Over 50, relocating, mortgage and work!!

moneysavinghero

If you think you can get a house for £150k. With your deposit of 90k these would leave a mortgage of £60k. Over 10 years this would be about £560pm. Would your hubby not be able to afford this on his salary alone?

felinefancy

moneysavinghero said:

If you think you can get a house for £150k. With your deposit of 90k these would leave a mortgage of £60k. Over 10 years this would be about £560pm. Would your hubby not be able to afford this on his salary alone?

Yes but it would be tight and not allow for those extras.. better to have two salaries if possible. 

jimbog

Option (b). It would be a big step but exciting and  you don't know what doors will be opened!

AdrianC

felinefancy said:

He doesn't own the property, it's in his late father's name.  He and his siblings inherited it and are now selling it.

If it's not in his name, he hasn't inherited it. The estate is selling it, and he will inherit the money. Therefore, it is not relevant for additional property SDLT.

moneysavinghero

felinefancy said:

moneysavinghero said:

If you think you can get a house for £150k. With your deposit of 90k these would leave a mortgage of £60k. Over 10 years this would be about £560pm. Would your hubby not be able to afford this on his salary alone?

Yes but it would be tight and not allow for those extras.. better to have two salaries if possible. 

But you would not find much to rent for less than £560pm so you would be in the same situation whether you rented or purchased. And it would only be for a short period until you found a job. Dependant on how keen you are to get a job you could get one within a few weeks.

MrsPorridge

We moved from London to Cornwall in our late 40's.  Was hard at first, we moved to a small remote village (our choice), but winter was a hell of a shock as was the fact that you couldn't get takeaway delivery and the nearest large supermarket was 12 miles away.  Our son was 7 and it was great that we were able to make friends via him.  We have now been here for 20 years and absolutely love it - so glad we took the plunge when we did.  All that heartache at the start, not knowing anyone, shock of winter and no nearby shops has all disappeared.  I wouldn't move anywhere else now.

gwynlas

b or c would be acceptable. I acknowledge that your current job is causing anxiety but if you want to secure a mortgage is it worth putting up with it for a while? It is often preferable to move from job to job rather than take a break and you could always say that your current role did not work long distance. Whilst you are old to be starting on home ownership long term rental is only really secure if you have a social landlord.

felinefancy

MrsPorridge said:

We moved from London to Cornwall in our late 40's.  Was hard at first, we moved to a small remote village (our choice), but winter was a hell of a shock as was the fact that you couldn't get takeaway delivery and the nearest large supermarket was 12 miles away.  Our son was 7 and it was great that we were able to make friends via him.  We have now been here for 20 years and absolutely love it - so glad we took the plunge when we did.  All that heartache at the start, not knowing anyone, shock of winter and no nearby shops has all disappeared.  I wouldn't move anywhere else now.

Hubby wants to be max 10 miles away from his work so that means staying fairly local to the area and less rural, which is what I would like.  Not too bothered about takeaways etc but yes, large supermarket important to not be too far away.  As I mentioned, we are in a difficult stage in our lives because we have few choices and are limited by time, money and resources so we need to make the best of what we have, and do so before it's too late. I'm considerably more anxious because if b) then I need to get a new job and at 55, I know it's not going to be easy - difficult enough looking in London!  Glad to hear it all worked out for you!

felinefancy

gwynlas said:

b or c would be acceptable. I acknowledge that your current job is causing anxiety but if you want to secure a mortgage is it worth putting up with it for a while? It is often preferable to move from job to job rather than take a break and you could always say that your current role did not work long distance. Whilst you are old to be starting on home ownership long term rental is only really secure if you have a social landlord.

Yes, I agree ref the job but unfortunately their decision about homeworking outside of London is not something that can be relied upon - could take months for them to get back to me, if at all, or give such an non-committal response that we're neither any further forward or clearer!  I will see if I can obtain some feedback this week and take that as the catalyst for our next step.  
Our landlord has been great all these years but obviously no-one knows when a private landlord may want to sell the property.  Also, it's obviously galling to pay £1200 per month when we could be paying a mortgage for less!

RAS

You may want to think about public transport connections, if you look at the arc from Calverley down to Ossett there are rail stations at New Pudsey, Batley and Morley all of which have (slow) trains into Leeds and either Bradford or Huddersfield and have some semi-rural locations. Calverley is likely to be more expensive.

Bus connections between Leeds and Bradford are good via New Pudsey but otherwise slow. If hubbie is working near Birstall, don't think about anything north of the Aire, you only need a burst water main or accident on one of the cross river routes and everything is gridlocked.

I'd suggest that you consider starting to apply for jobs in all three connections and be prepared to rent for 6 months if you can get a new job, rather than waiting for a response from your employer.