To think this is doable?

[PinkPantherPrat]

I'm relatively old. Credit is OK actually, no debt. I'd like to buy again, a flat in low cost area. I am in my 40s (gulp).

I will speak to Skipton about this as I've heard they are quite flexible about mortgages. Finishing specialist MSc which leads directly to well paid job. Mortgage would be 2x salary and I would have a small deposit. This is quite feasible, yes?

You could still get a twenty year term, can't see why it would be a problem. I imagine you'll need to have started the job/ be working before they'll give it to you (wasn't clear if you're actually working at the moment or not.)

Well you arent exactly 'old' are you.

If you are early 40s you could have a good 25 years of work left to go depending on your retirement provisions. If you are 49 then still 16 years until state pension age.

Getting a mortgage in your 40s will be perfectly normal.

You may well be best to take the longest term they will give you and then overpay to get it finished quicker.

That way your monthly commitment isn't too high during moving, settling, new job, suddenly need car repair but you can use spare cash when you have it to bring the term and interest paid down.

This approach probably only works if you are disciplined financially..

How ‘small’ is the small deposit in % ?

Sounds sensible, but do yourself a favour and don't just go with Skipton because you hear they are flexible. A lot of lenders are. Speak to a free mortgage broker such as L&C.

Deposit is 20%.

My circumstances have changed quite a bit over last few months as I came into some money and have also been saving like mad. I'd need to be f/t though instead of p/t in order to get mortgage. Credit is good, no debt.

Thanks for all suggestions though, in 2 years time I'll have finished MSc and can go back f/t so this is a long term plan!

I don't understand the issue, and you shouldn't need to limit yourself to a specialist lender. You could probably buy a more expensive property if you wanted to too.

20% deposit and 2x salary is a very good position for a mortgage compared with a lot of people and well under lending limits.

On the credit front, make sure you're using a credit card for some of your normal expenditure and pay it off in full every month by direct debit as this demonstrates to the lender that you're able to use credit responsibly. Also never go overdrawn, but the credit card use will help with that as it 'hides' some of your spending from your current account until the credit card bill is paid.

Thank you, yes I'm doing that (paying off cc each month). Can't say I'm thrilled having to use it but it's just the way it works!

I would just like a little place of my own again, split from ex decimated my finances. I'll always be a bit poor but I don't need very much.

Caring for relative is coming to an end as they have to go into 24 care. They cannot take care of themselves anymore even with carers in.

I really would be so happy with a little place of my own 🥰

I second other posters in that I don't think you need a specialist lender at all
Your situation sounds remarkable normal with a low income multiple and 20% deposit
I work in mortgages and we lend to age 75 without even batting an eyelid these days. If your stated retirement age is lower than your age at the end of the term then we just ask for evidence that you are paying into a pension but don't check forecasts etc. We don't always have to do this though it all depends on age and term
Like someone else suggested it may be a good idea to choose the longest term possible to keep repayments low but then overpay
But absolutely contact a whole of market broker