Joint mortgage - age difference?

Vegeta

If there are two people who want to get a joint mortgage, one is aged 32, the other is 55, what would the max mortgage term be?

Is it limited to the older borrower so they could only get a 10 year repayment mortgage?

Would the size of the deposit (20% LTV) have any effect in this situation?

Thanks.

GMS

Depends on income and any projected retirement income. Not necessarily as straight forward as saying maximum 65 so 10 years max term. Could go to aged 85 with some lenders subject to affordability.

Mobility151990

Depending on the lender. But GMS didn't word properly. IT DOES go off the eldest borrower. So if 55, NBS max is 75, so 20 years. No deposit doesn't.

GMS

Mobility it could be that the eldest borrower's income is not required therefore age is irrelevant. I know of a mortgage recently with a 15 year term and a 3rd applicant aged 83 at application. Their income was not required so no problem. Major high street lender.
No answer is possible without knowing the full facts

Mobility151990

A 3rd applicant yes, but that's not what the OP said. He/She said 2 applicants. Re-read...

GMS

It does not matter if they are 2nd or 3rd applicant. If income is not required it is irrelevant. For instance if the 1st (younger) applicant earned enough for a 30 year term then 2nd applicant age would be irrelevant for the application. As stated it is not possible to give a definitive answer without FULL facts.

Mobility151990

We know facts, you are just assuming. They have said 2 applicants on one application. YOU are presuming that one applicant could carry the entire mortgage, all we go on is what is said and answer. If the income of the 2nd was not needed then logically they wouldn't be on the app...

betmunch

Loving this fight by the way ladies!

But I think GMS will land the knock out blow thanks to this

Mobility151990 wrote: »

If the income of the 2nd was not needed then logically they wouldn't be on the app...

Good effort both of you

GMS

Facts as in a Fact Find as this is the only way to know what is correct. Why would a lower/non earner not be on an application? You cannot take FACTS from a 5 line post. I am not assuming anything which is why I state it is possible. Thousands of possibilities on each mortgage which is why there are many lenders and criteria.

Mobility151990

No, l answer a question, l don't presume what they are truly wanting to ask and then base my answer on that is all l am saying...

GMS

You cannot answer a question without facts. This is why brokers need to complete reams of paperwork. You said ....

If the income of the 2nd was not needed then logically they wouldn't be on the app...

Why not?