Mortgage with parents?

dorme

hi all,

im looking into getting a mortgage with my mum/dad as my partner isnt earning enough for affordability, plus my mum/dad wouldnt mind a stake in another property.

they have around £ and a few years left on there mortgage for a property worth around £210000.

i earn 26k and my dad earns 30k (mum a little less).

question is, is there any problems getting a mortgage with parents? or is it the same as getting a mortgage with a girlffriend etc to lenders?

Cheers!

dorme

:think: no one had experience with this?

The_J

How old are your folks?

dorme

The_J wrote: »

How old are your folks?

50 years young as they would say! yeah, course!

The_J

OK so the lenders who are ok with more than 2 people on a mortgage will be able to give you a mortgage from 14-19 years. They will usually take the two largest income earners although some lenders will be able to use everyone's income. If it's just you and your dad it should be fine, some lenders want all the applicants to reside in the property, you should disclose that this won't be happening but as long as one person lives there someone will do it.

They will take the whole mortgage payment (not half of it or any other figure) usually as a commitment and add that to any other commitments you have. Your partner will be taken as a dependent as well as any kids you have.

But in principle, that sounds fine.

dorme

The_J wrote: »

OK so the lenders who are ok with more than 2 people on a mortgage will be able to give you a mortgage from 14-19 years. They will usually take the two largest income earners although some lenders will be able to use everyone's income. If it's just you and your dad it should be fine, some lenders want all the applicants to reside in the property, you should disclose that this won't be happening but as long as one person lives there someone will do it.

They will take the whole mortgage payment (not half of it or any other figure) usually as a commitment and add that to any other commitments you have. Your partner will be taken as a dependent as well as any kids you have.

But in principle, that sounds fine.

ok that sounds great, it wouldnt be three of us on mortgage, just me and one parent. also, is it only up to 70 years odd mortgage lenders accept?

The_J

They'll lend up to 75 but beyond retirement age (70 being the oldest they will accept) they will want to see proof of pension income and base their affordability on that.

If your dad has a good pension then it's fine but people rarely have a pension even close to their earned income.