getting a mortgage

truhart

My mum and Dad are getting on.

They have a property worth £140k with £35k outstanding
I have property worth £160k with £100k outstanding

I want to buy a house with a granny flat / anexe.

Is there any way I could get a mortage based on my and wifes income plus the income from my parents income if we all 'signed' up to the new mortgage.

There buy incrasing our buying power to get a bigger mortgage?

Cheers

Tru
x

holly_hobby

Without going into the complexities, the first and major point of consideration in using your parents income (apart from its source), is that the max mortgage term will be determined by your parents age (thats if they are currently within mge age paramters of course).

Some further details would help in more specific and detailed guidance.

Hope this helps

Holly

Wh05apk

Although you could add your parents to the mortgage, lenders will only accept 2 incomes, so it is unlikely you will get a larger mortgage based on their incomes as well.

truhart

Thank you

So I have only £165k to put down as deposit.
I earn about £20k, partner earns £22k p.a.
I have 2 children.

We have no other debts what so ever and a clean credit record.

Whats the maximum mortgage I could get (ball-park). House i would purchase would be £220k -£300k, would it be possible.

Im 49 and so is missus

Cheers

Tru
x

mp80

Should be fine, you will qualify for the best rates too, asssuming a mid-point of 260k with 165k deposit you will only need 95k mortgage which is LTV of 37% - get a capped tracker or similar for about 500 quid a month, which is perfectly affordable for you on your incomes (at face value)

Salary combined - 42k, Mortgaging ratio = 2.26x salary

I think the mortgage company would see you as a model customer?

Even the higher value house at 300k would be completely viable at these levels of deposit.

truhart

when I do the final figures, would you be in a postion of finding me a mortgage if you are a financial adviser?

cheers