Joint mortgage - three people

arsenal86_2

Hi guys, first time poster here and I am looking for some help.

Basically (interesting word choice) me and my partner are looking to get a mortgage with her mother who is 54. Between the three of us our income is about £49k and we have a deposit of about £35k-£40k.
We've spoken to a financial advisor but he's still looking at the information and all that stuff.

What I want to know is how exactly do mortgages work in regards to three (or more) people? I've read something about how it could be 2.5 times the combined income, or three times the highest add the lowest or how it doesn't even take into account the third person.

As you can see, I'm very confused. I really just want to know how it works and also, with the information I've given about, what the maximum loan amount we are realistically likely to get.

Any help would be much appreciated, thanks.

getmore4less

who is going to live in the place and what will the exit plan be

without an exit plan forget it.

Annisele

Getmore4less is right regarding the exit plan.

I'm not sure that having your partner's mother on the mortgage is going to help you borrow anymore - when does she plan to retire, and will she have decent pension income?