to get first mortgage after 40?

[ivebeencalledworse]

Mortgages are not something I know about. I am totally ignorant of them. I've lived without one my whole life. I came from a broken home with no guidance on how to be an adult. I left home at 18 and made my own way, which included debt, poor relationship choices, alcoholism, recklessness, and finally an abusive relationship and had to start all over again with a baby.

Don't get me wrong, I managed well enough, worked, remained functional.

But now at 40 my life is totally turned around because I married a wonderful, responsible, and loving man who adopted my child and we've been happy for five years.

He's younger than me and ambitious. He's supporting us while I use my income to pay off debts, which is going well. I aim to be debt free in the next few years.

I have a council home but my family want a better life so we are talking about a mortgage together.

I have a lot of research to do but when I say I'm ignorant I mean I'm starting from scratch.

Any glaring things I need to know would be gratefully received.

Am I "too old" or anything? Will my bad credit history (even if I am debt-free) be a real issue?

Also, I'm a freelancer with a variable and small income. I will not be going back into full-time employment. My maximum earning will be £1,000/month.

I genuinely never thought I would even be thinking about a mortgage but life has never stopped surprising me.

I appreciate input.

www.moneysavingexpert.com/mortgages/

Might be a good place to start.

You can get mortgages less than 25 terms, and it is possible to get one you pay off after retirement though that will depend on pensions etc and individual circumstances - but anything out of ordinary broker is probably better.

DO NOT GIVE UP YOUR SECURE TENANCY

the best option really is for to buy your current place.

sell in 3 or 5 years or whenever you can without paying a penalty.

it makes financial sense. And he should see that if he’s an accountant.

and it protects your interests.

one you are out of your secure tenancy that is it. Would
be an enormous mistake.

I think the rough plan is:

Pay off debts (1 year) (personal loans, me/wedding payoffs, him)
Save up deposit (concurrently 1 year) 8K
Look for home after prices go down (1 - 2 years)
Put our 8K deposit towards a house for about 200K

@PollyRockets you completely missed the point if my post but yes you're somewhat correct.

£8k deposit for a £200k property?

Yeah this is a wind up

No one is this clueless are they

And he is training to be an accountant

The poster you replied to only said most of them are 25 years

Not all

The OP is being advised on the 20-25 year terms as that's what they'd most likely have to get

He suggested that we do the buying of this house, and then private rent until we find a house. He offered that to protect my security, but now I just think it's too longwinded and convoluted.

We want out of here. Even I am beginning to want out of here, it's cramped and a really rundown house.

If I agree to this we will be out of here in a few years' time.

The responses I'm getting just reflect the deliberation I've been doing myself over the past few years.

I really don't know what to do. What do you think of the renting idea?

£8k deposit for a £200k property?

www.which.co.uk/money/mortgages-and-property/mortgages/mortgages-and-deposits-the-basics/how-much-deposit-do-you-need-for-a-mortgage-acs1c3t6f9r0

You'll probably need more - £10 K you have to look for 95% mortgages and not sure how many there are out there and one that are will have high interest rates.

Look for home after prices go down (1 - 2 years)

How do you know prices are going to go down? They may well go up and up and up.

Put our 8K deposit towards a house for about 200K

Nowhere near enough. £1k+ of that will be solicitors and survey costs. Lender generally like at least a 10% deposit - some only ask for 5% but the repayments will be much higher. You need to save another £13k. Or buy your right to buy at a discount, then sell it when you can at full price.

Thanks, that's not too bad I suppose. Why do you assume 95% mortgage exactly? It sounds a lot, I thought we came up with something like 20% deposit?

Whatever you do don’t put him on your tenancy. Stay as sole tenant with him as occupant.

I think Mr leave his plates in garden is not all as it seems.

The snobbery of social housing is unreal. I know many respectful professionals living in such.

He suggested that we do the buying of this house, and then private rent until we find a house.

Eh? Why would you buy your house and then rent? I'm worried about your dh tbh, he seems to have no financial acumen whatsoever.

My HA won't allow that, which is a good measure.

Thanks, that's not too bad I suppose. Why do you assume 95% mortgage exactly? It sounds a lot, I thought we came up with something like 20% deposit?

OP I now feel like I am just playing along. But I will bite.

can you save £40k?

I thought we came up with something like 20% deposit?

You said you had £8k.... do you know what 20% of £200k is?

Look at the link - it will tell you about deposits.

Plus amount but every time we've brough it's been about 5K in fees and moving costs - usually amount of top of deposit that's recommended to have to cover them.

He suggested that we do the buying of this house, and then private rent until we find a house.
Is the current house rentable in current state - how much for and would that cover the mortgage - plus there'll be additional costs and risks - bad tenants can be nightmare and costly to get rid of.

It's not about snobbery. Some of the people on this street are my friends and I am from a council housing background.

The fact remains that most parents here, although they are very lovely, let their children play in the road and go in and out of houses without knowing who is in them, which I find highly irresponsible and I'd rather reduce risk of my child thinking that's normal, fighting with me over not allowing it, and being led astray because of it.

But essentially my plan was always to stay in my social home.

That was the solution to me giving up my secure tenancy because I didn't want to do that.

Because we don't want to stay here another five years, and I was cautious about giving up my tenancy, that was the in between allowing me to keep my tenancy AND move.

Are you allowed to sub-let as a council tenant? You certainly can't in the first few years of right to buy. As I said, your dh is all over the place.

Have you looked at HA swaps - not sure about the rules there or how easy but I have a family member who did finally managed it - though their area is in big HA building program at minute.

www.gov.uk/apply-swap-homes-council

Sorry I wasn't clear but it wasn't about renting this house out, you need to buy on a to let mortgage for that which right to buy isn't.

It was solely about me keeping my home without losing security instead of giving up my tenancy and going on a mortgage with him, which I was cautious about. I don't think it sounds a good idea, and was asking about that idea specifically.

Otherwise I think my only option is to just go with it and get a mortgage with him and chance it all. We've discussed a breakup, which we both agree would only happen over infidelity, as we have already been through a potential break up due to my mental health issues.

We have sat down and he agreed in principle that if we split up for any other reason that me and our child would remain in the house - but obviously that promise is not worth a wank in real terms.

There's also my dad's house which I am set to inherit down the line.

Believe me this is all new to me and I would probably happily stay here in my lot, but yes I'm being pushed - is it really a bad thing intrinsically? Or is the caution based on the assumption or high possibility that most men including mine will inevitably chuck me out onto the streets in a few years' time?

I am all over the place. It's interesting to hear he is, as I didn't think he was, and that is all down to my utter ignorance of this area of life, by choice mind, I was never interested and achieved my housing dream already.

It's an eye opener, keep going.

Good lord don’t chance it op.

he is all over the place.

do not risk you and your child’s security.

please listen to the people on this thread.

he really is not the financial wizard he is making you think he is.

a strong financial position and security comes from plugging away and making sacrifices over the years.

so you save up the deposit and buy your council house and then sell it in a few years at the very least making the profit of the right to buy discount and then work your way up.

how much would your current council house be worth?

We have never considered renting this house out.

It's basically this:

-I want to live in a nice big house in a nice area, I am working hard to get that, and I want a mortgage on a nice property.

-I have a secure tenancy, no big ideas about living in a big house, and don't want to give up my security.

-what about if you buy your home then and then I rent us somewhere temporarily and then we use the sale of your house later on to get a mortgage out of our rental and into our nice big house?

-I don't know, let me ask some women online who know about mortgages and think all men are twats.

Then go on the mutual exchange register.