First time buyer in my 40’s - feeling discouraged

Summer69

Hi all,

I am a wannabe time buyer in my mid 40’s. I have been trying to get on the property ladder for 10 years now and just taking 2 steps forward and 1 step back.

I am single and child-free, living in Greater London/ Surrey borders. 

I have worked my !!!!!! off to save a £125k deposit. I earn 30k a year and have no debt/loans and an excelllent credit history etc. I am still only offered £125k mortgage which only gets me a property of £250k.

That won’t get me anything where I live so looking at slightly further afield but still need to be near work and my ageing parents. 

I have had setbacks due to work stuff, redundancy and being out of work during lockdown etc (my industry did not exist during Covid essentially) but am now settled back at a new job and passed probation so am looking again.

I am still struggling to find anything that isn’t the size of a postage stamp. I know I won’t get anywhere huge on my own but many places in my budget don’t have space for a bath, only shower (I have back issues so a bath would be preferable) or the bedroom is so tiny there is barely room for a bed and one small wardrobe, or there is no room in the property for a dining table and I need one, not least because I need somewhere to work when I wfh.

I’m nearing 45 so feel like I’m running out of time as I won’t be able to afford to pay less than a 25 year mortgage.

Is it the time of year, will there be more on the market in Jan/Feb? 

Anyone else in a similar position? 

(And no, looking at other areas are not an option- I am already looking at areas I don’t really want to live but are more affordable than where I am now but close to work/parents and where it would be save to live as a single woman)

bobster2

Can you be more precise than Greater London/ Surrey borders? Where are you looking?

I can see spacious apartments for 250k in Kingston-upon-Thames, Surbiton, Sutton and various other areas. Some 2 bed - some > 600 sq ft with 2 double bedrooms, bathroom with bath and separate ensuite.

Summer69

bobster2 said:

Can you be more precise than Greater London/ Surrey borders? Where are you looking?

I can see spacious apartments for 250k in Kingston-upon-Thames, Surbiton, Sutton and various other areas. Some 2 bed - some > 600 sq ft with 2 double bedrooms, bathroom with bath and separate ensuite.

Could you send a link for one as that is in the area I am looking and I’ve never seen that in all the years I’ve been looking! And nor has any estate agent I’ve spoken to!

Brie

Similar only in the age bracket of being a FTB.  I was 45, married but the main income for the household.  As the older of the couple we were able to get a 20 year mortgage.  South coast, not London but still quite expensive for what one gets.  

Things we discovered in the few years before buying was that we were better off getting a nice place rather than a fixer up type as we wouldn't have the money to fix anything if we were paying a mortgage.  

I had to not think about what my siblings were buying (different country) for half the price that we paid for a 2 bedroom semi and they were getting 4 bedroom split level houses on a quarter acre plot.  

We did in fact get our place in March, granted a while back.

Suggestion, in case you haven't already, check your credit history for any little issues like too much credit being available.  Car insurance being paid monthly, overdraft available even if not used, likewise credit limit on cards being significantly higher than you actually use.  Tweaking some of these things might make you look a little less risky and might get you a bit more of a mortgage.  See if there's a bank that will give you a 30 year mortgage too.  Let them know what you pension provision looks like to get the longer time.  Any possible inheritances.  

Best of luck with it - it's a painful journey as so many of us know.

Summer69

Brie said:

Similar only in the age bracket of being a FTB.  I was 45, married but the main income for the household.  As the older of the couple we were able to get a 20 year mortgage.  South coast, not London but still quite expensive for what one gets.  

Things we discovered in the few years before buying was that we were better off getting a nice place rather than a fixer up type as we wouldn't have the money to fix anything if we were paying a mortgage.  

I had to not think about what my siblings were buying (different country) for half the price that we paid for a 2 bedroom semi and they were getting 4 bedroom split level houses on a quarter acre plot.  

We did in fact get our place in March, granted a while back.

Suggestion, in case you haven't already, check your credit history for any little issues like too much credit being available.  Car insurance being paid monthly, overdraft available even if not used, likewise credit limit on cards being significantly higher than you actually use.  Tweaking some of these things might make you look a little less risky and might get you a bit more of a mortgage.  See if there's a bank that will give you a 30 year mortgage too.  Let them know what you pension provision looks like to get the longer time.  Any possible inheritances.  

Best of luck with it - it's a painful journey as so many of us know.

Credit history all fine, no debt, car insurance is paid annually in full etc.

A 30 year mortgage term doesn’t change how much I would be leant by any amount that makes any difference unfortunately 

Myci85

I can only sympathise with you, me and my partner just bought our first place (late 30s, early 40s) and I really don't know how anyone ever affords to buy on their own. It was hard enough with 2 full time salaries. 
Are you able to take on any extra work to increase your earnings? I imagine that is the only way you are going to be able to increase the amount banks will lend. Unfortunately that won't be a quick fix either, as banks need to see several months payslips to satisfy themselves you're not just doing it to be able to borrow more. 
The only other option I can think of would be if you have any family etc who may help and do joint mortgage, sole proprieter type thing. 

Summer69

Myci85 said:

I can only sympathise with you, me and my partner just bought our first place (late 30s, early 40s) and I really don't know how anyone ever affords to buy on their own. It was hard enough with 2 full time salaries. 
Are you able to take on any extra work to increase your earnings? I imagine that is the only way you are going to be able to increase the amount banks will lend. Unfortunately that won't be a quick fix either, as banks need to see several months payslips to satisfy themselves you're not just doing it to be able to borrow more. 
The only other option I can think of would be if you have any family etc who may help and do joint mortgage, sole proprieter type thing. 

Neither of those are possible, but thank you x

theoretica

I too see a number of possibilities from your brief description - rightmove lists 145 two beds within 5 miles of Morden between 200 and 250k, and another 450 one beds - some of which have baths.

eg

https://www.rightmove.co.uk/properties/146143142#/?channel=RES_BUY

One thing which makes a huge difference is imaginative furnishing and arranging - I lived in some student rooms which were great, and one which was hopeless despite being large.

Myci85

What about shared ownership? I'm not massively keen on the idea myself, but my sister did it as a way to stay on the property ladder when separating from her ex. And had it been that or stay renting, I think I'd have tried shared ownership. 

BungalowBel

I don't know your area at all but I put 'Surbiton + 10 miles' and 'up to £250k' in to RM - these came up - any good?

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^1296&maxPrice=250000&radius=10.0&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

Summer69

theoretica said:

I too see a number of possibilities from your brief description - rightmove lists 145 two beds within 5 miles of Morden between 200 and 250k, and another 450 one beds - some of which have baths.

eg

https://www.rightmove.co.uk/properties/146143142#/?channel=RES_BUY

One thing which makes a huge difference is imaginative furnishing and arranging - I lived in some student rooms which were great, and one which was hopeless despite being large.

I am not looking at Morden. The property you sent is Thornton Heath- also not an option.

The areas I am looking at do not have anything like that for 250k, trust me!