Guarantor / joint mortgage with father - limited mortgage term?

nick8081

Good evening,

I'm wondering if its possible to get a guarantor or joint mortgage with my father, where his age (58) doesn't limit the mortgage term to only 17 years??

Basically, I had a mortgage with a long-term ex-partner a couple of years ago and we renovated the property whilst together. The relationship failed, but fortunately her and her parents were able to buy me out relatively simply. I've had my deposit sat in a savings account, desperate to get back on the housing ladder, but from this past experience, I'm reluctant to jump into another joint mortgage with my current partner!

I have a DIP for about £95k, but I'm yet to find a suitable property that I can get on my own (maybe I've just developed too high standards!), but I have sourced a property that I could get for about £150k, ripe for refurbishment, which my father is happy to contribute to as a 'joint venture'. I can pay the deposit, but he'll help with mortgage repayments and refurb costs, whilst I carry out the work, until its done, then the plan is to get a lodger in to help pay the mortgage instead. (I'm just giving this detail to explain that its not like I'm going to get a massive mortgage I cant pay, and then dump it on my dad!)

The problem I'm facing is that with my father involved, be it on a joint mortgage with him, or him as a guarantor, it limits the mortgage term to 17 years, which results in massive repayments. Making it even less affordable than if I could do it alone!

TMW's limited liability guarantor mortgage isn't suitable as they'll only offer £80k on my own, which is less than the 70% requirement.

I am 26 years old, earn £23k as an assistant contracts manager for a construction firm. My father earns a decent salary, mortgage paid off, and we both have good credit ratings.

Any advice on the initial question, or other options, would be greatly appreciated!

Thrugelmir

Buy something you can afford in your own right.

When the times right to make a commitment again. Protect your interests. Simple enough to do.

holly_hobby

As a guarantors role is to essentially to pay the mortgage if you don't, both their age and income will be an issue with all lenders whom consider this type of business.

Hope this helps

Holly x

nick8081

Thanks for your responses. So I guess the old !!!!!! is too old to do this as a joint venture! Ha. Unless he wants to foot more capital, which I don't think he does.

I'll look for cheaper houses...