Bewildered (pension and property after retirement)

by Cathy
(London)

I am 66 and was made redundant in January in receive a basic pension of £96.00 per week.

About 7 years ago I purchased a small flat on buy to rent premise as a boost for my eventual retirement, on a interest only mortgage. Since retiring I have been trying to sell the flat but have been Unable to, I applied to get housing benefit, but have been told that the equity in the flat (15,000) is regarded as savings.

But unless I can sell the property I can not see any funds. After mortgage payments and insurance, I receive about £20. Per week. Which plus pension makes £116.00 per week, my rent is £110.00 per week plus £16.00 council tax.

Any advice ?.

Comments for Bewildered (pension and property after retirement)

Click here to add your own comments

Rent or Own?
by: Del

You could rent it out to someone else for a higher amount than your mortgage payment. The rent pays your mortgage, and you could possibly find a place of your own to rent or share a place with someone else, split the rent I mean.

You can still keep your home but have more money available for expenses if you get out of that mortgage now.

I wish you success in finding a smaller, more inexpensive place to rent.

Del

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Money: Income and Expenses.