Mortgage help?

Quassi75

Ok, so I’m a 44 year old and for the last 7 years been paying my DMP. So I’ve had no chance to save any money. Me and my wife (who is 52) live in a housing association and have done for a very long time.

Unfortunately our HA won’t allow us to buy the house, with over 25 years worth of rent paid in it (my wife lived here before I met her), so I’ve decided to start saving for a deposit for a possible mortgage on a house.

My questions are:

Due to our age, prob 2 years on before I have 10% worth of savings. Will we still be able to get a mortgage that isn’t like a 10 year one? As can’t afford that. Our combined current wage is £42k per year before tax.

What are the chances of us getting a decent mortgage? As we can only afford approx £700/£800 tops a month.

We don’t have any other family that can be a guarantor or anything, as both our parents passed away without any form of financial support

Any expert advise would be great

Thanks

Quassi75

Any support or idea of where I could go to get support, would be appreciated

LRmortgage

Depending on your field of employment, many lenders will go to age 70 or even 75.

So based on your wife’s age as she is older than you, in 2 years time when you’re ready you should have options at between 15 - 20 years.

I would use a broker with your DMP history.