"joint family mortgage"

SIMPSON_2

I am 57, my son is 37 if we bought a house with a joint mortgage, house value approx 120,000 deposit of 30,000 would we be likely to be given a mortgage over 20 - 25 years

holly_hobby

Does your sons income cover the amount of borrowing on its own?
Is the mge in both names so that you will be named in the deeds?
Or, is this a right to buy - with your name reqd to secure the discounted purchase price?

If YES - you put his name as first applicant - problem solved as he can svc the loan on his own income, with your name as 2nd applicant - thereby as joint applicant you will also be on the deeds.

If not, and a term possible taking you past your normal retirement age (NRA), then the lender may want to see what your income will be after retirement, just to ensure that after this event affordability will not be affected. Of course if your son is also in a professional career, then his income will also increase over the coming yrs, so with a good presentation of the facts to the underwriter, they may well consider that one will cancel the other out.

The term you are after is certainly possible, but it does depend on a number of factors - pay a visit to a mge adviser who will after assessing the affordability, direct you to the most appropiate lender & deal.

One thing to consider is, if your son in the future wishes to "branch out" on his own, and want his name removed from the mge liability - this may cause a problem with your age and proven income in retirement - which if unsuitable, will result in your son being unable to be released from the mge liability. (although you may be able to move to another lender if their criteria is more flexible on the same issues)

So the bottom line, is that you both need to make sure that you are happy and understand the long term implications of buying together.

Holly

Senior_Paper_Monitor

Complicated subject (have a couple of similar ones in hand at the moment).

Varies between lenders, but many now openly accepting retirement age of 70 (but not all) so 22/23 should be comparatively easy IF the rest of the story (incomes etc) stacks up.

As holly points out, there are many other factors to consider.

Mortage broker (with full disclosure) territory rather than online forum territory I suggest.