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mortgage between two people but one is retiring in 5 years. HELP!
workharder1
Posts: 1 Newbie
Hi All,
Sorry if this has been asked before.
I want to get a mortgage of 170-180K. I have no debts. My salary is 29K. I have a person willing to go in with me on the mortgage, their salary is 31K. However, they are retiring in about 5 years, but own a house that is valued at £400K. By the time they retire I am confident (as much as you can be at the mo) to have a salary of around 35K.
Can we get a mortgage of £180K now despite the due retirement ? Would they need to put their house as a guarantee because of the retirment?
Please somebody give me the benefit of your knowledge!
Thanks
Sorry if this has been asked before.
I want to get a mortgage of 170-180K. I have no debts. My salary is 29K. I have a person willing to go in with me on the mortgage, their salary is 31K. However, they are retiring in about 5 years, but own a house that is valued at £400K. By the time they retire I am confident (as much as you can be at the mo) to have a salary of around 35K.
Can we get a mortgage of £180K now despite the due retirement ? Would they need to put their house as a guarantee because of the retirment?
Please somebody give me the benefit of your knowledge!
Thanks
0
Comments
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Would be interested to know the answer to this too.
We have a relative helping us buy a property but as they retire fairly soon they'll only lend on a very short term.
Monty0 -
It might depend on the retiree's income after retirement.
Age itself is not an issue with some lenders but is with others. For example, a few years ago the OneAccount would not have entertained your situation whereas Britannia would.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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