Is There Anything Out There?

MrJello

Hi All,

I think I already know the answer but I'm putting it out there just in case anyone 'in the know' has any info!

My circumstances are that I am 50 years old, I currently rent, I have reliable employment and I would like to buy a property. I last had a mortgage seven years ago when we had to sell the property due to a relationship break up. After all was paid off, there was no equity. Because of this, I understand that I can never be classed as a first-time buyer. I am now in another relationship with someone who is a first-time buyer but whose income alone is not enough for our mortgage needs. We have a 5% deposit saved and as 95% LTV mortgages disappeared we were well on our way to a 10% deposit which have now also disappeared. The best you can now get is 85% LTV which will take years to save and my age is not in our favour for mortgage purposes.

We have found that the Help To Buy scheme is available to us but this restricts our options to new-build properties that have to be signed off by the end of this year as it is changing early next year so it will only be eligible for first-time buyers, therefore ruling me out. I know Boris has talked about bringing 95% mortgages back but it is likely to only be for first-time buyers.

It seems to be that all the focus is on first-time buyers which is fair enough but there must be a lot of people like myself in a similar position who don't own a property but have had a property in the past so will never be classed as a first-time buyer, have a steady income so affordability isn't an issue but don't have enough saved for a 15% deposit. I would guess this is quite a large market of potential house buyers who could really stimulate the housing market?

Is it really the case that there is nothing out there for people like me apart from an 85% LTV mortgage or the Help To Buy as long as it's done before the end of 2020?  

 

Stenwold

90% LTV mortgages haven't disappeared completely, they just aren't around for very long (literally a day or two in some cases). My advice would be to get in contact with a good broker who will keep you in the loop when any 90% mortgages become available, and be prepared to act fast.

Good luck.

ACG

There are 90% mortgages available, although some are limited to first time buyers.

Speak to a broker, there should be something out there for you from what you have said. 

MovingForwards

Have you thought about looking a little further out? Potentially your money will go further and the deposit to save could work out lower.

I purchased 20 miles away from where I was renting. What I own (with a mortgage) would have cost me £100k more for something similar if I tried to buy near where I was living at the time.

haras_n0sirrah

Shared ownership is another option to consider. That isnt first time buyers only