House deposit savings

[Darbs76]

Hi

So I’m 43 this year, too old for LISA and have owned a property before 10yrs ago which I signed over to my ex partner so unfortunately rules me out of most of the excellent schemes I’ve seen for young buyers.

I have the opportunity to save £1250 a month for the next 3yrs for a deposit for a house. My ex partner is moving overseas for 3yrs so has said me and the kids can move back in rent free for that period. I’m renting in South East at the moment so this is my only opportunity to save. Realistically I’ll probabkh be buying back up north where £45,000 (which is what I hope to save in 3yrs, roughly) will be around 1/4 of the purchase price.

I know interest rates are poor and initially I won’t have a big sum as it will gradually increase starting January but are building society / bank accounts / ISA’s my only option. Just wanted to check I’m not missing anything major - I am gutted I can’t benefit from the LISA etc. But I’m still glad I have this chance to finally get back on property ladder. I’ll be 46 by the time I have the £46k so will have to take less than 20yrs mortgage so the more I can save the better.

I think it is a case of of an ISA in these circumstances.

However, have you absolute checked that you're not eligible for a scheme? I do know someone who's currently buying even thought they owned before. They needed to sell when the relationship broke down and didn't have enough for a deposit on their own and seem to be eligible.

@JoJoSM2 - thank you. I had a look and it said in the criteria can’t have owned a home before. I wonder if there’s any helpline etc I could call to double check. I believe the deadline for such accounts is October / November (only hearsay, not researched this) so I could do with being 100% sure. I googled and a few people saying definitely not if owned before. Does seem unfair as I have no equity from previous home and have been renting for 9yrs now. I will see if I can find a contact email / number to call though. Thank you

I am 40 soon and taking out a 30 year mortgage. Some lenders will lend up to 70 and some to 75.

Good luck with your savings!

@roseenglishrose - thanks. I guess they do but I don’t really fancy paying it until age 70. It’s an option though if I need it. Thanks

No neither do I, I plan to overpay when I can (& when I get rid of these pesky kids!) but it helps with affordability at the moment.