Oh help!!! A friend has just told me I won't be able to get a mortgage and I'm having a major panic.
I'm 57, divorced and fed up with paying a massive mortgage on my own and living in the south east which means everything is mega expensive. I'm knackered so hatched a plan to make my life easier.
My official retirement date is in 10 years time at 67 but I can do an extra couple of years if needed.
I have secured an NHS job at a lower grade than I had before to reduce stress working 9-5 with weekends off at £30,000. Less money but half the stress.
I planned to sell my house, rent for 6 months so I can have a really good look around the area, and then buy a much cheaper house with a smaller mortgage.
So I have 185,000 equity after I've sold, I was planning on paying off my credit cards about £10k with some of that (they were divorce costs) so I'm debt free, that would leave me with £175,000, and take out a mortgage over 10 years of about £40,000.
I'd buy a small house in a rural area.
This would really lower my outgoings and life would be so much easier for me.
Now I hear it's really hard to get a mortgage like that at my age and I'm likely to be refused. I really don't want to buy a tiny flat, I'd like a two bed house with a garden.
This really is my last chance to move and I don't want to totally blow it.
My credit score is excellent (how I don't know) on equifax, my monthly salary would be around £1900 and my mortgage payments approx £450 a month and I'd have very little in other expenses. I'd have so much more money than I do now.
Does anyone know if I'd be ok, are they likely to lend me money?