Will a single parent over 40 ever get a mortgage

Yellow40

Hello, this is my first post. 

I’m a single parent of 2 under 10, I’m over 40 and not English, but have settled status, live in the UK for nearly 10 years. I currently work part time as I have one child with special needs and work hours around school times. 

I feel sad I pay towards rent every month to own nothing and think about my children's future. Properties only get more expensive over time and it seems like something I would not be able to do unless with a partner I guess, and I do not want to rely on another party if it makes sense. 

Thanks

[Deleted User]

Your posts title asks if it's possible and the answer is, yes of course it is.

I empathise with your situation, if you had skills that supported a decent wage you wouldn't be in this position and would be able to save money to live as you would like to.

So to get the ball rolling in the right direction start to research home study, you're perfectly suited for it, plus the Open University offer a lot of possibilities and will give you the flexibility to succeed.

You just need someone to believe in you - start with yourself - it'll be a rewarding exercise, so go for it 😊

K_S

Yellow40 said:

Hello, this is my first post. 

I’m a single parent of 2 under 10, I’m over 40 and not English, but have settled status, live in the UK for nearly 10 years. I currently work part time as I have one child with special needs and work hours around school times. 

I feel sad I pay towards rent every month to own nothing and think about my children's future. Properties only get more expensive over time and it seems like something I would not be able to do unless with a partner I guess, and I do not want to rely on another party if it makes sense. 

Thanks

@yellow40 Welcome to the forum.

You may be able to borrow an amount that depends on your part-time income plus cash benefits that you receive, including those received in relation to your child with special needs. Whether that is sufficient to buy a property will depend on the numbers and the area that you want to live in.

If you are renting a council property, you will have the option of using right to buy after a certain period of time which reduces the mortgage size required. You may also have the option of shared ownership with smaller mortgages if there are suitable properties around and the numbers add up.

I hope you are able to buy at some point, good luck!

Channy8

Yellow40 said:

Hello, this is my first post. 

I’m a single parent of 2 under 10, I’m over 40 and not English, but have settled status, live in the UK for nearly 10 years. I currently work part time as I have one child with special needs and work hours around school times. 

I feel sad I pay towards rent every month to own nothing and think about my children's future. Properties only get more expensive over time and it seems like something I would not be able to do unless with a partner I guess, and I do not want to rely on another party if it makes sense. 

Thanks

Yes you can.

I m also over 40 years.

A single parent and currently in the process of buying a house.

Mumoffourkids

Yellow40 said:

Hello, this is my first post. 

I’m a single parent of 2 under 10, I’m over 40 and not English, but have settled status, live in the UK for nearly 10 years. I currently work part time as I have one child with special needs and work hours around school times. 

I feel sad I pay towards rent every month to own nothing and think about my children's future. Properties only get more expensive over time and it seems like something I would not be able to do unless with a partner I guess, and I do not want to rely on another party if it makes sense. 

Thanks

Yes you can. I am 44, single, work part time and am in the process of buying a house. I am having to move area to do it, but I’m not bothered about that. I am also currently renting at the moment but have been saving for the past year to get my deposit and money for fees etc. So it can be done, you just need to be focused on why you want to buy somewhere. 

Yellow40

Thanks for the answers I guess moving area would be the answer. The south is just too expensive. 

Mumoffourkids

Yes the south is far too expensive. I’m in Essex at the moment but have no ties here. I’ve moved around a bit already when I was younger and when my oldest two kids were a lot younger, so moving to a new area where I know no one doesn’t bother me. It’s the only way I can see to be able to buy a property. So that’s what I am doing. I think it would be different if you had always lived in the same area and then decided to move to a completely new area.

peter12345678910

If you can afford to rent, you can afford to pay the monthly repayments as they are cheaper. Rents can go up, and you have no control. But with a mortgage you can get better deals.

The downside is you need to give a lump some, this is lower if the cost of the house is lower. Even a small house in bad condition may seem sad. But house DIY can be learnt, not that difficult to learn to change taps or change tiles. This is what landlords do, they learn house DIY. 

I just want to give a full picture so I am opening myself to criticism rather then just give a simple comment. 

But there are advantages in renting, as the daunting task of maintenance can be high. But a landlord cannot do anything major when someone is living in a property. He or she has to wait 10 or so years till the renter leaves before they can refurbish to a serious level and also pay council tax when they are refurbishing. Though landlords are blamed for something that is made more difficult for them by councils concerning council tax. 

You can get a mortgage, cheaper options are available. Even a flat with a cheaper lease maybe more affordable but could lead to problems when the lease ends and are too old to work.

But then again, if you do rent, how can u pay when you do eventually retire?

Update 

Do you live in the South, Houses are way overpriced there. Does one of your children need a special school? If so, start your House search there.

I am also part time, but I do a little over time. But having a partner does help. You seem very capable and perhaps maybe too independent.