Mortgage advice older person 50 years old

[Lsgandhi]

How can I get a mortgage on low deposit. Fixed NHS salary. Son will be appearing in gcse in 4 years. Need stability.
thanks

We did consider buying several years back and did pay surveyors and solicitors then Not sure what the rates are now but it wasn’t the biggest expense then.

Just google it….

You don’t need to see a GP by that logic. One can use the internet to work out what is wrong with oneself.

I had to put down 25% deposit but I managed to find something from under 200,000 which was my saving grace
We are now looking to move to something bigger. We’ve spent quite a bit sprucing this one up.
But that worked well for us buying cheap and adding value so increasing the equity to put down on the next one
Even with all the costs involved in moving over a five year period I will definitely be up on the deal

Thanks. That is encouraging

I guess have to pick up extra shifts which I was hoping to avoid

It’s been a lot in the news lately

Shared ownership

For extra money, you could rent out a room to a lodger, it's tax-free income up to £7.5k a year.

Building insurance varies based on the type of house you buy. But you still need it for a new build.

Honestly you are not painting yourself in a great light. Your responses are surly and rude. But the information you are asking is basic and easily found out theough research.

50 isn't particularly old. You still have another 16 plus years until pension age!

‘ you r not painting yourself’
Can you please be a bit professional in your replies and please refrain from personal comments. I have had sone helpful replies here. I will obviously get professional advice but as I don’t have a lot of friends and family this does help me put my thoughts together.

Not remotely comparable. Mortgage interest rate calculations are fairly basic maths. My GP can diagnose me, refer me and give me a prescription - Dr Google could only do one of those things at best.

My husband is a mortgage adviser but does usually say for older people (mortgage term wise) you either need a big deposit or a big pension to make it affordable.

If you are 50, only have a 10% deposit and want a £250k house you’d be looking at £1800 payments (roughly) if you took the mortgage over 17 years- more if you have any adverse at all which would mean you’d need to go with an adverse lender with a higher interest rate. If you wanted to extend the term into retirement you’d need to prove that your pension is sufficient to allow to keep paying £1800 a month.

Thanks

It’s a NHS pension I will factor that in
Regards

OP, you say 'we' but suggest you're buying alone. If you're supporting a SAHP partner it might reduce the amount you can borrow.

Or if you're buying with a partner can they work so their income can be included.

There's endless online calcutors and Moneysavingexpert.com has advice for first time buyers. You need to be sure of your budget and talk to a broker to find mortgages you qualify for.

Food?

i have been renting for many years but since COVId not only have the rents gone up the landlords have become a bit fickle as well. Our previous landlord had to sell the property in a rush just before the 11+.
The mortgage itself should be affordable , everything else being equal but there are significant overheads , some of which I have factored in . I have no loans or other adverse history. My wife isn’t working currently but does have a significant NHS pension but using online calculators, mortgage is affordable on my salary
( has been for many years ) . Some difficult decisions to make.

On a repayment mortgage she won’t be paying as much towards the end of the term as at the start. She could probably get the term stretched to age 70 (we did that - won’t need it as we overpay but it would keep the early years repayments down a bit). Definitely talk to a broker.

Except shared ownership is a massive trap. I'd avoid it like the plague.

Really? Are you really a doctor?

I agree, talk to a broker- London and Country are good

https://www.skipton.co.uk/mortgages/first-time-buyers/track-record-mortgage

The affordability is based more on what you have been paying in rent but I haven’t read the full t&c’s.

Also fixed rate for five years which should give you some breathing space!