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Joint mortgage - options
pep12
Posts: 2 Newbie
Hi
Wonder if anyone can advise?
My partner and I are moving house to a bigger property.
Our problem is that he is 13 years older than me.
The bank has said that they will only run a mortgage till he is 65 ( only 8 years away).
We can do it but will be very tight. Does anyone know, is it possible for us to have separate mortgages to pay for say half each or other proportion. This would mean that his half would run for 8 years where-as my half could run for up to 20 years.
Which should make the monthly payments less.
Does anyone know if this is possible?
Thanks
Wonder if anyone can advise?
My partner and I are moving house to a bigger property.
Our problem is that he is 13 years older than me.
The bank has said that they will only run a mortgage till he is 65 ( only 8 years away).
We can do it but will be very tight. Does anyone know, is it possible for us to have separate mortgages to pay for say half each or other proportion. This would mean that his half would run for 8 years where-as my half could run for up to 20 years.
Which should make the monthly payments less.
Does anyone know if this is possible?
Thanks
0
Comments
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No. That's not possible.
Many lenders will allow the mortgage to 70.
Possibly 75 if he can evidence ability to pay past 70.
Speak to an independent/whole market broker and get a wider view of the market.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.0 -
Thanks. I thought that would be the case. Will be going to see an independent tomorrow - even just a few years extra to spread the mortgage over would make all the difference. Cheers.0
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We are with Nationwide and have mortgage until my partner is 75, I'm a good bit younger than him too. They did not ask for any evidence of his income after retirement though my income is enough for the mortgage, dont know if maybe that was why.0
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We are with Nationwide and have mortgage until my partner is 75, I'm a good bit younger than him too. They did not ask for any evidence of his income after retirement though my income is enough for the mortgage, dont know if maybe that was why.
How recently did you obtain the mortgage?0
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