Advice to increase amount i can borrow from a mortgage

annie02

Hi there, can anyone advise me of a way to increase the amount i can borrow for a mortgage?
IE we are in our mid 40's can we get an 35 year mortgage or well anyway to increase it?
the annoying bit is we can afford it but my husbands overtime and personal allowence from a family member cant be included can they?
Basically we are selling our house and my Mum is moving in with us. we can borrow on our earning part self employed £89k but as our credit rating is good and my mum who wont be on deeds or can be if her income can be included?
She is over just over 70 but her income would double the amount we could borrow
does anyone know if that will help or hinder?
we have £300 cash in our house and my Mother has offered to help BUT that would completely wipe her out so im trying to borrow more to save Mum (i know its not ideal but i really dont want to use all my mums money but she has seen a house she adores and its cheered her up and she is smiling now / my Dad died last year so i want mum to live with us) but Mum wants independence and the house we love has a self contained flat
We are all living together at the moment but this house costs a bomb to run.
Sorry if unclear i asked on a 'specialist' website but was very unhelpful. I simply dont understand why money i am paid my DD cant be included? i need a £150 mortgage ideally
Thank you for any replies
Annie

annie02

sorry i didnt make much sense but also my husband is a fire fighter and we read that 999 staff can get help with mortgages he is retained (not full time on call 24/7) and we have £300k in this house not 300 LOL sorry i have MS and its hard to make sense at times
Thank you

Dave_Ham

Sorry, I appreciate the emotional side of this but struggling to make sense of the key numbers.

How much do you earn individually? and breakdown between basic and overtime

Forget using Mum as too old as will make the whole deal harder.

Good deposit, so would expect this to be achievable. You could do worse than speak with a broker directly and get a specific figure.

All banks treat affordability differently and therefore knowing the mechanics can optimise the amount they will lend. Remember that typically the lenders that will lend more are usually not market leading rates.

35 years will be too long for most lenders, 25-30 is possible,

annie02

Thank you i will contact a broker just checking here first as i always find useful info on MSE
Thanks so much
Annie

opinions4u

we are in our mid 40's can we get an 35 year mortgage

my husband is a fire fighter

What age do firemen retire?

annie02

As of last year as long as they can get through the medical 70 seems about right from what david my husband just told me
can you imagine them with zimmer frames?

annie02

my husband is 42 ty

annie02

Sorry to bother you again but as mums pension is high (well by my standards!!) and becuase Mum really does pay by DD for bills etc cant that be counted.
Also the property we are looking at as a Self contained Flat i just look online for info on that and either we knock a door through (my first choice) or its a more complexed mortgage
The property mum loves (and she was sued last year by my evil step sis after my dad died!!!) is reduced by £50k and i am sure i can get it down another £20k in 2003 it was at the price its at now and the owners paid that amount
Sorry im not clear am i?
Also my son is also a fire fighter can use any rent he pays towards my income?
We declare EVERYTHING we earn from amazon etc I just dont want to let my mum down again she has been through hell (yes i know im being emotional but if you met her)...
Ty xxx

annie02

sorry i mean without mum being on the deeds???????
if thats worse i just want mum left with some money ty

annie02

Or could Mum guarantee the mortgage shortfall?
Ty x

Dave_Ham

It is unlikely that Mum will be able to support the mortgage application in any capacity.

That said, all sit down with a mortgage broker and they will be able to piece this together for you.

All the best