FLOURISHING AFTER 50: Help! We can't afford to leave our house... but can't afford to stay
Dear Vanessa,
My husband and I are both 58. Our fixed-rate mortgage ended a few months ago, our repayments have gone up a lot and we're now really feeling the pressure. We both work, but there's not much left over after the bills.
We've talked about downsizing, but in our area, prices haven't risen much and even with the debt we've paid off, we probably couldn't afford to buy something smaller outright without taking on another mortgage.
Moving also costs a lot. Between legal fees, removalists, and everything that comes with setting up a new place, we don't have the cashflow to cover it. That's why we feel stuck. We can't afford to keep going like this, but we also can't afford the cost of change.
We're lying awake at night, wondering what to do.
Karen.
Hi Karen,
You're far from alone. A lot of people in their late 50s are in a similar position - still paying off their homes, working full-time, and trying to manage increasing costs while quietly wondering how they'll ever retire.
This stage of life was once imagined as the countdown to freedom. Instead, for many, it's become a time of worry and decision paralysis. But the good news is, you do have options - and some of them can offer real relief.
Let's start with the mortgage. When your fixed term ends, most lenders automatically roll you onto what's called a revert rate, and it's rarely the most competitive. Over time, that can quietly cost you thousands. Lenders often save their best deals for new customers, while long-term clients pay more simply for staying loyal.
Even a small drop in your interest rate - half a per cent - could save hundreds each month. That breathing room can make it easier to stay where you are while you explore your next steps. You can check if you're eligible for a more competitive rate here.
Next, take a step back and look at your bigger financial picture. What income will you need if you stop working full-time? What retirement savings do you have access to, and when? Could part-time work bridge a gap? Do you qualify for any government support?
These are questions that an independent financial adviser can help you answer - and a good one will tailor the advice to your real life, not some idealised version of retirement.
If you're not sure where to find someone trusted, I offer a free matching service with independent advisers who understand this stage of life.
Financial stress is one of the most debilitating pressures we can face. It doesn't just impact your bank balance - it clouds your thinking, disrupts sleep, affects your mood, and can strain even the strongest relationships.
That's why taking action, even one small step at a time, is so important. Whether it's checking your loan, getting advice, or just having the conversation with your partner - - you're starting to take back control.
You're not stuck. You're just ready for a new plan.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
an hour ago
- Daily Mail
12th-century Welsh manor with full banqueting hall goes on sale for the same price as a London flat...but which would YOU choose
A 12th-century Welsh manor with its own banqueting hall is on the market for the same price as a flat in central London. Tucked away in the Welsh countryside, Crick Manor dates back to the year 1270 and has been in the same family since since 1971. Situated in the village of Crick, Monmouthshire, the house has good transport links despite its quaint surroundings. The four-bedroom home also comes with its own Banqueting Hall with stone-arched windows dating back to 1270. The stunning manor is available as a freehold for £750,000. For the same price, a one bedroom flat in Marylebone in London with just 511 square foot of space is on the market. Crick Manor has been described as an historic residence with features including stone walls and inglenook fireplaces. The iconic banqueting hall is currently being used for business purposes and has two raised platforms for office and work space. The description for the property said the hall could be used for events, parties, or could be adapted as a luxury living space. Beneath the hall, there is a basement with an original cobbled floor which was once used as a kitchen for the hall. The property also features three stone-faced outbuildings, including a garage/workshop with shutter doors, a stone shed and a detached workshop with power and lighting. Inside the main house, a porch leads through to a dining hall with exposed stone walls, timber beams and an inglenook fireplace with a gas coal effect fire. The dining hall provides access to the kitchen, inner hallway, and a spacious lounge, which features exposed stonework, wooden beams and another fireplace. The kitchen is equipped with a range of wall and base units, providing space for appliances, including fridge, freezer, dishwasher, freestanding cooker and washing machine. There are four double bedrooms and a large loft room which the listing says is suitable for conversion into additional bedrooms. There is a family bathroom with a bath, washbasin and a bidet. Another shower room is located next to one of the bedrooms, which could be converted into an ensuite bedroom. The property also covers around half an acre of grounds, with multiple seating areas, a rear patio and a car park with enough space for multiple vehicles. Crick Manor also presents a business opportunity. The listing says that the property is perfectly suited for a range of business ventures, with its ample parking, sizeable gardens and huge Banqueting Hall. Meanwhile in London, and coming in at the same price as the manor, a one-bedroom appartment in Marylebone is up for sale. The home is around 40 times smaller than the grounds of Crick Manor, but does sit on a 'quiet street close to the attractions of the West End', according to the listing. It features just three rooms, a bedroom, kitchen and reception room. The property is also a short walk away from Regent's Park as well as the amenities and attractions of Baker Street.
Daily Mail
2 hours ago
- Daily Mail
The ritzy suburbs in one Aussie city where house prices are plummeting
Property prices in some of Sydney 's most glamorous suburbs have taken a tumble despite Australia's otherwise soaring real estate market. The city's eastern suburbs of Vaucluse, Waverley, Woolloomooloo and Darlinghurst have seen median price falls of up to $750,000. Affluent northern beaches suburbs Manly and Fairlight have also seen big decreases in property prices over the past year. Despite falling interest rates leading to an increase in real estate value across the rest of the market, Sydney's most glitzy neighbourhoods have seen prices plummet. Buyers have instead been turning to more affordable areas as cost-of-living pressures continue to affect Aussies, according to PropTrack data reported by The reduction in demand in these usually sought after neighbourhoods has put pressure on sellers in these affluent areas while buyers have been given more power to negotiate. Over the past year, prices in the areas listed, found in the eastern suburbs and northern beaches, fell by an average of more than 14 per cent. Manly property prices were an average of around $750,000 lower this year compared to 2024 while in neighbouring Fairlight, the difference was around $600,000. North shore areas including Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield have also seen huge falls between 10 and 14 per cent. Southern suburbs Blakehurst, Woolooware and Kingsgrove have seen significant falls in house prices as well as Glebe and Strathfield South, in the inner west. REA Group economist Eleanor Creagh said uncertainty about the global economy played a huge role in the falling property prices in affluent areas. 'Buyers in some premium markets may have been more cautious,' she said. 'These buyers are typically less sensitive to mortgage rates and more responsive to broader macro-economic factors. 'With recent uncertainty around the economic outlook and volatility in equity markets, some high-end buyers may be exercising caution (and) delaying upgrade decisions.' Ms Creagh noted that this was in contrast to a rise in Aussies looking to buy houses in areas in the cheaper end of the market. The Reserve Bank's rate cutes in February and May have resulted in the borrowing capacity for prospective buyers increasing. This increase has helped to fuel a rise in property prices in some areas, Ms Creagh said. Although weakness in the market late last year just before the rate cuts needs to be taken into account when looking at the annual price figures. Auctioneer Damien Cooley, director of Cooley, one of Sydney's biggest auction houses, said house buyers were not interested in properties with drawbacks unless they were being offered at significantly reduced prices. Homes that are considered 'A-grade', and provide a buyer with everything they are looking for, are still selling well. But, 'C-grade' and 'D-grade' homes that require substantial improvements were struggling, Mr Cooley said.
Reuters
8 hours ago
- Reuters
Australia PM Albanese to meet with Trump on G7 sidelines in Canada
SYDNEY, June 15 (Reuters) - Australia's Prime Minister Anthony Albanese said he would meet with U.S. President Donald Trump at the Group of Seven summit in Canada for talks on the AUKUS defence pact and tariffs, in what will be the first face-to-face meeting between the two leaders. Albanese, who this month said he was looking forward to a "face-to-face" meeting with Trump without saying when it would occur, said he would meet Trump on Tuesday on the sidelines of the G7 summit, which starts on Sunday. "We do have a meeting scheduled. Obviously, there are issues that the US President is dealing with at the moment, but I expect that we will be able to have a constructive engagement," Albanese said in Seattle on Saturday, according to an official transcript of his remarks. "Obviously, we'll raise tariffs, we'll raise the importance as well of AUKUS, and we will have a discussion as two friends should," Albanese added. Washington's request for Canberra to raise defence spending to 3.5% of gross domestic product from 2% is also expected to feature in the meeting. The confirmation of talks comes after the Pentagon said this week it was reviewing its AUKUS nuclear submarine partnership with Australia and Britain. Australia, which sees the submarines as critical to its defense amid China's expansive military buildup, has said it will work closely with the U.S. on the review. AUKUS, to which Australia has pledged A$368 billion over three decades, was formed in 2021 to address worries about China's growing power. "I look forward to building on the very constructive phone conversations that we've had on the three occasions that we've had the opportunity to talk," Albanese added. A key U.S. security ally, Australia on Saturday welcomed a key U.S. warship to Sydney Harbour ahead of joint war games that will see more than 30,000 personnel from 19 militaries take part in Talisman Sabre, the largest Australian-U.S. war-fighting exercise.
