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  • FIRST POST
    • goatelope16
    • By goatelope16 9th Apr 18, 9:14 PM
    • 13Posts
    • 3Thanks
    goatelope16
    mortgage - is it hopeless?
    • #1
    • 9th Apr 18, 9:14 PM
    mortgage - is it hopeless? 9th Apr 18 at 9:14 PM
    Hi,
    I am now 39, and have struggled quite a bit financially in life.
    I have now paid off my almost all of my debts. I just have around 3000 left on one credit card, and am slowly paying it off - no overdraft, no other debts.
    But - no savings.
    My dream is to get a mortgage but I was hoping for some advice about my best options, given no savings. Is it even realistic that I could get a mortgage given it will take me years to save up? I still have to pay off that one credit card and so it seems like I will be 40 by the time I have done that and have a tiny amount of savings.
    Last edited by goatelope16; 10-04-2018 at 3:54 PM.
Page 1
    • GoingOn30
    • By GoingOn30 9th Apr 18, 9:21 PM
    • 119 Posts
    • 80 Thanks
    GoingOn30
    • #2
    • 9th Apr 18, 9:21 PM
    • #2
    • 9th Apr 18, 9:21 PM
    It depends on a few things.
    What are property prices like where you want to buy?
    What is your income
    What are your main outgoings
    How quickly could you save a 5%deposit
    Do you have any family who would gift you any money to help.
    You could still take out a 25 year term at the age of 40 or 41 if you plan to work to 66.
    • goatelope16
    • By goatelope16 9th Apr 18, 9:25 PM
    • 13 Posts
    • 3 Thanks
    goatelope16
    • #3
    • 9th Apr 18, 9:25 PM
    Mortgage - details
    • #3
    • 9th Apr 18, 9:25 PM
    Thanks for swift response
    Last edited by goatelope16; 10-04-2018 at 3:53 PM.
    • Thrugelmir
    • By Thrugelmir 9th Apr 18, 10:47 PM
    • 61,603 Posts
    • 54,834 Thanks
    Thrugelmir
    • #4
    • 9th Apr 18, 10:47 PM
    • #4
    • 9th Apr 18, 10:47 PM
    Move back in with family , cut your outgoings for a while and build a deposit. Once the debt is clear. Open a cash LISA. This would provide you with a savings boost towards a purchase.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • goatelope16
    • By goatelope16 10th Apr 18, 9:02 AM
    • 13 Posts
    • 3 Thanks
    goatelope16
    • #5
    • 10th Apr 18, 9:02 AM
    • #5
    • 10th Apr 18, 9:02 AM
    That isnt an option for me - there is nobody to move in with!
    • AnotherJoe
    • By AnotherJoe 10th Apr 18, 9:12 AM
    • 12,069 Posts
    • 14,135 Thanks
    AnotherJoe
    • #6
    • 10th Apr 18, 9:12 AM
    • #6
    • 10th Apr 18, 9:12 AM
    That isnt an option for me - there is nobody to move in with!
    Originally posted by goatelope16
    House share?
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