To think my life is buggered

[Clappingforjoy]

Bad credit and going around in a vicious circle of no no no to getting a small mortgage.
I have spoken to specialist bad credit mortgage brokers who say the £10.000 I have needs to be doubled as it's not enough due to my credit history.
Also been told minimum income requirement is 18000 and I only earn 14000.
I have kept up with rent payments for over 3 years and have not taken any credit in the last several years but still nobody will lend to me.
Up to date with everything but I'm still stuffed and too old and worn out to change it.

Given the OP suffers from health conditions that prevent bet working full time at 50, how likely is she to still be working at 75? Or have a decent pension?

Where do you live? At 50, with health problems, would you be eligible for sheltered social housing? It’s less in demand than general needs social housing, more affordable than private renting.

In terms of age, some lenders will give mortgages these days up to age 75 - depending on occupation etc, so it may still very well be that you can get a full 25 year term which would spread the cost (all other things being equal)

She's already 50, so she'd have to be eligible for a mortgage right now to get 25 years, and given her circumstances she is not eligible and has no realistic prospect of becoming so any time soon.
There is no way at all that OP is getting a mortgage (sorry OP)

Home ownership genuinely isn’t for everyone, and as a society we do a disservice to people who can’t or aren’t suited to accessing it by pretending it’s always the best option and that rent is “dead money” without taking circumstances into account.

Shared Ownership may be an option if by “bad credit” you mean that you any defaults you have would fall off in several years and you might become eligible for a small mortgage; but the posters who’ve pointed out that with your health problems you might not be capable of working into your 70s to pay off a mortgage are right to some extent, and exploring alternative options like sheltered housing could be a much better option.

I wouldn’t fixate on ownership, OP. I really wouldn’t. It’s really not the be all and end all. I doubt I’ll ever own a house and feel fairly cheerful about it.

Could you use the money you’ve saved to buy a camper van or motor home, and then you can have lovely weekends away whenever you want? Or put it into high interest savings or your pension (probably more sensible?!)?

Either way, please don’t let this define you. It’s not at all a big deal unless you want to let it be

@swaziscot

Don’t feel like a failure, sounds like you’ve worked hard to turn your financial situation around and you’ve done really well so you are definitely not. We all fail at times anyway, but you’ve put the debt etc behind you. Could some kind of financial advisor help you out with knowing what you can do to move forward? I have no idea how much they cost though. Sorry I’m not much help.

I dont know about all financial advisors, but some give a free 30 minute consultation. Even about mortgages.

I think YABU a bit to say 'my life is buggered'...I know you're probably just over exaggerating for effect, but owning your own house is really not the be all and end all. It comes with a lot of its own dramas, stresses and unexpected extra bills for repairs! Honestly, if I were you I would say enjoy your money and savings in other ways.

Also I thought the reason most want to own their home is to be mortgage free in their later years....at your age that's highly unlikely to happen so why try and financially cripple yourself now for little pay off?

Didn’t you have a thread a while ago as you were disappointed you’d lose your benefits after coming into an inheritance of over the £16k savings threshold? If so why do you now only have £10k deposit? I’m sorry but that is a very small deposit and on your wage I don’t see how you could get a mortgage. Your life definitely isn’t buggered though!

Mortgage lenders suck. Believe me I know. I was messed about a lot and still got refused even though I am on good money.

Do you claim PIP or DLA for your health conditions as these prevent you from working? These can count towards income and mortgage companies will see them as income for a mortgage application. Otherwise it would be discrimination against disabled people getting mortgages, I know this to be true.

Mortgage lenders suck. Believe me I know

Not lending to people who can't afford a mortgage is not a bad thing on the part of the lenders. It's the right thing to do.

3.5 x14k is 49k OP even with a 10k deposit that's 59k...fees and solicitors aside, where are you going to find a house for 59k?? Sorry but it's not really possible.

PIP is absolutely not means tested so it does not matter if you have savings income or assets. Its 220 basic and 270 higher rate a month approx so between 2640 and 3240 a year.

Are you still with your partner?

PIP is absolutely not means tested so it does not matter if you have savings income or assets. Its 220 basic and 270 higher rate a month approx so between 2640 and 3240 a year

That would still only put her on 17k a year maximum and still with debt, bad credit, only half or less of the needed deposit and a single applicant of 50 years, with a max mortgage value of 59k. It wouldn't help any.

Do you need the burden and stress that goes with a mortgage? Have you family you want to leave the property to? If not, consider if it's worth it.

If you do - Think of over 50's places (maybe shared ownership) - they are usually cheaper due to restrictions on sale.

Really sorry to hear you’re going through this. Believe me though it’s definitely possible. Admittedly, I’m married but DH had an awful credit score and we had no savings when we were renting. It took about 3.5 years altogether to repair his score plus save for the deposit but it’s possible.

It's a shame for you op, but I can't see you getting a mortgage on such a small salary at your age. Especially without a large deposit. Not meaning to be rude, just realistic.

Could you register for the local HA/council housing? That would at least be more secure and possibly cheaper than private renting.

OP, didn't you inherit something like 30 thousand pounds a few months ago? I remember your thread about it.

Do you live alone or with a partner?
Are you looking to buy alone or with a partner?

Can you look for higher paid p/t jobs to increase income? Or take an extra 1 day a week wfh job to increase salary?

Charities are good for this type of work, saw an ad for a 1 day a week receptionist recently.

Have a look at money saving expert for free financial advice.

Maybe use your deposit to reduce your debt and increase your credit rating.

Put your deposit money into either premium bonds or stocks & shares ISA. Sometimes you need to invest money to make more money.

www.moneysavingexpert.com/

I posted on your previous post OP when you had a 30K inheritance. Did the 20K go on paying debt?

Are you debt free?

Can you increase your income.

I recommend reading the total
Money makeover by Dave Ramsey.

Have you anyone in your life could invest with you for the deposit? My great aunt, who was much older than you at the time, was advised by her financial advisor a mortgage wasn't feasible but she did get a long term loan with investment from a family member. The agreement was then that they get a 20% share in her will.
As other PPs have said, it's not just about savings in your situation but about earnings too.

I remember you're old thread too. What happened to that money?