I'm nearly 50. Is it too late for me to start saving for a mortgage?

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Without any judgement I'm looking for advice on my realistic options (if at all) for saving for a mortgage at 48 years old.

I currently rent and have never owned a home, am single and have £2000 of savings. I can afford to save £400-£450 a month towards a mortgage with repayments of circa £650-£700 per month. I realise that this is very low as I assume that the mortgage term would only be as long as the maximum age of retirement but I don't know enough about mortgages to be able to make a decision.

Would it be better to opt for Shared Ownership mortgages or interest taking into account my age? Added to this I am also an umbrella company employee. Is it too late for me at my age to realistically get a mortgage? With the ever increasing rents recently and minefield of mortgage calculators online I'm really confused and worried about the choices I have in both a buyer and rental market.
 
purplesky said:
Don't do it. You only have £2000 in savings which is next to nothing and only being able to save £400-450 per month isn't going to cut it. It would take you forever to save up enough of a deposit, and by the time you do, house prices will have likely increased another 40 or 50% at least so you'll need an even bigger deposit. Even if you did it, you'll likely have a miserable existence thereafter.
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My prospects in that case are looking bleak. With rent increasing year on year and house prices also rapidly increasing it seems like I'll heavy lose out buying or renting. I'm not really prepared to relocate to another country as that would be too much of an upheaval for me....
 
Thanks for the suggestions so far. Not sure I could share with another person to cut costs. I would certainly look into getting independent financial advice.

If I made sacrifices like just getting a very small cheap property in an area where I would not particularly want to live for say , 4 years , then selling and hopefully getting a bigger deposit to then put down on my next property that might be feasible, if it means just getting onto the property ladder? My worry though is that It may be even harder for me to get another mortgage, being even older by that stage.
 
Better to plough more money into a pension rather than a mortgage then? I can't afford to pay substantial amounts into both and contributions to a pension need to be incredibly high when starting later.

Would a financial advisor be able to help with advice on savings, financial planning for a pension and mortgage or do they deal with these areas individually? I assume that this would come at a cost. I feel that there are so many issues to deal with , it's just knowing what to approach first and how.
 
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