/over-50s/

Thank you all for your comments. My income is currently £40k, so not too bad for daily living and I am fairly frugal but it's woefully short of where I need to be to buy. I have some modest savings - enough to pay the bills if I were to fall ill for 3 months or be made redundant.
I am and need to be in the South East as I am also a carer for an elderly relative.
I am going to look into shared ownership and go and see a mortgage advisor but wanted to see if anyone here had some practical advice before doing so.

We only got out of renting because we inherited some money and put it towards a very cheap house. It’s such a trap isn’t it? Our mortgage is cheaper than our rent.

Do you get carers allowance? Make sure you get everything you are entitled to, everyone else does!

It is a fair question. When I was with the father of my DC we did look to buy. We had a mortgage agreed in principle. But each time we put our best offer in for a 3 bed semi we were beaten by what the estate agent called "cash buyers". This was in 2001/2 when Buy to Let was taking off. We thought we would wait for the housing market to cool a little and try to increase our earnings so we could increase our LTV. But the market never cooled and we were quickly priced out.

I did not know about the council housing option for older applicants. I know that many younger people with families are on a very long waiting list in my area. The model locally is for social landlords rather than council owned. And there simply are not enough social landlords. I will enquire but wonder if it is affected by my having an adult teen DC.

I was going to suggest shared ownership (part buy/part rent, you can have a low share, some housing associations offer as low as a10% share so you'd be paying very little mortgage) but give your age I'd start applying for over 55's social housing, it's more accessible than normal social housing

You won’t be able to buy in the SE without help.

Suspect that caring for your relative means you won’t be able to buy until they go into care or pass away.

Worth speaking to a financial planner.

Not owning a home isn't the worst thing. The rental market is pretty crap at the moment but there are positives to renting. No unexpected bills for home repairs, so much easier to move home, you could even go off on a long adventure when you retire,leave the rental jumping from cruise to hotel to caravan park before finding another rental. I did meet a retired couple who had bought a caravan and lived there all season then went visiting family and having holidays in the winter.

Over 55 social housing.
Usually from Housing associations.
But good secure tenancy.

I'm approaching 50, single, rent and although I don't have kids, I share most of your worries about renting. The place you're renting is never yours, so you can't put your stamp on it, and the long term insecurity inherent in private renting can get very wearing. Things will get better soon with the Renters Reform Bill, but more and more landlords are selling up, and the property market is generally stagnating, so there's increasingly less available places to rent. For the sake of your mental health, I would get out of this environment as soon as you can. Shared ownership could work out really well.

I don’t think you’d be eligible for over 50’s housing if you still have a teen living with you unfortunately. This could be an option once they’ve left home though. Some retirement homes are very cheap (£60k in the Midlands) but the service charge can be high - not a problem if you have a good pension.

No option to relocate to another cheaper part of the Uk?

I've been looking locally and there does not seem to be social housing options for the over 55s other than shared ownership. Unless you need sheltered accom and I do not. I don't think my DC will be able to live independently until they earn a good wage and we are years away from that.

Relocating would be difficult: I have elderly relative who needs support (and care) plus my friends are all here. If I moved, I would perhaps gain some housing stability but I would lose my local support network. It is something i could only consider after my elderly relative passes away. Which may be years yet.

I wish I had your positivity!

But I've been renting all my adult life and I HATE IT. Yes, when the boiler went wrong 10 years ago, it was the landlord that coughed up. But I'd rather have that expense to bear myself if it meant a sense of security. I've never had the option to decorate the way I would like; couldn't even paint the nursery when DC was born as LL had strict conditions on decorating. I've recently asked if I could have a dog. The answer was no. Renting can be great if you need the flexibility to move. It sucks big time if you want to settle and have autonomy.

That's the thing, isn't it, you always know you're living in someone else's property, when you're renting. And that, in terms of practicalities, you're limited.