Mortgsge wannabe

amled

I am 53 and was never in a position to buy my own home. With all of the different help to buy schemes I have been searching for one to suit me>


1: I live in an housing association property - I cannot buy my property as the housing association have not signed up to any of the schemes, also my property was built after a certain time.


2. Help to buy. Cannot raise enough for the deposit and even if I did, in London, my wages do not stretch to being able to afford to buy any housing, even on shared ownership


3. When I look at all of the properties being built, I am starting to feel like a second class citizen as there are so many of these properties, costing over 650.000 and they are all being sold.


I rent my flat and am beginning to feel like a second class citizen as I actually hear people referring to people like myself who rent as 'poor people'


In the past with family commitments, I have not been able to save enough form my earnings to pay a mortgage, my income is sufficient to pay a mortgage but not to save the deposit.


Any one know of any schemes or ideas what I can do at my age to get a mortgage?

Lilla_D

Hi there,

It does sound like that you are aware of the potential options (Right to Buy, Help to Buy, shared ownership), just these are not feasible around where you live. Consequently, it may be an idea to move outside London and commute to work or relocate entirely with a new job closer to the new home in a cheaper area. I realise that this may not be the most appealing thought, but it's an option to consider.

Help to Buy accepts 5% of the total property value, shared ownership accepts 5% of the share you'd buy and there are lenders offering 95% of the full purchase price without any scheme. So dependent on where you buy and for how much, having a small deposit can be ok.

Most lenders accept your earned income up to the age of 70 and if you really are on low income, so you have benefits (e.g. working tax credit), then this could also be accepted for assessing the potential borrowing.

If you still can't save for a deposit (plus purchase related costs), then maybe a family member could help with a gift towards the deposit. However, if saving for a deposit is mission impossible, then perhaps it's a better idea to review other things first: your income (any other jobs where you could earn more?) and your spending (any areas where you could spend less?) before thinking of buying a property.

Not sure if the above helps, but perhaps food for thought.