Advice on buying first home

[Fluffypompoms]

Hello, I'm not sure if this is the right place to post. I'm after some advice please. I'm 50, a single mum and always rented.. I didnt think I'd ever have a chance at buying a place due to being single and not earning enough.. I'm now on a fairly decent wage - c.40k, have no debt and I'd like to at least try to get on the property ladder - maybe with shared ownership. I honestly don't know where to begin. I need some help. Are there any schemes out there for someone like me? I'm having issues with my landlord who clearly isnt interested in sorting out the problems in the house, including a leaky roof, yet quite happily raises the rent despite this. Im absolutely fed up and would dearly love my own home.

Thank you.

Shared ownership has quite a few disadvantages.

I would choose it over renting but would prefer to buy a property not via this route, even if it meant buying a cheaper/smaller place. The first step could be to talk to a mortgage broker to assess how much you could borrow. I have used L& C in the past (they are free)

https://www.landc.co.uk/

Also, there is a property forum on Mumsnet where you may get more replies.

https://www.mumsnet.com/talk/property

How realistic it is is going to depend on the price of property where you live.

Your age is against you - lenders will see you only have 17 years left at work, rather than the 40 odd years someone in their 20s would have.

You will need to have a decent deposit saved. 10% of the purchase price would be good, but more would be better. Some lenders will lend to you with a lower % but see the first point about you not having long to repay.

I agree it is worth speaking to a mortgage broker to do some "back of the envelope" calculations for you to see what is , or might be, possible. Worth asking round your friends, or colleagues for recommendations or of course use the links above.

I personally wouldn’t touch shared ownership.

First thing you need to do is save up a deposit. What do you have so far?

Then go to an independent mortgage broker and ask for them to advise you on what mortgages you could get on your income.

Mortgage amount plus deposit will give you an idea of what sort of property you can afford.

Get a mortgage in principle.

Look on Rightmove to find properties you want to view. If you like one, you make an offer for an amount you can afford given you deposit and mortgage.

Thank you all for your great advice. In terms of a deposit, I could scrape together about 12k which I know isn't that much. You can get a fairly decent house in my area for around £180k.