Can I buy a house alone at 36 still and how?

IloveElephants

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, 
Someone told me to get the best deals I need 40% deposit loan to value. 
Thank You Everyone 

Suzuka96

4.5 c salary leaves you with needing 35 to 45 grand deposit. 

NewShadow

You've not 'gone wrong' - you've followed a different path... and £20k isn't nothing you know  

I'm 35 this year earning around the same as you and am just in the process of buying a three bed 'forever home' as a FTB for £130k - the DIP I got suggests I could have pushed to £150 and a little more, but I found the house I liked for less than I thought I'd need so - don't give up!

I decided I was ready to buy a house about 4 years ago - first thing I did was work up a budget to figure out what I could save each month, then opened a LISA to get the 25k bonus. It means that, while I've got a decent deposit - £4k was a gift from the Government;

And, while I'll be spending money doing up the house - I'm going to keep paying into the LISA each year until I'm 50 so I can take the lump sum at 60 of £60k plus the gift of £15k from the tax man... so it's not too late to give your pension a boost either 

Moneyminded

Do you actually NEED a 3 bed home? Do you have dependants?
If you don't NEED a 3 bed house what would it cost for a 2 bed property instead?
Don't forget you will need to budget for solicitors fees, stamp duty (assuming you're in England) and moving costs as well as potential mortgage broker or arrangement/ product fees on top of your deposit. 
Have a play around with some mortgage calculators to get an idea of what you can borrow, with a 30k salary I suspect £150k is the upper limit of what you will be able to get, working back from that will determine the level of deposit you need. If you have other outgoings such as debt repayments this will impact the mortgage amount. 
36 isn't too late so don't panic. If home ownership is something you really want there is time

MovingForwards

Perhaps set your sights a little lower, a 2 bed semi or terraced house.

10% deposit, just to be on the safe side.

Plus legal fees, mortgage fees, survey fees etc.

Generally it's 4.5x income that can be lent. So about £135k plus your deposit.

The other options are using the help to buy loan, plus a 5% deposit, but it's limited to new builds, which are more expensive than 'used' properties. 

Looking at shared ownership, staircasing to get to 100% ownership, but then it's mortgage / rent and all repairs you are paying.

I'm in the next decade age bracket than you, there's people in the next one that are buying.

Speak with a broker and see what your options are.

IloveElephants

NewShadow said:

You've not 'gone wrong' - you've followed a different path... and £20k isn't nothing you know  

I'm 35 this year earning around the same as you and am just in the process of buying a three bed 'forever home' as a FTB for £130k - the DIP I got suggests I could have pushed to £150 and a little more, but I found the house I liked for less than I thought I'd need so - don't give up!

I decided I was ready to buy a house about 4 years ago - first thing I did was work up a budget to figure out what I could save each month, then opened a LISA to get the 25k bonus. It means that, while I've got a decent deposit - £4k was a gift from the Government;

And, while I'll be spending money doing up the house - I'm going to keep paying into the LISA each year until I'm 50 so I can take the lump sum at 60 of £60k plus the gift of £15k from the tax man... so it's not too late to give your pension a boost either 

Thank you so much for your uplifting comment post. Im glad im not the only one in my situation
When you brought your home hkw much was your mortgage per month and what is it now?

Thank You

IloveElephants

Moneyminded said:

Do you actually NEED a 3 bed home? Do you have dependants?
If you don't NEED a 3 bed house what would it cost for a 2 bed property instead?
Don't forget you will need to budget for solicitors fees, stamp duty (assuming you're in England) and moving costs as well as potential mortgage broker or arrangement/ product fees on top of your deposit. 
Have a play around with some mortgage calculators to get an idea of what you can borrow, with a 30k salary I suspect £150k is the upper limit of what you will be able to get, working back from that will determine the level of deposit you need. If you have other outgoings such as debt repayments this will impact the mortgage amount. 
36 isn't too late so don't panic. If home ownership is something you really want there is time

Thabks for your comment,

Yes i will be also looking after my grandparents and hope to one day have a wife and children 

IloveElephants

MovingForwards said:

Perhaps set your sights a little lower, a 2 bed semi or terraced house.

10% deposit, just to be on the safe side.

Plus legal fees, mortgage fees, survey fees etc.

Generally it's 4.5x income that can be lent. So about £135k plus your deposit.

The other options are using the help to buy loan, plus a 5% deposit, but it's limited to new builds, which are more expensive than 'used' properties. 

Looking at shared ownership, staircasing to get to 100% ownership, but then it's mortgage / rent and all repairs you are paying.

I'm in the next decade age bracket than you, there's people in the next one that are buying.

Speak with a broker and see what your options are.

You are very kind,

Yes I will have to speak to a broker this week and see what my principle mortgage figure is to get a rough idea. Thank You for your kind comment aswell

NewShadow

IloveElephants said:

NewShadow said:

You've not 'gone wrong' - you've followed a different path... and £20k isn't nothing you know  

I'm 35 this year earning around the same as you and am just in the process of buying a three bed 'forever home' as a FTB for £130k - the DIP I got suggests I could have pushed to £150 and a little more, but I found the house I liked for less than I thought I'd need so - don't give up!

I decided I was ready to buy a house about 4 years ago - first thing I did was work up a budget to figure out what I could save each month, then opened a LISA to get the 25k bonus. It means that, while I've got a decent deposit - £4k was a gift from the Government;

And, while I'll be spending money doing up the house - I'm going to keep paying into the LISA each year until I'm 50 so I can take the lump sum at 60 of £60k plus the gift of £15k from the tax man... so it's not too late to give your pension a boost either 

Thank you so much for your uplifting comment post. Im glad im not the only one in my situation
When you brought your home hkw much was your mortgage per month and what is it now?

Thank You

"am just in the process of buying a three bed 'forever home' as a FTB for £130k" - I'll let you know once I've made my first mortgage payment... in about two months  

Forecast is to drop from about £575 monthly rent to around £400 per month mortgage - but balanced by slightly increased council tax and increased heating costs for a larger space.   

The main aim is to not be paying rent/mortgage by the time I retire - and have the choice of doing so from 60... 

Dancer11

You’re definitely not too old!  I’m a FTB, just turned 44 and hubby and I are waiting to complete on a 2 bed terraced house in the South East. 

IloveElephants

NewShadow said:

IloveElephants said:

NewShadow said:

You've not 'gone wrong' - you've followed a different path... and £20k isn't nothing you know  

I'm 35 this year earning around the same as you and am just in the process of buying a three bed 'forever home' as a FTB for £130k - the DIP I got suggests I could have pushed to £150 and a little more, but I found the house I liked for less than I thought I'd need so - don't give up!

I decided I was ready to buy a house about 4 years ago - first thing I did was work up a budget to figure out what I could save each month, then opened a LISA to get the 25k bonus. It means that, while I've got a decent deposit - £4k was a gift from the Government;

And, while I'll be spending money doing up the house - I'm going to keep paying into the LISA each year until I'm 50 so I can take the lump sum at 60 of £60k plus the gift of £15k from the tax man... so it's not too late to give your pension a boost either 

Thank you so much for your uplifting comment post. Im glad im not the only one in my situation
When you brought your home hkw much was your mortgage per month and what is it now?

Thank You

"am just in the process of buying a three bed 'forever home' as a FTB for £130k" - I'll let you know once I've made my first mortgage payment... in about two months  

Forecast is to drop from about £575 monthly rent to around £400 per month mortgage - but balanced by slightly increased council tax and increased heating costs for a larger space.   

The main aim is to not be paying rent/mortgage by the time I retire - and have the choice of doing so from 60... 

Wow keep in touch I hope it all goes well, 500 per month rent is still good value if that is what you will pay in total. Where abouts in the country are you buying?