Mortgage with Mum & Dad

duchy13

Hi, I am in need of some advice regarding mortgages.
I am a first time home buyer along with my parents. I want to purchase a property with both of them and for the tree of us to apply for a mortgage together. I have phoned First Direct who told me straight away that they only allow two people on their mortgage (which is a bit restrictive considering the trend in young people getting together with friends so they can afford to buy property.) I was also informed that there would be a problem with my parents age as my Dad is 61 and my Mom is 58. First Direct would want the entire mortgage paid off as soon as my parents reach retirement age of 65....
Barclays Bank also has an issue with my parents age and how they are going to support themselves after retirement age (they have not intention of retiring at the state retirement age.)

I would like some advice regarding mortgage brokers that would help us find a mortgage and any other tips and advice.

Many Thanks

lisyloo

they have not intention of retiring at the state retirement age

Maybe not, but with a standard 25 year term your dad will be 86.
Statistically he's not expected to be alive then let alone working full time.

Perhaps you can explain your plan a bit better i.e. how are you expecting to pay the mortgage when they DO retire.

I think people willbe able to help more if they understand a bit more about what you are planning.

jennifernil

For us the Halifax was quite flexible on the age issue a couple of years back.

duchy13

Thanks for the advice.

Helen

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