Do I need a broker before finding a house?

lyonsmaid

Hi would really appreciate some advice from someone in the know!
I had a mortgage for many years before divorcing and moving into rental for the last 6 years. I am now in a position where I want to buy again with my partner. He would be providing the deposit from the sale of his house (hopefully around 70k) and I would be taking on the mortgage (he is near retirement so don't think we can include him on mortgage, I am younger)
My issue is that we are not sure how much mortgage I would be able to get and he doesn't want to put his house up for sale until we know I would definitely be able to get a mortgage on my own. Do I need to go to a broker to find this out before even looking at houses or should we just go ahead and get a broker when he has sold his house?
(I am in stable permanent employment as a teacher earning just under 24k from September)
Thanks in anticipation!

ACG

If your making an application, the lender will want to know where the deposit is coming from. If you say partner, then they are unlikely to offer you a mortgage if he isnt going on it - as it would be seen as a gift with reservations (ie, he lives in the property).

There are lenders who will lend up to someones 80th birthday, i think you need to see a broker to see if this is possible really before spending anytime searching for a house.

kingstreet

As ACG said, this isn't going to work.

Would he be happy not named on the ownership of the property, because that's the bottom line of a mortgage in your name alone?

Then, there's the deposit issue. Lenders don't like a party paying the deposit not being named on the mortgage/ownership.

You need to rethink this.

lyonsmaid

Thanks for your responses
I think I probably didn't make myself totally clear. My partner will be on the mortgage as in it will be half his house etc I just didn't think i would be able to have his income taken into account for how much we can borrow because of his age - whenever I have looked at bank websites and how much one can borrow they won't allow an age over 60 to be included....
Does that make any difference now?

GMS

His age will restrict the term so affordability could become an issue. Does he have a retirement income in place? What are your ages?

lyonsmaid

He is 65, fit as a fiddle and working full time in construction industry, he also is drawing his state and a private pension as he started them when work was a bit lean a couple of years ago. I am 43, qualified as a teacher a year ago so about to start working my way up the ladder, 1 dependent, neither of us has any outstanding debt.

kingstreet

Most lenders top-out at an exit age of 75, so realistically the term until then is the maximum, unless as GMS asked, he has an income in retirement.