Wannabe first time buyer in my 40s- is it doable?!

LeopardPrintPaws

Hi all,

Newbie here. I am 40, have 3 children and married to my husband who is 46. We have always rented and have never been able to save for a deposit. I retrained for a new career a couple of years ago which has increased my salary (around 46 grand), husband works full time at just over minimum wage and takes overtime where he can. 

We are looking at saving for a deposit, but feels like we could never save enough for a house soon enough with our ages. Also considering shared ownership? Credit rating is not great, but is improving. I have one ccj that will drop off in just over 2 years so thinking of using these 2 years to save what we can. Any advice? Are we deluding ourselves? I am so desperate not to rent anymore and honestly feel like a failure. People I know pur age mostly own and had help from parents or loved with parents to save, which I wish we had done. If we had a housing association I would honestly be happy with that but private renting is soul destroying at times with the worry of the landlord selling!

twopenny

Is there really no housing association property hear your work? You might be surprised because they do spread over quite a large area and you may not realise.
As they maintain the properties it would help.

I had to spend years being really careful with money and saving. It meant sacrifices. Still does 😉
Could you start by saving a bit on a regular basis into an interest paying account? It's encouraging seeing it grow and getting the interest to add to what you have saved.
Keep the account on your phone where you can look at the total and how far you have come when you are weakening.

Property prices go up and down all the time. Keep your eyes on the actual sort of properties and locations you would like, could afford.
It's unusual to find a bargain but it does happen so you want to know the best spots for you. It takes research.
Location is most important. Good condition. Many other things about a property you can change to suit yourself.
Good luck.

A lady I worked with bought theirs not long before retirement and both were on low wage so it can be done 

Rhyddid2026

I had to go really hard for a year or two (late 30s), work extra jobs, pay every spare penny off debts, and get my credit score up. I bought a house at 40, but bought in an area where houses were cheap as I only had around 5k deposit. 6 years on I love the area and I'm very slowly fixing the house up.
So it's definitely possible! 

Maahes

I'm a civil servant so not a high earner. It took me ten years in my forties and fifties to sort out my debt and savings and get enough money together for a deposit to buy a house. I finally took the plunge when I was evicted (for the second time) from the privately rented house I'd lived in for twelve years. I bought on my own (partner is retired) when I was 61 but had to move my family 200 miles to be able to afford the house I wanted.

It's doable and for me it was knowing my brother-in-law and I were literally paying someone else’s mortgage to the tune of £25k a year that upset me enough to do something about it.

Myci85

It is absolutely doable, but you have to be really committed to it. Me and my partner bought our first house just over a year ago, he was 42, I was 38. We were very lucky that our longterm landlady gave us over 2 years advanced warning that she wanted to sell up soon, and we were determined not to move to another rental. I set up a separate savings 'pot' in my bank account, set myself a savings goal to save £4000 each financial year (I was lucky to just be able to set up a LISA and wanted the full gov top up) and then took on every bit of babysitting and tutoring I could to reach that goal. 

I never would have thought we could do it until we had to, you tend to live within your means without even thinking about it. But by setting up a monthly standing order as soon as I was paid, and regularly transferring any 'extra' in my account, either to bring down to nearest £50, or anything left at end of month, we managed to save £15k for a deposit. We stopped eating out and any takeaways (not something we did regularly but it all helps). We took a mortgage over 33 years as could both prove pension so able to borrow up to age 75, and were able to borrow just enough to buy a 3 bed house. 

monkey-fingers

Kind of.
I bought at 25, divorced and lost everything in my mid-30s. Brought my kids up, then finally got to a point where I could afford to save.

Started all over again at 49. Initially a 20 year mortgage, but we've got it down where it'll be paid off at 66.
I'm currently working to try and shave another 2 years off so I can retire early.

Herzlos

You mention 3 kids but I don't see their ages. Are they old enough where they may make a difference to house requirements in the near future? For example, if they are late teenagers and likely to move out for uni/whatever in a couple of years, then that'll allow you to save up towards a 3-bed instead of a 4-bed, and give you a lot more options. 

Even if they still live with you, as they leave school you're less constrained by school catchment areas. 

Other than that, there's no reason you can't buy in your 40's, the only concern is going to be the term as a lot of mortgage lenders want it to be paid off by retirement so you're potentially looking at 21 year mortgages now rather than say, 30 or 40 to bring the payments down. 

Albermarle

The region where you live is important.
Affordability is very different between lower and higher price areas.

LeopardPrintPaws

Thanks everyone, this is all really helpful. I am west midlands, youngest child is 8 and oldest 15. Has anyone done shared ownership? Considering that for the lower deposit and to have some security 

Xenon

I am early 50's - still renting and have built up a decent (ish) £200,000 + £4500 for extras (solicitor/LBTT etc) deposit and looking to buy this year (Scotland).
Live alone so 1-2 bed flat is my aim.
I have been saving for many years - so it is possible with time and focus.

Uriziel

If your husband had the same pay as you then easily but you are not telling us your pay. Add your pay together and multiply it with 4.5. This is how much banks would likely lend you. Add your savings and see if there are any properties you can buy for that price. If not, either increase your pay or savings.