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Joint mortgage

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Hello,

I am planning on buying a house with my mother. So the house will be in both our names and so will the mortgage.

Only my mother will be living there.

I assume I can still get a residential mortgage as my mother will be living there. Is that correct?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    The mortgage term may be restricted by your mothers age.
  • Should you need to go past the age of 75 then give the Leeds BS a try
    I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.

  • kingstreet
    kingstreet Posts: 39,254 Forumite
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    You shouldn't have a problem obtaining a residential mortgage. However you may struggle if you are supporting a mortgage on your own home and don't have enough income to cover both mortgages. If you don't have a mortgage, you may struggle to get the amount you need later if this mortgage still exists as it will put pressure on your borrowing power.

    If you need the mortgage to extend past her normal retirement age and you need her income to support the level of borrowing, expect the lender to ask you to provide evidence of her retirement income.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • 41123a
    41123a Posts: 19 Forumite
    My mother is 65. I don't need her income to support the mortgage application. It sounds like her age will restrict the mortgage term to max 10 years.

    This may seem like a daft question but if I needed to remortgage in 5 years would it have to be a joint mortgage or could I have the mortgage in my name only?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why would you need to remortgage?
  • 41123a
    41123a Posts: 19 Forumite
    Might decide in 5 years that there is a better product or maybe extend the mortgage term
  • kingstreet
    kingstreet Posts: 39,254 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    To remortgage, you'd then have to conduct a transfer of equity to remove her from the deeds.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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