Broker question - First time buyers criteria?

Tao88

Can someone please confirm I am right?
From what I'm reading, under the impression in my circumstances, I would not qualify for a first-time buyers mortgage.
Late fifties. Never bought a property or had a mortgage, but own a property of relatively low value due to needing full renovation.  
Hence, why I need a mortgage to purchase a main residence or means of raising enough capital to renovate old property as main residence.

I really very green regarding this whole subject, so any further advice or tips would be very much appreciated, re-note below.

(Whichever financing route I manage to find and take at my late stage in life and whether I renovate or buy a property as main residence.  I am not concerned with leaving capital within property as inheritance once I am gone, more concerned with providing myself with stability of a good home to comfortably reside in, up to and past retirement)

Many Thanks :-)

MovingForwards

What's the deal with this old property? Has it been unlived in for years?
How much would it cost to renovate?
How much is it worth at the moment?
Would it be worth more than the renovation costs when it's done?
Do you want to live in this property?
Is this property in the UK?
What's your current housing situation?
What's your income?
Any current / historic debts, bad credit history etc?
What price range of property would you want to buy if you purchased a new one and forgot (sold) the old one?

You would need a specialist mortgage for renovating the house. This means you need a bigger deposit and the money to start the renovation off. Plus all the associated fees / costs for getting the project off the ground.

With a new (old or new build) you will need a minimum 10% deposit, ideally upto 20% as lenders are temperamental at the moment, plus your legal costs etc. Depending on the value of the existing property you may have the second home SDLT / LBT or Welsh / Irish equivalent.

Buying a ready to move in, aside from decoration, means you are in, can settle and not worry about delays with repairs, getting contractors, waiting sign off or work etc.

Whatever route you want, a broker would be best due to the existing property.

So, what do you really want to do?

Tao88

Thanks MovingForwards:  The property has been lived in for most of its life, is in the UK and I currently live here.  I had hoped to.be able to renovate it myself but not having any contacts in the building trade and looking at how much needs doing, I'm guessing it would be too much of a project for someone like me to take on, especially as a woman on my own?! (not that I think women are less capable in any way and I can be pretty resourceful, but men tend to have more experience & contacts regarding this type of thing?!)
I'm disappointed as, the house is in such a desirable area and offers a lovely quiet and safe spot to live, ideal for retirement!

I need No.1 get the place valued & No. 2  contact contractors to get an idea of potential costs involved to renovate and if it would put suitable value back into the property.

How do I begin to find good, reliable contractors?
Do they charge for time given with discussing renovation ideas properly and quotation?
How would I determine how much it would cost for someone to project manage the job for me?  Can I expect contractors to be able to detail that info. for me?

Sadly, will probably have to accept it'd be too much of a challenge and possibly a bit risky to take this sort of project on myself but would love for someone to prove that wrong!

I'll speak to a broker as soon as I've managed to have the place valued.  
How do I begin the process of valuation?....Do I just ring up a few local Estate Agents to come to do it?

Sorry for my obvious ignorance.  Really appreciate you taking the time to come back to me  Thank You.

MovingForwards

I can't comment on the renovation side and what's involved as I only know what I do about them because of watching TV but @FreeBear and @Doozergirl (she does it for a living) and will be able to guide you.
The renovation idea is more suited to the in my home and DIY section.
https://forums.moneysavingexpert.com/categories/in-my-home-includes-diy-moneysaving

Regarding valuation you could get three estate agents round, say you are contemplating selling as it is and ask they think how much it would sell for and what they would market it at. Also ask about their fees etc just in case you do go down the sale route.

As a woman I do love getting stuck in to tasks and playing with power tools, but would also draw the line at trying to renovate a whole property in one go. It's one thing taking things out to give a blank canvas but another doing rewiring, plumbing, gas pipes etc 😁