Advice on buying first home

[Fluffypompoms]

Hello, I posted this in Chat, but I think here might be more appropriate.

I'm after some advice please. I'm 50, a single mum and always rented.. I didnt think I'd ever have a chance at buying a place due to being single and not earning enough.. I'm now on a fairly decent wage - c.40k, have no debt and I'd like to at least try to get on the property ladder - maybe with shared ownership. I honestly don't know where to begin. I need some help. Are there any schemes out there for someone like me? I'm having issues with my landlord who clearly isnt interested in sorting out the problems in the house, including a leaky roof, yet quite happily raises the rent despite this. Im absolutely fed up and would dearly love my own home.
Thank you.

Hi OP

Maybe ring shelter I think they may give advice on shared ownership schemes, maybe citizens advice too?

https://england.shelter.org.uk/housing_advice/homeownership/shared_ownership_schemes

Also you could check the government website to search for them near you?

https://www.shared-ownership-scheme.service.gov.uk/find-organisations-selling-shared-ownership-homes

Good luck. Xx

Probably best to chat to a mortgage broker to see if you are in a position to take on a mortgage.
Use u switch or MoneySuperMarket so you have access to a range of brokers that could help.

At 50 you still have 17 years until retirement age so now is a good time to do this if you want to own your own home.

Do you know roughly how much a suitable house is in your area?

Hi. I’m in a similar position, single mum of 3, but my youngest is 18 next month. I have been waiting for this time, so I can head back to the north and buy, as i’ve been renting in the south east for 25yrs. I’ve looked at online calculators and checked my credit rating (I used clear score). My credit score was ok, but i’ve been able to increase it by getting a credit card (and paying it off each month).

I can see online how much I can borrow, and so I am going to contact a broker soon, as I can start making offers from next month, as can’t move until end of June. Have a look around at prices. Rightmove has a ‘how much can I borrow’ calculator, for a ball part figure. Rightmove also has some shared ownership properties. Good luck, exciting times ahead. I cannot wait to own, and paint my walls whatever colour I fancy!!

You need to see what mortgage you can get and together with your deposit, you can work out what type of house is affordable.
Don't forget that things like leaky roofs become your responsibility when you become a home buyer, it goes with the territory.

Thank you all for your advice - that's really helpful. I've had a look on right move and there are some decent houses for around £180k. I could get a deposit together of around £12k. I do feel a bit defeatist due to my age and worry that I've left it too late and missed the boat. I need to at least try though. @Zanatdy good luck with buying your first home. I'm totally with you on painting the walls any colour you want! I've longed for my own home for years and never felt settled in a rented house.

I’m in a similar situation and the same age as you. I haven’t seen a mortgage broker yet but as my pension is currently very low, I’m working on the basis I won’t get a mortgage beyond 17 years, which limits my options. Flats are a no-no because of the noise issues and problems that come with leasehold, but two bed terraces where I am cost about £200k. I’ve looked extensively into shared ownership and decided there were more cons than pro’s.

I would go and see a mortgage broker as soon as you can to determine what mortgages you’ll be offered because it’s crucial to know how long the repayment period will be and therefore what you can borrow.

What area would you be looking to buy? I put these numbers in and I think there are some things you will need to focus on, being the low % deposit firstly; are you able to get it to 10% (20k)? As you will get better rates. Secondly the shorter repayment time (17years) means the repayments may be higher than you would like, but I am assuming 200k house, so if you go for shared ownership or a less expensive area it will be less. This calculator assumes 4.5%, but we recently remortgaged lower than this so you may be able to knock a bit off this amount closer to the time with rates coming down. Good luck whatever you choose to do!

Amazing, well done to get this far. Money saving expert has such helpful and useful advice for buying a first home.

When you get there, download Sprive which is an app to give you cash back on your mortgage on groceries and other shopping. I have a referral code if you want it.

Also don’t forget to put away money for fees and second hand furniture, also house insurance - about £5 or £6k.

Hi thank you so much for the advice. Probably a silly question but how do I find a reputable mortgage broker?

Look at London & Country mortgage brokers but also look at the Nationwide Helping Hand mortgage which may allow you to borrow more than you think.

^ as above, and also worth posting if you're in any local Facebook groups for local recommendations, nice to support local businesses and the person I came across offered a very good deal.