Age at end of mortgage term

Mrsbear

I had a previous thread about sole/ joint applications and have been advised that our circumstances mean we'd have to go with a joint application.

My next question is will any lenders consider lending on a term based on my age only if my husband, who is 13 years older, is on the mortgage with zero income.

Conceptually, I don't see why his age is relevant as, even if he was retired at the end of the term, the mortgage would only be based on my income anyway.

Has anyone got experience of something similar? Which lenders are best to try?

Mrsbear

Bump- can anyone offer advice?

Thrugelmir

One issue that obviously arises from your previous post is the source of the deposit. As your husband has a vested financial interest in the property from a legal perspective (in the lenders eyes).

Speak to a local broker for guidance

Typhoon2000

Surely if your married then his money is your money ( unless there is a prenup)

Mrsbear

I'm unsure how the deposit is still a factor, even if it is coming from a house currently in my husbands name only, if we make a joint application.

I'm just trying to establish if any lenders will ignore my husbands age, on the basis that his income would be disclosed as zero anyway, so it makes no difference if he is retired or not.

I will speak to a broker but I figured there is more experience on here than one single broker would have so would like to hear from others who may have been in a similar position.

Our age difference halves the term I could get and thus makes the repayments unaffordable for me but on a term based on my age, it would be affordable.

kingstreet

The brokers on here won't name lenders, the best you'll get is "appoint a whole market broker" to research the market for you.

Advising is a regulated activity and social media is monitored by the regulators to ensure the rules aren't being flouted.

Mrsbear

Thanks Kingstreet, I hadn't appreciated that.

Can you answer a generic question? Are there any lenders who will even consider this or am I totalling wasting my time looking further into this?

kingstreet

I believe there will be one or two.

The biggest problem may be affordability, with a restricted term and a dependent.

This is where the broker comes in, to establish if the plan will work.

Mrsbear

Thanks Kingstreet. I could borrow over 24 years so affordability shouldn't be a problem if they take my age and not my husbands, which I why I'm hoping some lenders may be prepared to do this.

The stupid thing is he won't actually be a dependant- he just won't have 3-6 months employment due to the distance we want to move!

kingstreet

So, he'll be classed as a dependent because he has no income and is financially reliant on you, unless you rent a property first and buy after he is working.

Regardless of his being dependent, many lenders will insist the mortgage ends before his 75th birthday.

comeandgo

My husband and I have a big age difference and have our mortgage with nationwide who allow mortgage up to 75 years old.