Single 43 year old female trying to buy a home

toozec

Hello, so I had a house with my ex husband, we ended up selling it in 2013, since then I have rented, 3 children (altho 1 x uni now, 1 x 6th form, 1 x 12) I have been renting 4 bed house, lovely area, landlord recently put price up to £1095 per month, I really don’t need 4 beds anymore, I could go down to a 2 bed, I earn about £90,000 a year and only have £10k deposit, I got in debt when I was married and altho I have zero debt now and haven’t for over 4 years my credit rating is still suffering. I was also v poorly about 2 years ago, was in a coma and ended up needing a transplant, will that affect my mortgage application? Do I have any opportunities out there ? Would love a 2 bed house that I could spend the next 30 years in and feel that I have security, especially with rent prices increasing so rapidly ☹️

Help?? Any options or ideas welcome !! 

Cathryn 

Anamox

What area do you live in? A 2 bed could be £450,000 or £40,000 depending on where you are.

Regardless of the above why can't you increase your deposit to something much more substantial? On a wage like that, with rent that low (£1095pcm is standard for a 2 bed semi here) and zero debt you should be able to save massive amounts?

haras_n0sirrah

Realistically you are looking at either needing a 15% deposit or going down the help to buy equity loan route. Your income is good so it will depend on what is showing on your credit report as to what your options are 

monetxchange

You need to get a tight budget in place to get your deposit boosted asap. You should have thousands left every month even after your rent. Has it taken you four years post debt to save the £10k? That's around £200 a month out of a potential £5-6k a month wage. My brother makes £16k a year and managed to save that a month for his deposit. You know you can maximise your great income better. Even with kids the money is getting massively frittered somewhere. Does your ex contribute to the kids?

It's not a criticism. It took me years to get in gear too. Have done the last couple of years really knuckling down and saving every penny and I'm just about to complete on my place plus have a buffer for moving/expenses. Another single woman just a few years younger than you here too.