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GAL BEAR

Advice Please

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Hi I have a dilemma

Problem is I am running out of time to buy.

I am 48 now (but look 38 apparently, according to the all the younger men I seem to attract :P )

Am a single woman.

Earn about 21,000 a year.

I have an £8,000 deposit but am still saving.

1st thing : What amount of mortgage (if any) can I get for my salary/deposit etc?

(I live in Romford Essex, where to give you an idea a one bed ex-council flat/house is

around the £95,000 £100,000 mark).

2nd thing: How many years can I spread the mortage over?

I work for the Civil Service (Please don't all have a go at me for that!) and

we can retire at 65 (but we have a lady working here who is over 70 would you believe)

My father has 'willed' his house to me which at present is about £200,000 so eventually

I would be able to pay off any debt I incurr now. but would any building society take that into account.

3rd Thing: I am worried that I wil have no time left to pay off a mortgage if I am not careful.

Also they keep saying in the press that House Prices are slowly rising again.

Which I find very hard to believe.

Or should I just rent till I inherit my dads' house.

Don't like that idea very much though.

I have been on lots of mortgage comparison sites and can't really work out what I can get.

Any advice/guidance. :(

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Your dad sounds like a top chap, and well worth spending more time with.

Pop round every morning and make him a big old fried breakfast, and don't skimp on the grease. Or the salt.

We should all spend quality-time with our parents, and there are plenty of exciting things you could to do together.

Think free-fall skydiving, bungee jumping, and so on. While he is doing it, you can hold his coat, and watch.

Sad to say it, but with your deposit and present earnings, you do not realistically have many options.

You might expect to get a mortgage offer of £60,000 but you are still £20k short of a grotty flat. IF, there is a continued fall in the market,

this is the sort of property which will fall fastest ( ie least desirable) . Are you any sort of key worker, to qualify for a shared ownership deal.

Perhaps Cupid will come to your rescue, and your accomodation problems will be solved that way!

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Hi I have a dilemma

Problem is I am running out of time to buy.

I am 48 now (but look 38 apparently, according to the all the younger men I seem to attract :P )

Am a single woman.

Earn about 21,000 a year.

I have an £8,000 deposit but am still saving.

1st thing : What amount of mortgage (if any) can I get for my salary/deposit etc?

(I live in Romford Essex, where to give you an idea a one bed ex-council flat/house is

around the £95,000 £100,000 mark).

2nd thing: How many years can I spread the mortage over?

I work for the Civil Service (Please don't all have a go at me for that!) and

we can retire at 65 (but we have a lady working here who is over 70 would you believe)

My father has 'willed' his house to me which at present is about £200,000 so eventually

I would be able to pay off any debt I incurr now. but would any building society take that into account.

3rd Thing: I am worried that I wil have no time left to pay off a mortgage if I am not careful.

Also they keep saying in the press that House Prices are slowly rising again.

Which I find very hard to believe.

Or should I just rent till I inherit my dads' house.

Don't like that idea very much though.

I have been on lots of mortgage comparison sites and can't really work out what I can get.

Any advice/guidance. :(

Is it too late to become a single mother?

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£8000 is not much to have saved by age 48. Difficult to save seriously when you have all the bills to pay singlehandedly.

From your post it looks like your looks are your biggest asset.

Go hook a rich punter and live a life of luxury. Then hit him for half his fortune in the divorce court.

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i thought you were an EA reporting from the front line!! or am i confusing you with another gal bear?

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Problem is I am running out of time to buy.

I am 48 now (but look 38 apparently, according to the all the younger men I seem to attract :P )

Hehe. Speaking as a fellow 48-year-old renter, perhaps I should reply. Though I have a lot more money than you, coupled with a much-less-secure job, so not entirely comparable.

A few years ago, it looked as if I might never be able to buy in the UK. As you say, we're running out of working years to pay off a mortgage. But given the crash, I'm no longer concerned about that, and I'm biding my time waiting for the next leg down.

I'd say to you, buy if and only if it's going to improve your standard of living right now. That is to say, if you can get a nicer place than you can rent, and still afford the mortgage payments when they hit 15% or so. And bear in mind an inheritance could be much-reduced if your dad ever needs to go into a care home. Would you nurse him if necessary, even if it meant giving up your job?

And would you want to live out your days in Romford, or escape at some point somewhere nicer and/or cheaper? If I were stuck there, my priority would be a job somewhere better, not a house.

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Hi I have a dilemma

Problem is I am running out of time to buy.

I am 48 now (but look 38 apparently, according to the all the younger men I seem to attract :P )

Am a single woman.

My father has 'willed' his house to me which at present is about £200,000 so eventually

I would be able to pay off any debt I incurr now. but would any building society take that into account.

Or should I just rent till I inherit my dads' house.

Don't like that idea very much though.

I have been on lots of mortgage comparison sites and can't really work out what I can get.

Any advice/guidance. :(

You should bear the following in mind. There are nearly half a million elderly people in residential care in the UK. If your father dies in his bed, well and good, and let's hope that's a long way off.

But if he needs care through infirmity, it is very likely to be care you are unable to give. Being on hand 24 hours a day to ensure kettles aren't left forgotten on gas stoves, or to help someone to the toilet, or simply to relieve the anxiety of loneliness is not an option for most people of your age and income. Round the clock care usually means a residential home at £20K upwards charges per annum. Higher in the SE.

A house is an asset which is taken into account by councils when providing care. It can't be given away or hidden, and the authorities know every dodge of this kind. 70,000 houses a year are sold in the UK to fund care home fees.

I would very much doubt that a BS would take inheritance into account. Your father could remarry, might change his Will, might need care, might borrow against the house to play online poker, incur debt you know nothing of, and many other things.

My point is, don't bank on inheritance to solve financial situations. Many posters here have seen expected family assets (both cash and houses) consumed by care home charges.

Take this into account in your planning, and good luck.

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Wait.

If house prices come down, then you'll have saved some more money and the "place of your own" will require less mortgage.

If prices go up, then your dad's house will be worth more money when you come to inherit.

Think of it as a diversified family portfolio. Your dad's in housing, you're in cash. But you could think about diversifying your cash too. Investing for Dummies isn't a bad place to start reading. But you know that already, as a long-term HPCer who's put in her fair share of intelligent posting over the years.

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Why bother with a mortgage and tie yourself down to living in Romford for 25 years!

You can get retirement visas for a whole load of nicer, warmer countries and find yourself lots of toyboys to play with,

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You're only up the road from me.

Bung a picture up. I might have a crack at you darling xxxxx

Class act. I suppose it worked once on a barmaid...

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Move in with dad (if not already) and bully him into an early grave or get half the house in your name now. Depends on how well you get on with him.

48 you aint having no babies unless you go to some really dodgy ivf place abroad in which case you got 15 years plus to have kids. :)

Independence is a state of mind, not of body.

Spend money soundproofing your private space. :)

Saying that I wouldn't be able to share a house with my slightly insane father any better now than I could when I was 18.

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You're only up the road from me.

Bung a picture up. I might have a crack at you darling xxxxx

He'll be a good catch for you dear. He knows all about property and investing.

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1st thing : What amount of mortgage (if any) can I get for my salary/deposit etc?

ballpark 80k

2nd thing: How many years can I spread the mortage over?

65-48 = 17years

3rd Thing: I am worried that I wil have no time left to pay off a mortgage if I am not careful.

you will not be allowed to have a repayment mortgage that extends past your retirement date (unless choose to throw a chunk of your retirement fund at the repayment).

draw your own conclusions...

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Forget buying with a mortgage, or renting, or waiting for Pops to go, err, pop. BUY for CASH with your 8k savings - you obviously do not realise how much property local to divey Romford has sunk in price - give this place a lick of paint and your toyboys will love your warehouse conversion:

http://www.rightmove.co.uk/property-for-sa....0%26index%3D40

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Hi I have a dilemma

Problem is I am running out of time to buy.

I am 48 now (but look 38 apparently, according to the all the younger men I seem to attract :P )

Am a single woman.

Earn about 21,000 a year.

I have an £8,000 deposit but am still saving.

1st thing : What amount of mortgage (if any) can I get for my salary/deposit etc?

(I live in Romford Essex, where to give you an idea a one bed ex-council flat/house is

around the £95,000 £100,000 mark).

2nd thing: How many years can I spread the mortage over?

I work for the Civil Service (Please don't all have a go at me for that!) and

we can retire at 65 (but we have a lady working here who is over 70 would you believe)

My father has 'willed' his house to me which at present is about £200,000 so eventually

I would be able to pay off any debt I incurr now. but would any building society take that into account.

3rd Thing: I am worried that I wil have no time left to pay off a mortgage if I am not careful.

Also they keep saying in the press that House Prices are slowly rising again.

Which I find very hard to believe.

Or should I just rent till I inherit my dads' house.

Don't like that idea very much though.

I have been on lots of mortgage comparison sites and can't really work out what I can get.

Any advice/guidance. :(

If you are not a TROLL then my 2p worth is ....

1st. & 2nd ... Seriously, DO NOT BUY NOW! you will regret it through into your retirement. You are putting your retirement at jeopardy taking on debt now while we are still just off peak (= 3rd point).

OK your money is not doing much in the bank but you are finacially trouble free (I hope).

Wait for a few years as you will be saving £20k for the same house plus have a larger deposit and qualify for a better long term mortgage rate.

Take some male hormones to surpress that nesting instinct and you will be fine.

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You're only up the road from me.

Bung a picture up. I might have a crack at you darling xxxxx

Wendy, he's only after your Dad's property because he's suddenly realised what a huge mistake he's made by buying 3 years ago.

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