Mortgage prospects

hopalot

I really need some advice as my situation is causing me anxiety .

My situation is my I am currently rent a house but have been served a dreaded s21 notice to leave in approx 6 weeks.(with my small school age family)

I have been happy renting as the cost was ok so did not previously explore buying my own house when in retrospect I really should have done. I am in a position where I could get a decent mortgage which would be less than my rent payments

Currently my current credit rating is good on the checks I have done

I recently turned 39 and I understand that getting past 40 is not great for getting mortgages for 25yrs

I am in a position where I could get a mortgage due to recent inheritances but with the s21 looming, I feel that I don't have enough time to find somewhere to purchase and feel that rushing into a purchase would be a mistake


Bad points

I'm worried what will happen to my credit rating and chances of getting a mortgage when I move address to a new rented home.

Rental prices in my area seem are around 20% more than I am currently paying.

I would need to sign up for a minimum 6 month AST so I 'll be another 6mths older for the mortgage companies which cant be good

What will these changes do to my chances of a mortgage (and settling my family to a permanent home)

Would a mortgage lender consider me if I am at my new rented address for less than 6 months when I apply?

Should I try and apply for a mortgage now and hope that the offer lasts long enough until I find somewhere? 3-6months?

What happens to a mortgage offer if I move address? Is it still valid?

Does the mortgage offer have to be on a specific property (or could i get a mortgage offer of say £100k to use on a property I havent found yet?)

All helpful advice welcomed

ACG

Your age is not an issue, you can get a Mortgage up to your retirement age. So a 25 year term mortgage will be fine.

Moving house will impact on your credit score but it should not be a deal breaker.

You can get a decision in principle but you can not apply fully until you have found a property and had an offer accepted.

If in doubt, speak to a broker. Our job is not limited to find the Mortgage we are there as a sound board and to "hold your hand" so to speak.

AnotherJoe

Start with another rental so you can look around and find the best house, not just a house.

You don't turn into a pumpkin age 40 so chill on that respect. Do you need to get a 25 year mortgage anyway.? Maybe a shorter one would work for you? Use the time to find a broker who can work with you and advise on your options.

Debtslayer

What's the reason for receiving an S21 notice? Is your landlord selling?
Firstly don't worry about turning 40, it's not the end of the world!
You can get a mortgage for any term, it doesn't have to be 20 or 25, can be 22 or 24 etc. Do you really need a 25yr mortgage? What would be your ltv?
Secondly, even if you happened to find a property you like now the purchase process takes a lot longer than 6 weeks. Have you started looking around to see what's available?
Would you have family and friends you could stay with in the meantime while a house purchase was going through?
If not then it's probably best to go for another short term rental of 6 months and use that time to look for a property to buy, considering purchases can take anything from 10 weeks plus, that will behalf on your new 6 month term anyway. Ref address change, I can't see it having a significant impact as long as you have traceable address history for the last x amount of years. It surely happens all the time in the world of renting!

dimbo61

You are thinking far too deeply about this.
You are nearly 40 and you have a deposit
It your income supports a mortgage you require to buy a family home suitable for your needs then get on rightmove today and start looking.
It could take another 2/3months after the s21 comes into effect before the LL can evict you.
I think its about time you bought a home of your own.