Am I ever going to be able to buy a house

indigoblue11

I’m a single first time buyer and looking at shared ownership properties as this is the only way I will ever be able to buy. 
I have spoken to a mortgage broker and he said my affordability is ok and to start looking at properties. I found one I like and put in an enquiry, they came back to me and said the total cost must be 45% or less of my salary. My total monthly costs are 58.46%. 

It’s the cheapest shared ownership property I have seen. I currently live in rented propert where the monthly payment of that is £300 more than the shared ownership would work out to. 

It’s really frustrating that help to buy approved my affordability but after putting in an enquiry with the new build. They said no. 

I’m so stuck with this and I’m now at a stage in my life where I want to buy before it’s too late to get a mortgage to retirement. 

joshiesaunt

You can get mortgages up to 75 years of age and beyond now if you have retirement income.  Can you increase your income?

ACG

joshiesaunt said:

You can get mortgages up to 75 years of age and beyond now if you have retirement income.  Can you increase your income?

I just cant imagine the OP reading your question and thinking "oh yea!". If the OP comes back now and says this has helped them to get a mortgage I will eat my shoe hahaha - love it.    

(sorry, my "joke" was about the increasing income comment, not the lending to 75).

indigoblue11

ACG said:

joshiesaunt said:

You can get mortgages up to 75 years of age and beyond now if you have retirement income.  Can you increase your income?

I just cant imagine the OP reading your question and thinking "oh yea!". If the OP comes back now and says this has helped them to get a mortgage I will eat my shoe hahaha - love it.    

(sorry, my "joke" was about the increasing income comment, not the lending to 75).

I don't get the joke. But increasing my income!!?? oh yeah i'll just go out and get a 100k job tomorrow. dohhh

jasonf90

How about getting a flat?

MovingForwards

Same way most people do, look further out, at a whole range of properties and keep saving.

I was adamant I wanted a bungalow or end terrace house. I actually celebrated my 45th in a lovely flat, with a private garden and views which are breathtaking.

GoingOn30

Are you making the most of your savings towards a deposit with a lifetime ISA? 
Can you minimise your outgoings over the next 6 months or take on another part time job to boost your deposit?
Can you wait and see what 95% mortgages become available over the next few weeks after the budget announcement tomorrow?

indigoblue11

MovingForwards said:

Same way most people do, look further out, at a whole range of properties and keep saving.

I was adamant I wanted a bungalow or end terrace house. I actually celebrated my 45th in a lovely flat, with a private garden and views which are breathtaking.

I live in a flat now and its been a nightmare, the man who lives opposite me smokes cannabis and its stinking my flat out. I want a house but im not fussy on it being mid/end terrace. I just want a house with a garden.

MovingForwards

indigoblue11 said:

MovingForwards said:

Same way most people do, look further out, at a whole range of properties and keep saving.

I was adamant I wanted a bungalow or end terrace house. I actually celebrated my 45th in a lovely flat, with a private garden and views which are breathtaking.

I live in a flat now and its been a nightmare, the man who lives opposite me smokes cannabis and its stinking my flat out. I want a house but im not fussy on it being mid/end terrace. I just want a house with a garden.

The lad next to me does, a few hours with caulk in the lounge and new draught excluders round the door stopped it. Even when all his mates come round the smell doesn't come in now.

indigoblue11

I went for a S&S ISA with Moneybox instead of the lifetime ISA. Reason being I’m may not 100% be able to buy a house, and the penalty for withdrawing other than for a house purchase if I don’t is not great. Also you need to have it for 12 months before you can buy with it and im hoping to buy this year. 

Will see how I get on

grumiofoundation

indigoblue11 said:

I went for a S&S ISA with Moneybox instead of the lifetime ISA. Reason being I’m may not 100% be able to buy a house, and the penalty for withdrawing other than for a house purchase if I don’t is not great. Also you need to have it for 12 months before you can buy with it and im hoping to buy this year. 

Will see how I get on

This makes little to no sense.
Your argument for opening a S and S ISA seems to be you may not buy but your argument for not opening a lifetime ISA is you want to buy within 12 months...?

If you are looking to buy within a year you should not be investing money for a deposit in the stock market (unless you are happy to accept the quite high risk of getting back less than you have paid in). 

You can open a lifetime ISA with £1 to get the clock ticking, then if in 12 months you haven't completed lifetime ISA is ready to use.