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By (user no longer on site) OP
over a year ago
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A bit of advice please everyone
I will recieve my divorce settlement at the end of this month, as you can see im 50, now the dillema is do i buy a new house or carry on renting and pocket the money? |
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By *rsIdiotWoman
over a year ago
Bedworth |
Would you need to take out a new mortgage? If so I would probably stick to renting, otherwise you may have to work longer when all you really want to do us retire and have some fun.
If you don't need a mortgage I would probably buy, at least then you haven't got the hassle of having a landlord who doesn't like to put his hand in his pocket and pay for repairs |
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By (user no longer on site) OP
over a year ago
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"Would you need to take out a new mortgage? If so I would probably stick to renting, otherwise you may have to work longer when all you really want to do us retire and have some fun.
If you don't need a mortgage I would probably buy, at least then you haven't got the hassle of having a landlord who doesn't like to put his hand in his pocket and pay for repairs"
Nope id need a mortgage if i wanted to live in the same type of house and standard i've being used to, and tbh my landlord in one of the partners at a large estate agents in the town, so never had a problem with repairs or anything, plus its a fairly new house im living in now |
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By (user no longer on site)
over a year ago
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In the current economic climate I believe you should rent,
matter of fact renting is actually more secure and as many have discovered to their cost, it is a misnomer to say you own a house if you have a mortgage, it's rent but for 25 yrs, with a hell of a maintenance bill, then you probably still owe money at the end.
let somebody else do the worrying, rent and
have a binge with some cash and keep a rainy day fund. |
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Depends how much your settlement is, if you have children, what your local rental stocks like, whether you want to continue lining someone elses pocket, whether you could buy outright, if not what your credit ratings like, could you get a mortgage...so many questions only YOU can answer! |
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As we don't know what size house/flat/appartment you want to live in or would consider living in, how much deposit you have,whether you want something to leave to family or not, what your income is and a dozen other things (which you'd be a mug to share on here) it's a bit of a tricky question. |
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By (user no longer on site) OP
over a year ago
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"In the current economic climate I believe you should rent,
matter of fact renting is actually more secure and as many have discovered to their cost, it is a misnomer to say you own a house if you have a mortgage, it's rent but for 25 yrs, with a hell of a maintenance bill, then you probably still owe money at the end.
let somebody else do the worrying, rent and
have a binge with some cash and keep a rainy day fund."
Thats what i'm thinking, and of course i wouldnt have any where near 25 years to pay it off in, so as i found that puts the cost up, the thing that worries me, is what will happen if i get to retirement age and my pensions dont pay as much as they should, you see i've always provided for myself and my ex partner if you know what i mean
The binge thing sounds good  |
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By (user no longer on site) OP
over a year ago
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"Depends how much your settlement is, if you have children, what your local rental stocks like, whether you want to continue lining someone elses pocket, whether you could buy outright, if not what your credit ratings like, could you get a mortgage...so many questions only YOU can answer! "
Its fairly substancial, my credit rating is excellent, and thats the way i tend to think, having allways owned and payed off my own house before |
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my opinion is based on the fact that I don't want to be paying rent when I'm 90.
Mortgage and a house that is slightly smaller than you were used to. Interest rates are at an all time low and if you have a sizeable deposit you might be able to negotiate a favourable fixed rate mortgage, if you rent that will continue to go up when in 15 years your income will become fixed to a degree. I know interest rates fluctuate (we paid 16% in the 80s)but if you cut your coat according to your cloth you should be able to cope with that.
Good luck whatever you do. |
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By (user no longer on site) OP
over a year ago
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"As we don't know what size house/flat/appartment you want to live in or would consider living in, how much deposit you have,whether you want something to leave to family or not, what your income is and a dozen other things (which you'd be a mug to share on here) it's a bit of a tricky question."
Well its a Two bedroomed modern house, in a very nice area, in fact just around the corner from where i used to live, and i do have pensions, insurances ect to leave, and i have a very good job with a high street branded food company |
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By (user no longer on site) OP
over a year ago
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"my opinion is based on the fact that I don't want to be paying rent when I'm 90.
Mortgage and a house that is slightly smaller than you were used to. Interest rates are at an all time low and if you have a sizeable deposit you might be able to negotiate a favourable fixed rate mortgage, if you rent that will continue to go up when in 15 years your income will become fixed to a degree. I know interest rates fluctuate (we paid 16% in the 80s)but if you cut your coat according to your cloth you should be able to cope with that.
Good luck whatever you do."
And thats my dillema, different people have opposing views on this matter, but do i want to get to 65 and then drop dead a few years later and leave everything to the kids, and not had any fun lol  |
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By *B9 QueenWoman
over a year ago
Over the rainbow, under the bridge |
I took on a new mortgage recently but, as I had a fair bit to put down, only ended up with an 11 year mortgage paying less than I would in rent. This means that it will be paid off before I am 60. I can still work a few years after this mortgage-free. SO, it very much depends on how much you can pay up front, how much the monthly mortgage will be and how long it will be. It might be worth it to buy if you can work out the finances. |
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"my opinion is based on the fact that I don't want to be paying rent when I'm 90.
Mortgage and a house that is slightly smaller than you were used to. Interest rates are at an all time low and if you have a sizeable deposit you might be able to negotiate a favourable fixed rate mortgage, if you rent that will continue to go up when in 15 years your income will become fixed to a degree. I know interest rates fluctuate (we paid 16% in the 80s)but if you cut your coat according to your cloth you should be able to cope with that.
Good luck whatever you do.
And thats my dillema, different people have opposing views on this matter, but do i want to get to 65 and then drop dead a few years later and leave everything to the kids, and not had any fun lol "
If that's the way you genuinely feel then rent. But can't you have a mortgage and fun? Can you buy a house that allows you to do that. Life as you so rightly point out can be very short, live for the day, enjoy each moment etc but rents are very high and apart from the maintenance issue I'm not sure what the difference financially will be.
be guided by your gut feeling, if its telling you not to buy then don't but rent makes the landlord money, mortgage payments are buying you an asset. |
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By (user no longer on site)
over a year ago
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Use the money to buy something you can afford with out a mortgage . Then stay in the house you in and rent out the flat /house you own . That way for now you will have an extra income . Also if you get £75 then in 25 year it will still be £75 but if you buy a house for £75 in 25 years it will be with more . I am sure that house prices go up more than you earn in interest rates !! Also if the worst happens and you can't afford to rent you will always have some where to live AND biggest point if you just put it in the bank you will find you just pick at it and in the end you will find you have wasted it |
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