Is there any hope I could get a mortgage?

ScrimpingMum_2

I assumed no one would give me a mortgage, but a friend thinks otherwise, so I thought I would ask you lot!

I am 47, newly single. I am on a lowish income - I earn about 15,500 a year, but I get about £5000 WTC and 6000 child maintenance, so around £26,500 per annum.

I have around £30,000 from a previous house sale, most of which I invested and is tied up for 2 years, so I would be looking to buy after then, when I will be nearly 50!!

Am I too old? Is it possible to get a mortgage on my income at my age? I don't want to work beyond 67, so by then I will only have 17 years working life left. And I won't get the maintenance and WTC forever either - another 5 years tops I think. If the kids want to stay they will have to pay!!

I would be hoping to buy something in the region of £200,000. You can't get a shoe box round here for less than that - that would be something like a 2 and a half bed terrace.

I had a look on the share to buy scheme, but I did their calculator and they would only lend me about £100,000 for that scheme - there is nothing round here at that price and the scheme is ending soon anyway.

If not, then any ideas of other ways of getting back on the propery ladder? I hate the thought of the insecurity of renting in my old age.

LilacPixie

I think the chances of gettign a 170k mortgage on a 16k salary is pretty much impossible and TBH quite scary. you do get child maintanence so that suggests you have at least one dependent. 170k over 15 years at 7% is over £1500 a month repayment by my count, with your salary you must only come out with about 1k a month.

USM

In all honesty, even if you were 20 you would struggle to get a mortgage of that size on your salary.

Even if you found a lender who would take into account all of your additional income (which is unlikely), you'd still be asking to borrow 6.5x your salary when the normal is around 3.5x.

spadoosh

me and my g/f have been looking to get a mortgage, joint annual income is about 38000. Im 23 and she is 25, the most we have been offered is 137k with a 15% deposit. In order for you to get a mortgage that large you would need to put down a substantial deposit and the 30k you have is only a 15% deposit which is one of the lowest LTV mortgages available.

I think you would struggle tbh.

beecher2

I can't see how you have a chance of getting a £170,000 mortgage. Even if your wage was double what it is you would struggle.

_Andy_

No lender is going to lend you that amount (or near to it) so you will need to rethink your plans.