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    • Elkcat
    • By Elkcat 12th Oct 16, 9:15 AM
    • 2Posts
    • 0Thanks
    Multiple applicant mortgage
    • #1
    • 12th Oct 16, 9:15 AM
    Multiple applicant mortgage 12th Oct 16 at 9:15 AM
    My wife and I are in our early 60's and have a mortgaged house with £175k equity and have a married daughter, son-in-law and 2 grandchildren who currently have a 2 bedroom shared ownership house with about £130k equity. Since they need a minimum 3 bedroom house and we will not be in a position to repay our mortgage anytime soon (another story but failed endowments are mainly to blame) we would like to upsize to a 4+ bed house around the £550-600k mark - so a LTV of about 50%.

    I will receive a state pension in Nov 2017 of about £7.5k and am already receiving an index linked pension of about £6k. My wife won't receive her state pension (thanks to the government moving goal posts twice!) till July 2020 but hers will be about £11.5k.

    We are currently both employed - me on £17k and her on £20k. My son-in-law works shifts for the AA and earns about £25k basic and an additional £15k with overtime and work-related bonuses. My daughter is a self-employed mobile hairdresser but only earns about £4-5k since much of her time is spent looking after the children (although we help as much as possible - more so once we retire).

    Between us we can easily manage the mortgage and obtain better accommodation all round. We would be giving our equity to them (as an early inheritance with no other assets) and have £100k life insurance for 10 years (2026) to assist in the event of our early deaths.

    So...............what are our options for obtaining the required mortgage in these circumstances please? Also are there any other solutions that we can consider to achieve this please?
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