Mortgage for myself and a 76 year old

1507daisey

Hi,

Can anyone give me some advice please, I am lookimg to buy a house jointly with my grandmother, her credit rating is good whereas I have a CCJ that resulted from a dispute with my daughter's old nursery, do you know of any lenders that will do mortgages for people of this age, as we tried Santander today and they will only loan up until the age of 75.

Any help appreciated.

:j

Thrugelmir

Rather than trying to involve your Grandmother. You need to resolve your own issues.

Out of curiosity what mortgage term are you looking to borrow over?

1507daisey

I am not trying to involve my grandmother, we want to get a joint mortgage and buy a house together, where we will both live with my daughter.

Thrugelmir

1507daisey wrote: »

I am not trying to involve my grandmother, we want to get a joint mortgage and buy a house together, where we will both live with my daughter.

By putting her on the mortgage application you are.

Why?

1507daisey

Not quite sure why your giving me such a hard time, she wants to go on the mortgage app as it is her bit of security, this is something we both want to do not just me, she will be living with us, and it is mainly her equity we are buying the house with, she wants me to have a permanent roof over by head rather than waste money on paying rent.

Thrugelmir

Not trying to give you a hard time. Apologies if it came across like that. Just trying to understand what you are trying to achieve thats all.

What you've said now said makes the situation clearer.

As far is being included on the mortgage thats a no no. However I would suggest that your speak to a solicitor. As its perfectly feasible to have an agreement drawn up which protects her interests ie deposit, and her security of tenure in the property.

You will need to get obtain approval from your lender as well.

chambta

Thrugelmir wrote: »

Not trying to give you a hard time. Apologies if it came across like that. Just trying to understand what you are trying to achieve thats all.

What you've said now said makes the situation clearer.

As far is being included on the mortgage thats a no no. However I would suggest that your speak to a solicitor. As its perfectly feasible to have an agreement drawn up which protects her interests ie deposit, and her security of tenure in the property.

You will need to get obtain approval from your lender as well.

Absolutely correct.

I once did a mortgage with a similarly aged lady named on the mortgage but it was a right to buy case and she had to be for the purposes of receiving the discount.

Her income wasn't taking into consideration; only her son's.

I doubt very much you will get a mortgage in this climate in these circumstances but reading your reasoning I don't think it's required anyway.

1507daisey

Hi,

Thank you both for your replies, basically it is my Nans house but my Mum and Uncle's names were on the mortgage, which I have inherited / been given, we are in the process of changing the deeds through a solicitor,(the mortgage is all paid off) to my Name. I just really want to be able to get a mortgage, the question of the deposit money isn't really an issue have as my family are giving it to me and arranging for the deeds to be transfered, so there will be no comeback on it and my Nan is happy for me to have this, its just more a case of where I can get a mortgage to make all of our lives that bit easier. We will have approximately between 180K - 210K deposit and ideally require about 200K or slightly less to buy a 3/4 bed house (expensive where we live). Is a broker my best option?

Thrugelmir

A broker is your best route, as its not a standard application and they'll help find you the options available.

ILW

Surely a mortgage term of any more than 4 or 5 years would be very risky? Unless I am missing something.

1507daisey

To be honest I am looking to do this on Interest Only my salary can cover it, and my stepdad, dad and uncle are willing to be guarantors. My stepdad is 76 himself and his idea is that I get the mortgage as interest only, as I am due to inherit enough to pay off the mortgage in full when he passes, which is hopefully not for a while yet, but he has and is happy to confirm that I will be receiving more than enough to pay off the mortgage in the future.