We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Query and Age Limit
hitchy
Posts: 1 Newbie
Hi
My husband and I have a mortgage with the Halifax which also has my father in laws name on it - having his salary taken into account allowed us to buy our house.
Anyway - we got into trouble and entered an IVA which has 18 months left to run (that's a different story).
We want to pay it off by selling the house and hopefully egtting a new one as we have 2 bedroom and are 3 weeks away from our 3rd baby!
So We know that my husband and I can't get a new mortgage though Halifax due to the IVA etc and we accept that for another few years but Father in Law has offered to try to extend our mortgage as we're on a fixed rate until 2012 and have penalties etc...
He's now 55 has a salary of around £33000 with maybe £200 credit commitments at most. He has an excellent pension which is why at 50 Halifax allowed him to come onto our mortgage which at the time was 30 years.
My Father in Law and my husband are fgoing to the branch on Friday but we're tryin gto get a heads up on what they'll say?
DOes anyone know if he'll be able to get a 25 year mortgage on his own? We understand we'll need 10% deposit but what's the maximum amount they'll lend?!
It's annoying they can't take my husbands wages into account as he's now on £23k a year but with the IVA looming he's classed as bad credit/high risk (understanadably)
my FIL isn't on the IVA has excellent credit etc etc
My husband and I have a mortgage with the Halifax which also has my father in laws name on it - having his salary taken into account allowed us to buy our house.
Anyway - we got into trouble and entered an IVA which has 18 months left to run (that's a different story).
We want to pay it off by selling the house and hopefully egtting a new one as we have 2 bedroom and are 3 weeks away from our 3rd baby!
So We know that my husband and I can't get a new mortgage though Halifax due to the IVA etc and we accept that for another few years but Father in Law has offered to try to extend our mortgage as we're on a fixed rate until 2012 and have penalties etc...
He's now 55 has a salary of around £33000 with maybe £200 credit commitments at most. He has an excellent pension which is why at 50 Halifax allowed him to come onto our mortgage which at the time was 30 years.
My Father in Law and my husband are fgoing to the branch on Friday but we're tryin gto get a heads up on what they'll say?
DOes anyone know if he'll be able to get a 25 year mortgage on his own? We understand we'll need 10% deposit but what's the maximum amount they'll lend?!
It's annoying they can't take my husbands wages into account as he's now on £23k a year but with the IVA looming he's classed as bad credit/high risk (understanadably)
my FIL isn't on the IVA has excellent credit etc etc
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards