Is It Now Impossible To Get A Mortgage?

[Scarlett]

My friend is 44 and works full time, earning around £20k per year. He would love his own place and is sick of sharing and renting. Is it now impossible for him, at his age, and being single, to get a mortgage on his own?

[Buenchico]

His age shouldn't be a barrier.

If he's got a good credit rating he should be able to borrow up to about £65,000 without much difficulty, and possibly up to £90,000 if he shops around.

Remember though that most lenders will require him to have enough savings to pay for at least the first 5% (and possibly up to 10%) of the house price.

So, if he's got some savings and lives where house prices are relatively low he stands quite a good chance of getting a mortgage. If he's got no savings and lives in London he probably doesn't.

http://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing#

[EDDIE51]

Even a 1 bed room flat any where near me just outside Cambridge, is around £190,000 so yes it is impossible in this area.

[ladybirder]

Hope it's not Brighton & Hove, one bedder in my block just sold for £300k.

Scarlet, which county is he in? The government has some schemes that he might find help him onto the housing ladder.

https://www.helptobuy.gov.uk/shared-ownership/
https://www.gov.uk/affordable-home-ownership-schemes/overview

[Buenchico]

Move to the North-East!
http://www.rightmove.co.uk/property-for-sale/property-48155973.html

[Scarlett]

He lives in Kent- London prices and has no savings.. So I guess he's out of luck unless he moves away and gets a new job.