Borrowing into retirement and Advice about Mortgage Deeds

jintynetty

My husband and I are currently buying our first home, he will be the sole name on the mortgage as he is in employment, can my name be on the deeds? Also he is 45 and the mortgage brokers have asked for the mortgage over 20 years, however, I will shortly be returning to work (i'm 36) and we would be more financially comfortable if the mortgage was over 25 years, does anyone know if the mortgage company will accept this as effectively it will mean we will be paying the mortgage until he is 70! Any answers would be appreciated.

opinions4u

Have you actually priced up the difference between 20 and 25 years?

Go for the shorter term!

jintynetty

Yes it's nearly £100 per month and we just don't think that we can afford it at this time until I go back to work

unite79

Some lenders will accept the longer term, some wont - Even though you are not working, you will need to go on the mortgage if you wish to be named on the deeds.

Your age will also mean some lenders will allow the longer term, based on the fact you should be in a position to repay the mortgage once your husband has retired. - Have you thought about how you will pay the mortgage for the 5 years - ie has your Husband got a pension etc...

jintynetty

Yes my husband has a pension but he won't be retiring til he's about 70! When I get my new job I won't be able to retire til i'm 65 so we will still be able to pay our mortgage full term