Aged over 56 and want to buy into a shared ownership property

Jenkatz

Hi, I used to have a mortgage until I sold my property, and moved out of area. Once i had sold my house I was able to buy a new property outright.  However, I was very unhappy being so far away from my teenage boys and felt I had made a bad choice.  I sold my property, but did not have enough money to buy anywhere back in Sussex where I had come from.  I also only have locum work so nothing long term to enable me to get a new mortgage. 
Anyway, I bought a caravan on a holiday park and have to use my family's address as my residence. But I need to buy a property and I only have a small amount in savings.  I'm interested in a shared ownership property where I would pay £87,500, a 25% share.  I currently have a loan which i pay £300 per month and this is for another 4.5 years.  Should I pay the loan off and see if I can get a mortgage with the minimum deposit allowed or pay what savingsI have, £20,000, for the house deposit and get the rest on a mortgage if I can?
Also, what mortgage would be best for me?  Obviously I shall be working as long as I am able, and have no dreams of living a long retirement. 
Appreciate all advice, thank you.

housebuyer143

You need to see a mortgage advisor really because if you don't have permanent work, you are 56, so unless you have a some way of earning after 67 or a fantastic pension you will only get a 10-11 year mortgage (your payments will therefore be huge, plus your rent) and you have this loan, so it might be you can't get a mortgage for enough money, if at all. 

Only certain leaders do shared ownership mortgages as well, so your pool of choices is very small. 

Definitely seek out a broker. You could apply for the property and assuming it's shared with the housing association, if you are accepted/top of the list they will require you to go through their broker to confirm affordability and you will know then. 

gwynlas

It is far from ideal but many older persons housing schemes arefor people over 55 where you could rent and have security of tenure or buy.

Jenkatz

Thanks for your advice.

Just re-read my comment, and realised I hadn't made myself very clear. 🙂
My locum work took me on to permanent employment, of which I have remained, thankfully.
I have repaid the loan and now my credit rating has improved.  I have also sought advice from The Mortgage Advice Bureau.

Thanks again guys xx