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Getting on the property ladder
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Perfumes
Posts: 27 Forumite
Hi
Me and my other half would love to get on the property ladder,we have currently been saving for a house deposit and so far saved between £11-12k. We are both in our middle forties, but are we too old to even think about getting a mortgage? as most mortgages run for 25yrs. Tho we wouldn't want a large mortgage-our combined income/earnings is currently £20890 (without working and child tax credits and CB included) We have two daughters.
We have been renting for years and our rent is about nearly £600 a month, so we know we could afford to keep up with the repayments on a mortgage if kept at this same rate of repayments.
In addition, we are not even sure what price bracket we should be looking for with regards to choosing a property given our rate of income?
Has anyone got any suggestions? Any replies would be much appreciated
Me and my other half would love to get on the property ladder,we have currently been saving for a house deposit and so far saved between £11-12k. We are both in our middle forties, but are we too old to even think about getting a mortgage? as most mortgages run for 25yrs. Tho we wouldn't want a large mortgage-our combined income/earnings is currently £20890 (without working and child tax credits and CB included) We have two daughters.
We have been renting for years and our rent is about nearly £600 a month, so we know we could afford to keep up with the repayments on a mortgage if kept at this same rate of repayments.
In addition, we are not even sure what price bracket we should be looking for with regards to choosing a property given our rate of income?
Has anyone got any suggestions? Any replies would be much appreciated

I asked for fork 'andles(handles for forks) not four candles! God Bless The Two Ronnies :T
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Comments
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you could take say a 20 year term and pay if off before say 65...ish. Not sure exactly how old you are. you dont have to take 25 year term, 15 might even be feasible, it just it stretches the payments you will need to pay back
The real issue will be the amount you can borrow on £21K income. Do you have an idea of house price in mind?0 -
For what reason would you want to get on 'the ladder'?Debt Is Slavery.0
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I guess a lot depends on the area you want to live, and the prices of the sort of property you need.. but looking at your numbers, I'd say you're looking at a sensible budget of under well under £100k... any more than £80k and it could become a real stretch.
Will you need to spend to furnish your own home? Is the income figure you provided before or after tax? How old are the children? Are they close enough to leaving home so that you can consider holding off until you can get something smaller that will be better tailored to the longer term needs of just yourself and your partner?0 -
you could take say a 20 year term and pay if off before say 65...ish. Not sure exactly how old you are. you dont have to take 25 year term, 15 might even be feasible, it just it stretches the payments you will need to pay back
The real issue will be the amount you can borrow on £21K income. Do you have an idea of house price in mind?
Hi hcb42
yes,I guess the property would have to be in the region of between 80k to 100k,just what noodle quoted in her/his post. I am 46 and my OH is 44..
The only problem would be the area we are in,we live in Surrey,and Surrey is well known for having the most expensive priced properties.
I have searched properties much further up north and they seem to be more in line within the price bracket we could be looking for..but not quite sure if we would like to move so far away from our jobs,schools,family and friends etc. I tho have been told that there maybe some chance that if I went to an estate agents,they would maybe have something on their books that might be suitable for us..might give that a try..
noodle - yes,our combined income is before tax,daughter one is 16 and daughter two is 11. we actually have thought about maybe just waiting until our girls are much older,as you have just said noodle ( I have always thought of buying that two bed dream cottage:j
Kind RegardsI asked for fork 'andles(handles for forks) not four candles! God Bless The Two Ronnies :T0 -
Some lenders will take into account your tax credits, not all though, possibly 50%, but they don't take into account child benefit. And you might be able to get a 25 yr mortgage - depends on the lender, think this makes sense as a lot of people are going to have work beyond retirement age in the future.0
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