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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)

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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

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