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Advice please.

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  • Advice please.

    Hi,
    My name's Tatsiana and I'd like some advice please. A little bit of history about me. I am 52 years old and married to my husband who is 50 years old. We have always owned our own home up until now. We sold our last home in 2008 at a huge loss which left us with very little cash left over after settling debts that accumulated from redundancies (3 in two years) - Since 2008 we have rented 3 properties and we do not want to rent anymore, although currently we have no choice. We would like to buy our own home but not sure how feasible it would be at our age. I would like to ask some questions and hopefully receive some guidance from you. If I was to buy a house 3 years from now for £200,000, what deposit would I need to put down? We are saving £2,000 a month and gross salary is £80,000 a year plus £8,000 bonus. Not sure if you need anymore info but it's a start - Any advice would be appreciated.

    Thanks!

    Tanya

  • #2
    Re: Advice please.

    I was looking for an edit button- Sorry, just wanted to correct a typo - we sold our house in 2011 and not 2008.

    Comment


    • #3
      Re: Advice please.

      This post has 203 views and no response. No advice from anyone?

      Comment


      • #4
        Re: Advice please.

        292 and counting

        Comment


        • #5
          Re: Advice please.

          OK here goes, you asked!

          You trhink you will be able to buy a house for just £200,000 in 2016 do you?
          If you can it wont be much more than a one bedroom flat in my opinion.

          You are (at the moment) earning good money.
          You could based on your current income get a laon for £240,000 perhaps a bit more.
          You will need at least 10% as a deposit that would be £20,000 on your fictional £200k home in 2016.

          If you are saving £2000 a month, in three years you will have £72,000 for aa deposit.
          That would mean a home loan of just £128,000. Even at 55, you should be able to repay that before you retire so amortgage shoudl not be a problem.

          I dont know why no one answerd your post.
          Perhaps everyone thought the reply is too obvious.
          BRAND NEW HOMES
          Information for UK new home buyers
          New Home Blog The latest news and views

          Comment


          • #6
            Re: Advice please.

            Thanks for replying to my post. Yeah, at least I got an answer! What might be obvious to everyone else might not be the case for some people.

            Comment


            • #7
              Re: Advice please.

              have a look there Buying a property | Bigpage
              Property To Rent

              Comment


              • #8
                Re: Advice please.

                Originally posted by Tatsiana View Post
                Hi,
                My name's Tatsiana and I'd like some advice please. A little bit of history about me. I am 52 years old and married to my husband who is 50 years old. We have always owned our own home up until now. We sold our last home in 2008 at a huge loss which left us with very little cash left over after settling debts that accumulated from redundancies (3 in two years) - Since 2008 we have rented 3 properties and we do not want to rent anymore, although currently we have no choice. We would like to buy our own home but not sure how feasible it would be at our age. I would like to ask some questions and hopefully receive some guidance from you. If I was to buy a house 3 years from now for £200,000, what deposit would I need to put down? We are saving £2,000 a month and gross salary is £80,000 a year plus £8,000 bonus. Not sure if you need anymore info but it's a start - Any advice would be appreciated.

                Thanks!

                Tanya
                Tanny thanks for your experience
                Property To Rent

                Comment


                • #9
                  Re: Advice please.

                  Hi Tania,

                  You should be able to secure a mortgage to 65 and if you have any pensions in place possible use that money to extend your mortgage and use the monies from that to pay the mortgage.

                  Regards

                  Ged
                  http://www.premierexpatmortgages.com
                  [email protected]

                  Comment


                  • #10
                    Re: Advice please.

                    Hi Tanya, Sounds like a big choices for you and exciting ones! - To be honest i would suggest booking a free appointment with an independent mortgage adviser. Most estate agents like us have one based in branch. pop in and see one. I would also recommend the possibility of the governments help to buy scheme. they are able to help witht he deposit on certain properties and you may only need a 5% deposit. if you go the more traditional route as with most cases the better the deposit the better the rate. Good luck with your next purchase!
                    Jacks and Jones Estate Agents
                    http://www.jacksandjones.co.uk

                    Comment


                    • #11
                      Re: Advice please.

                      Hi Tatsiana,

                      I would check as they help to buy scheme was for first time buyers unless they have released some new funds aimed at previous property owners

                      Ged


                      Originally posted by Jacks & Jones View Post
                      Hi Tanya, Sounds like a big choices for you and exciting ones! - To be honest i would suggest booking a free appointment with an independent mortgage adviser. Most estate agents like us have one based in branch. pop in and see one. I would also recommend the possibility of the governments help to buy scheme. they are able to help witht he deposit on certain properties and you may only need a 5% deposit. if you go the more traditional route as with most cases the better the deposit the better the rate. Good luck with your next purchase!
                      http://www.premierexpatmortgages.com
                      [email protected]

                      Comment


                      • #12
                        Re: Advice please.

                        You say you are 52 as if that's old. Don't you know, 50s is the new 30s!!!

                        Comment


                        • #13
                          Re: Advice please.

                          Depending on the lenders, the maximum age to apply for a mortgage can reach 70 years old so I don’t think that your age will be a problem.
                          Neli P.
                          E-mail: [email protected]
                          Website : http://blog.thenello.com/

                          Comment


                          • #14
                            Re: Advice please.

                            Call me stupid, but I don't understand how a new homes expert has said that £200,000 will only buy you a one bed flat? How do u know this? In answer to the original question though, I agree with their summary. Keep saving and get a nice healthy deposit. Good luck!

                            Comment


                            • #15
                              Re: Advice please.

                              Allow Umega Lettings to handle the research that becomes necessary when you want to rent a house in Edinburgh. We have for you a massive inventory of properties in Edinburgh to choose from. We are fully accredited by ARLA, and all our team members have accretion from MARLA. Just give us a call, share your idea and we will help you every step of the way.
                              Lettings Agents Edinburgh - Property Management Services

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