Mortgage. Can I do this?

[TeaandLemonDrizzle]

I’m going through a divorce and have to sell the family home. I need to anyway as it too big for just myself and my daughter. I have been offered £160k as a settlement.

I have seen a lovely house at £270k in a village on the outskirts of town.

I earn about £2600 a month take home . I’m 51. I have an NHS pension (12 years are part time though).

Can I afford a mortgage of £110k over 10-15 years? Bills are less than £500 a month minus the car payment with 3 years left (£235 per month). Food and petrol on top are £360/month.

Maybe, you would need to consider university costs too, with your income your daughter would get a much reduced loan.

Well, mortgage would be about £800-900 per month, so yes 😊

But go through a broker who will run affordability checks with you.

There’s a good mortgage calculator on MSE here

www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

It's doable. have you considered paying off car loan with settlement as it can boost your affordability for mortgage. You can apply online agreement in principle with any major bank . this will give you idea

Presumably when you retire you will get a large lump sum of NHS pension that you could use to pay off a chunk of the mortgage ? Even with many years part time my NHS pension is forcasting I could take a 40k lump sum.

I think it’s doable, or you cold get part repayment, part interest only and either downsize later on or use any pension lump sums to pay off the mortgage.