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60-90k but can't get a mortgage
Dave_foody
Posts: 1 Newbie
Hello, I'm due to inherit between 60 and 90k but as I've been unemployed or on very low income (average 6k p.a.) for so long I will be unable to get a mortgage. I would like to invest in property but don't really know where to start. I've considered buying land and waiting for the price to go up as I carry on renting but would like to know if anyone has any other suggestions??
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Comments
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If you are on unemployed or on a low income then you probably can't get a mortgage due to the fact you are unable to make the repayments.
Can this sum of money buy somewhere for you to live rather than be tied up in an investment?
Also are you on any benefits? as this sum of money will effect those and therefore you may need access to the money for daily expenses.0 -
Depending on the reasons why you are unemployed, would you be able to make better use of the money by paying for some training, so you'd be able to get job?
If not, you might be better looking at investing the money in a fund and using the income to live off.
As mlz says, this will affect any benefits you get, so disclose it as soon as you get it.0 -
On such a low wage it would be insanity to give you a mortgage.
You should look to buy with the money you get if you want to do that.
You can buy property in North Manchester for that much...0 -
Even if you bought somewhere outright with the inheritance you would still have the ongoing cost of maintaining the property and paying for running repairs. I don't see how someone could afford to do that on only £6k per annum.
The suggestion of using some of the money for training or eduction to give you some employment prospects is a sound one and what I would be giving very serious consideration to.0 -
Is there any reason you cannot find work? I would only invest in a house you plan to live in. Then you could take in a lodger or two in the spare rooms. Perhaps using the rent to get trained in something.Been away for a while.0
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Dave_foody wrote: »Hello, I'm due to inherit between 60 and 90k but as I've been unemployed or on very low income (average 6k p.a.) for so long I will be unable to get a mortgage. I would like to invest in property but don't really know where to start. I've considered buying land and waiting for the price to go up as I carry on renting but would like to know if anyone has any other suggestions??
If you are on means tested benefits any asset apart from your own home will be taken into consideration. You may find you will not be entitled to any benefits until you have spent your capital which would be a waste. Do you really need to stay in the area you live in now? It doesn't seem that you are tied to it work-wise nor that there are very good employment opportunities. In many parts of the country (north) you could buy a very nice two bedroom flat, even a modest three bedroom terrace outright.
BitterandTwisted is right to consider the ongoing costs of home ownership, but if you bought a fairly new property you should not have any nasty surprises. Obviously leave yourself a few thousand in the bank for emergencies! If you are willing to let a room you can get around £4K per year tax free income which would help with any service charges or maintenance.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
What about a shared ownership property? Depending on where you live.
In lincolnshire you could get a terraced house for that. A nice on at £90.000.
You will have to disclose inheritance to DSS as you are only allowed a certain amount in savings and they would consider it fraud if you dont disclose it.
I dont know why you should be judged for being unemployed. Employers have already admitted they wouldnt take on people with certain health problems and its not as simple as some people make out.If you find something irritating in my post or that you disagree with,then please don't jump on me ,just please ignore my post.I have come to the site for useful information and not to argue. thanks.0 -
I dont know why you should be judged for being unemployed. Employers have already admitted they wouldnt take on people with certain health problems and its not as simple as some people make out.
Not sure who you are thinking is judging, but at least two people who posted apart from the OP are on JSA at present!
Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Actionman, no-one has judged anyone on this thread at all! Every single poster has come up with spectacularly neutral comments and some very useful and helpful suggestions. I respectfully suggest that you brush up on your English comprehension skills asap before your lack of them gets you into serious trouble0
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Not sure who you are thinking is judging, but at least two people who posted apart from the OP are on JSA at present!
at least 3 million are. More so the young with limited experience/only have a mere degree...Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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