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

Myci85

I haven't done shared ownership, but my sister has as a way to stay on the property ladder after a divorce and not able to buy outright by herself. 

I would 100% recommend trying to buy outright if at all possible, but if it was only a choice between shared ownership or renting, I'd probably consider it. It was something we considered when unsure if we would be able to afford to buy in full. Just make sure you're aware of the downsides, especially when trying to sell it on. 

1stTimer

I’m 42 now and trying to save a deposit, unfortunately I live in SE London so house prices are not cheap. 

I have the same doubts as you and some days really think I missed the boat, maybe I have but I am still saving as the way I see it if I will never be able to afford a place then I will need to some how still afford rent when I retire. So I will continue and either way I will hopefully have a roof over my head when the time comes.

my biggest regret is not opening a LISA when I had the chance, am gutted it’s capped at 40.

ayupmeduck

This is very helpful, I'm hoping to buy at some point but paying off debt and improving credit history for the next few years. I'll be in my late 40s when looking, nice to see you can still get a mortgage in your 40s and 50s.

Albermarle

Uriziel said:

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.

From the OP
 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. 

OP - Your credit rating and ccj may or may not count against you. Your joint income/affordability is more important.

LeopardPrintPaws

1stTimer said:

I’m 42 now and trying to save a deposit, unfortunately I live in SE London so house prices are not cheap. 

I have the same doubts as you and some days really think I missed the boat, maybe I have but I am still saving as the way I see it if I will never be able to afford a place then I will need to some how still afford rent when I retire. So I will continue and either way I will hopefully have a roof over my head when the time comes.

my biggest regret is not opening a LISA when I had the chance, am gutted it’s capped at 40.

Same! I didn't even know they existed until very recently!

LeopardPrintPaws

Albermarle said:

Uriziel said:

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.

From the OP
 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. 

OP - Your credit rating and ccj may or may not count against you. Your joint income/affordability is more important.

Thank you 😊 in my job there are ways to take on some independent work for some extra money. I am very busy as it is but I may need to do this to put into house savings

vic_sf49

Your combined income sounds good to me, but I've no idea how much rent you're paying, or other expenses you may have. 

Might be worth seeing if you're hemorrhaging money somewhere, by doing a budget / statement of affairs (SOA). 

You might find it better cutting back on a few things (if possible), rather than upping the work load. Only you know what's best obviously. 

This link to a SOA is in the signature of an ambassador, username Brie, on the Debt Free Wannabe forums.. ...

https://lemonfool.co.uk/financecalculators/soa.php

LeopardPrintPaws

Thank you, I really need to do a SOA! I have some credit cards, total is around 4 grand, rent is 825. General outgoings feel high with 3 kids bit I do think there are definite areas I can cut back on, most food shopping and daily trips to the shops