My husband and I have split up and after dividing up the house and other finances I find myself looking for a house in the same market as young first time buyers. Although I have some deposit, I will need to find a mortgage of around 80k. This shouldn't be problem as I am in a secure job and 3x my salary should cover it just about. However, unlike first time buyers, because I am nearly
54, I in fact only have 11 years in which to repay it. This would make repayments horrendously high. I have no savings although by the time I retire my elderly mother will probably unfortunately no longer be with us and I will inherit around 300k. Obviously I can't bank on this - at this rate she might well outlive me!Can anyone advise me the best type of mortgage to go for? And is there a company or a forum that specialises in this sort of thing that might advise a different course of action ? I live in a rented house at the moment so there is no reason to rush into this although the longer I leave it, the shorter time I have to repay any mortgage.
Thank you
Jennie