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mortgage - is it hopeless?
goatelope16
Posts: 20 Forumite
Hi,
I am now 39, and have struggled quite a bit financially in life.
I have now paid off my almost all of my debts. I just have around 3000 left on one credit card, and am slowly paying it off - no overdraft, no other debts.
But - no savings.
My dream is to get a mortgage but I was hoping for some advice about my best options, given no savings. Is it even realistic that I could get a mortgage given it will take me years to save up? I still have to pay off that one credit card and so it seems like I will be 40 by the time I have done that and have a tiny amount of savings.
I am now 39, and have struggled quite a bit financially in life.
I have now paid off my almost all of my debts. I just have around 3000 left on one credit card, and am slowly paying it off - no overdraft, no other debts.
But - no savings.
My dream is to get a mortgage but I was hoping for some advice about my best options, given no savings. Is it even realistic that I could get a mortgage given it will take me years to save up? I still have to pay off that one credit card and so it seems like I will be 40 by the time I have done that and have a tiny amount of savings.
0
Comments
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It depends on a few things.
What are property prices like where you want to buy?
What is your income
What are your main outgoings
How quickly could you save a 5%deposit
Do you have any family who would gift you any money to help.
You could still take out a 25 year term at the age of 40 or 41 if you plan to work to 66.0 -
Thanks for swift response0
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Move back in with family , cut your outgoings for a while and build a deposit. Once the debt is clear. Open a cash LISA. This would provide you with a savings boost towards a purchase.0
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That isnt an option for me - there is nobody to move in with!0
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goatelope16 wrote: »That isnt an option for me - there is nobody to move in with!
House share?0
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