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Can I ever buy a property on 30k a year by myself? I am 36 years old

Hi Everyone
I am 36 years old, I want to buy a property for around 170-180k, idealy a 3 bedroom semi house. 
I have a 20k Deposit, 
I have never had a pension or saved in one other than the government pension where you pay a little every month via salary,
I earn around 30k a year

Now im sitting here and wondering where I went wrong, Yes I should have started saving in my 20s but my mind was in another place then. Im trying to put things right,
So im asking how much is a good deposit to save to get a good loan to value and cheap deals so im paying the banks the least amount of interest for a mortgage? How about 40k deposit? However by then the property prices will go even higher


If they is anyone out there that can make me feel positive I would appreciate it. Yes Im 36 years old, 

Thank You Everyone :blush:



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Replies

  • edited 17 February 2020 at 3:37PM
    swaledale_oneswaledale_one Forumite
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    edited 17 February 2020 at 3:37PM
    5 years ago I was in my 40's on under 17k when i got my first mortgage on a 3 bed detached with garage,  okay it was under 100k but hey if i could manage it you most certainly can too.
  • IloveElephantsIloveElephants Forumite
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    5 years ago I was in my 40's on under 17k when i got my first mortgage on a 3 bed detached with garage,  okay it was under 100k but hey if i could manage it you most certainly can too.
    Thanks for the positive message
    How much Deposit did you put down and hold did it take you to save the deposit?
  • IloveElephantsIloveElephants Forumite
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    *typo

    How long did....
  • Penguin_Penguin_ Forumite
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    3 Years ago, I was earning £26,000 & got a mortgage for £80000, with a £9,000 deposit.
  • DurbanDurban Forumite
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    Ask on the Mortgage board.  Some good advice there
  • edited 17 February 2020 at 5:22PM
    A_Frayed_KnotA_Frayed_Knot Forumite
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    edited 17 February 2020 at 5:22PM
    Yes, you can do it.
    8 years ago, I was coming up for 52 yrs old and got my 1st mortgage,  although they would only give me an 18 year mortgage - that was still way too long for me, and I was earning just over half what you earn.  My secret was not to max out what they would lend me, that way I had what you might class as "spare cash".  Oh, and I'm now  MF for 14 months and a part-time worker.
    Get to it  :
    ps. To answer your question, normally mortgage rates go lower, in the 60% LTV rate.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • IloveElephantsIloveElephants Forumite
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    Durban said:
    Ask on the Mortgage board.  Some good advice there
    Hi Durban
    Shall I copy and paste the message on that threat? Thank You 
  • IloveElephantsIloveElephants Forumite
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    Yes, you can do it.
    8 years ago, I was coming up for 52 yrs old and got my 1st mortgage,  although they would only give me an 18 year mortgage - that was still way too long for me, and I was earning just over half what you earn.  My secret was not to max out what they would lend me, that way I had what you might class as "spare cash".  Oh, and I'm now  MF for 14 months and a part-time worker.
    Get to it  :
    ps. To answer your question, normally mortgage rates go lower, in the 60% LTV rate.
    Hi Frayed

    Thank you for your answer, it made me feel positive.
    If you dont mind me asking how much was the price of your property and loan to value?

    Thanks



  • A_Frayed_KnotA_Frayed_Knot Forumite
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    Hi Frayed
    Thank you for your answer, it made me feel positive.
    If you dont mind me asking how much was the price of your property and loan to value?
    Thanks



    I bought at auction - so a bargain  :)  Got an 80% mortgage, could have paid a larger deposit but as you can imagine, the property needed a lot doing to it, and was too scared to run out of cash, better to be safe than sorry as they say, as nobody else would bail me out. 
    After all work done, took about a year, that's when I started my MF journey, and went at it, make a goal, not too out of reach and once that's reached, make another, you soon get the bug. Now feeling a little smug as property has increased in value by around 40%.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • A_Frayed_KnotA_Frayed_Knot Forumite
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    Have you tried the calculator to see if you would be offered the amount you require for the property you are looking for?
    you could take it from there.

    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
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