i live with my wife only (married 40 years) the price of the house is less than half of present day prices The offer we have is from the local council which is £55.000
2007-03-04 05:43:06 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
To be honest with you, you are being very ambitious having due regard for your current lack of finances. At least ( I assume ) you currently have the security of housing benefit in payment? But you don't say if your wife is working? Saying that, £55K is a very attractive proposition to buy a house for. But you must be sensible, you cannot borrow what you sensible cannot service in repayment. Do you know if you can start the Right to Buy process and secure the price for a limited period? I know that this used to be possible at one time. Take one step at a time ..... perhaps you could get family members interested to invest in the purchase providing they have their loan well secured? My other thought is that you must be mature to be married 40 years so I suspect that may well hamper your efforts to take a loan over a limited amount of years!
2007-03-04 05:59:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Whatever you do dont have a mortgage with a non standard lender.
Some companies specialise in offering mortgages to folks who cannot get mortgages through building societies and banks. They charge much higher rates of interest. Some of these companies advertise on tv. Dont touch these!
Sometimes ( i think ) you can get a mortgage if someone else acts as a guarantor. i.e. maybe a son or daughter can act as a guarantor.
I believe if you are sick state benefits help with rent. I dont know if they help with mortgages.
Your best bet is to ask a building society for info. Be aware that they are selling a product though and dont let them push a mortgage on to you if you cannot afford it.
It is very difficult to get thrown out of a rented council house. If you dont pay a mortgage, you will be out before long.
Good luck with this one.
2007-03-04 06:59:30 · answer #2 · answered by John S 4 · 0⤊ 0⤋
can you afford up to £500 a month to leave your account? You may also be around the 60 mark, a mortgage will be a burden into your retirement and may be hard to get based on minimal household income!
2007-03-04 06:22:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
does your wife work do you have any income without any income you dont stand a chance if you have the income but it will be tight then maybe your wife can take a second job til you are back on your feet if you want it bad enough you will figure out a way to get it if you think its going to be just given to you think again
2007-03-04 05:51:13 · answer #4 · answered by lynx 3 · 1⤊ 0⤋