New buyer mortgage help

Hhzg

I’m looking for a bit of advice please, if anyone could help. 

im 50 in June and although I’ve had mortgages years ago 10+ years ago, I’m now a single mum in a housing association home. 

I have £5k coming to me via an inheritance and want to buy a little house. I’m looking at the £60-70k mark, but I’ve no idea where to even start! 

I work full time as a palliative healthcare assistant in the community and can earn anywhere between £350-£500 a week. 

What would be my options please?

GoingOn30

Do you have additional savings ready to cover a survey and solicitors/conveyancing fees as well as removals costs? 
If so then booking to speak to a mortgage broker would be the next best step. 

[Deleted User]

with 95% mortgages expected to make a return then its likely you could be buying the kind of house you want with a deposit of £3000-£3500.  This would leave you a little to cover the fees but youd probably need to save about £1000 more just to be safe.  

As we dont know what lenders are returning to 95% market and what the deals are going to look like i would probably wait until the budget has been released and the deals return to the market.  If you spoke to someone just now then it will all be speculative and you might end up just disappointed when you find out you dont qualify.  

If the 95% deals are similar to the last ones the government backed then I expect you to have options on what you are trying to do.  But at the moment its all guesswork until we see what comes to the market

Hhzg

I currently have £1k saved, but I will be saving more. Who would be the best broker? It’s all so confusing - and scary!

K_S

@Hhzg As JMA said, you *should* potentially have options once there is more clarity on the 5% deposit H2B mortgage products that will (hopefully) be available from April/May. It's far too early to talk to a broker at the moment as no one has any concrete information yet. In your place I would wait till I have the inheritance in hand and in the meantime keep saving and keep your credit history clean. Good luck!

GoingOn30

The best recommendations for brokers usually come by word of mouth so ask your local friends and family when it gets closer to the time that you have your savings and inheritance ready, and try and maximise your income by taking extra shifts and minimise your outgoings, review your direct debits and subscriptions etc and try and tidy up your finances as much as possible. Best of luck on your savings journey!