Lifetime Mortgage or Downsize

And I still get to stay in my home

Germanshepherdsmum

The housing market is far from active here unless you have something really special to sell. As the OP is finding out.

I know someone who is looking for a property in your area, relocating.
Little interest in their lovely house and nothing much of interest in the area where they are relocating.

Places here are stuck on the market for months and new- build houses are not going very fast either.

There is a lot of new building here, they sell off plans, the only reason existing houses don’t sell is because they are overpriced compared to new build. The market did slow during Covid, now the only obstacle is painfully slow planning.

Older properties may have “character” or a nice view but are also expensive to maintain and heat. My daughter just sold her family village house for more than the asking price, then had a great deal of difficulty finding a place to downsize, even with cash in hand.
Eventually they had to settle for a run down place that needed a lot of work, they had the money but didn’t want the work.

you must feel terrified. I think I'd divorce him

Bonny banko. It was good to hear a positive response about equity release . As most have been very negative. But for some it’s a solution if you want to stay in your home & don’t worry about the inheritance left & understand about compound interest . I know there is a lot of threads on here about lifetime mortgage. My dilemma was to sell or stay in the house I love . I’ve took all your comments on board . I’m not terrified as I have a good financial head on my shoulders & I know a decision has to be made quickly as well as dealing with a husband who has not been good with forward planning for us in our 60’s !!!!! 🤗 x

Up until now we have always sold our houses within a week, usuaslly within days. This one as been on the market for 6 months despite a big price cut.

David49 Have you been round any of these 'marvellous' new houses? DH, DD and I went to a very big new developmentb (meany thousands of houses, multiple builders) and went round a lot of new houses, looking a them as a potential new home.

However big they described the houseses, how many rooms etc, the rooms were tiny, master suites in the roof had nowhere for wardrobes, fitting a stairlift would be impossible because at ground level the chair would block the hall as every house had very narrow enclosed stairs and a narrow hall. The gardens were almost too small to be described even as a back yard, more just extended patios.

The houses being sold on this huge development near Cambridge were certainly not selling off plan and developers have been cutting prices as well as offering incentives, sometimes adding up to £50k as well.

Having recently visited a relative who lives in a house on one of these developments, wild horses couldn't get me into one of those houses. I would rather pay the higher heating bills and be able to breathe or even swing the proverbial cat, which is, of course, not a cat but the cat-o-nine tails. a whip used as punishment in the navy in previous centuries - you needed space to swing one.

I agree MOnica. I like spacious rooms and modern developments just don’t provide them. Developers seem intent on cramming in more rooms rather than fewer, more spacious rooms. The developments of which I am aware certainly aren’t selling off plan - that includes new builds and clusters of barn conversions.

downsize.

Look at reputable companies offering equity release, my friend and her husband did this it paid off their mortgage, paid for new double glazing and a new driveway. Some savings were left and with their pensions are quite comfortable. Someone else I know took as much equity as possible and gave it to her children she said she would rather they had the money now than wait until she was dead. It is worth looking at properly with experts

“David49 Have you been round any of these 'marvellous' new houses? “

Actually my wife’s youngest son has just moved into a brand new estate semi, we have spent a few nights dog sitting, it’s compact but they have everything they need. Finish is good, very well insulated, there is a small garden, parking for 2 cars and the whole estate is smart and well laid out.

It’s all very well moaning that they are smaller than in the past but young couples are both working these days and don’t want extra space, that costs a lot more to build. A council house of years gone by would cost double todays social housing

We have a 3 bed 1970s bungalow, compact with a large garden, we both like gardening so that’s OK, it needs updating - dry lining so that’s the next project, no intention of moving.

I wish people wouldn’t recommend equity release. Do they have any idea how much ends up being owed due to compound interest?

Germanshepherdsmum

I wish people wouldn’t recommend equity release. Do they have any idea how much ends up being owed due to compound interest?

Equity Release is only justifiable if you have no one to leave money to and intend to spend it all yourself, a park home or a retirement complex is similar, service costs and depreciation use up a lot of capital.

Downsizing will always be a better choice if you want family to inherit.

David49 Most of the young couples I know come with van loads of clothes, and high tech equipment and want houses with space for offices and gyms.

M0nica

David49 Most of the young couples I know come with van loads of clothes, and high tech equipment and want houses with space for offices and gyms.

If they can afford a large place they buy it, just like everyone else, they are the lucky ones, if the can’t they leave their stuff elsewhere.

Or put up with less space.

David49

M0nica

David49 Most of the young couples I know come with van loads of clothes, and high tech equipment and want houses with space for offices and gyms.

If they can afford a large place they buy it, just like everyone else, they are the lucky ones, if the can’t they leave their stuff elsewhere.

Our children all (every one of them) use all their spaces as multi purpose. The internet floats all over the house, they may be on the bed, at the kitchen table, on the sofa, wherever with a laptop wfh.

Exercise equipment folds easily, stores easily, they find a way.