House purchase post-divorce

[TeaCakeandWarmHugs]

Hi,

I’m not post divorce just yet but things are approaching an end. I definitely want to sell up the family home which I am currently residing in. My stbx has another property so he is living there.

I have seen a house I’d love in a village to the outskirts of town (which I’d prefer now I’m getting older). The purchase price is £270k. I am set to get around £170k from the family home (mortgage free). I’m just wondering if I can afford it on my own and at my age (almost 51). Salary £48k and I have an NHS pension (from 1996).

I have the youngest child (15) living with me and the eldest (19) is at university.

I am conscious of the rise in energy bills etc. and feel very nervous about being in my own financially. Ideally, I would like to be mortgage free but houses at £170k here are pretty desperate!!

Has anyone else purchased anything of similar salary and house price? I’m just trying to work out if I can do this (at my age) without substantially reducing my disposable income as I still want to live!!

Sounds like it should be doable but maybe speak to a mortgage broker to see what it means in the current market with interest rates as they are - what your affordability and repayment will be. Length will be an issue but you should be fine til 68 and may be able to argue longer if you expect to/ will be able to work beyond that. London and Country are a free broker who have won lots of awards. Worth a try to start the ball rolling and get a ‘mortgage in principle’ once you are ready to go.

Sounds totally doable. Without knowing all the details you will have a smallish loan to value mortgage. Would maybe pay up to £600 a month on current rates. As previous poster advised, start talking to a broker now. They take their fee from the mortgage company. Good Luck