Finding a way

Jules2112

I am in the process of getting divorced. Our house has just sold and I will get approx 130,000 from the sale. I am on a low income with a top up of Universal Credit. I have been told, I do not earn enough to privately rent and with the equity, unlikely to qualify for social housing. CAn I get an interest free mortgage to buy my partner? I only have 3 years before my NHS pension.

RAS

What will £130K buy in your area? Or is there somewhere you could work where £130K would buy a house?

london21

Jules2112 said:

I am in the process of getting divorced. Our house has just sold and I will get approx 130,000 from the sale. I am on a low income with a top up of Universal Credit. I have been told, I do not earn enough to privately rent and with the equity, unlikely to qualify for social housing. CAn I get an interest free mortgage to buy my partner? I only have 3 years before my NHS pension.

As the above poster will depend on the prices in your area.

Your ability to get a mortgage will depend on a lot of factors such as income, retirement age, affordability etc.

If you will be getting a lump sum pension that could help towards the property but that is not until 3 years time.

Jules2112

RAS said:

What will £130K buy in your area? Or is there somewhere you could work where £130K would buy a house?

No, average 2 bedroomed house is 185,000 -250,000. I am looking all over but unable to buy.

TBagpuss

Talk to a mortgage broker

Whether you can get an interest free mortgage will depend on things such as how much you need to borrow - if you were to buy a new property, it sounds as though you'd need to borrow about £55-65KK, .if you were buying out your ex presumably you'd need to borrow more to clear any existing mortgage and to pay them their share.

IF you are over 55 then an equity release mortgage might be an option - they tend to be an expensive way to borrow money but may be suitable depending on your over all situation.

Have you considered / looked into shared ownership? This allows you to buy a % of a property and rent the rest. 

Are you planning to retire when you become eligible for your NHS pension or to continue working>? this, and your age, will affect your mortgage capacity.