Age difference mortgage dilemma

dn6273

First time poster, hope someone can advise us. My partner and I are hoping to buy a home with only my partner named on the mortgage because I am 52 and she is 40. No other reason than we hope to take out a 23-25 year mortgage term (plan is to pay off sooner with lump sum from my pension) and realise a joint mortgage would be impossible for this term given my age. I work for the public services (we both do) and we have superannuated pensions. She can afford the mortgage on her own earnings according to every affordability site we've checked but from what I've read on the forum I would be considered her dependant. Would my income be considered as a positive by lenders in this case? We wouldn't want the repayments on a mortgage of 12/13 years for the properties we've been looking at hence our dilemma. I've not given any monetary figures as it doesn't seem necessary here but will provide them if anyone thinks it would help answer my question. Thanks in anticipation.

tigsly

Ask your mortgage provider..but when I asked mine (HSBC) they told me that you 'can pick your own' retirement age.. and they would work it from there - as there is no 'required retirment age' ..

so if you want a 23 year mortgage - say you are set to reitre in 23 years.. (you have to say both of you will still be workign in 23 years).

If you state you will retire earlier - they will calculate the 'end part' of your mortgage on your estimated pension - whcih will mean they will lend you less!

(Even if you are in a position where you could retire in 12 years ..I think you can say you plan to continue to work?!)

Thrugelmir

Isn't your (normal) retirement age going to be nearer 67. Which means that a 15 year mortgage term would be feasible.

Dave_Ham

Better to attack this as joint applicants. You can certainly achieve longer terms than you currently think.

Deposit will probably scupper your plan also, so start re-looking for longer term lenders or just engage a broker and this should be an easy place subject to the rest of the detail

Wh05apk

There are lenders who would allow a joint mortgage over the longer term, but not using your income, that way the mortgage and ownership of the property is correct for personal and tax reasons.

dn6273

Thanks for each of your replies. We were unaware that we might be accepted for a longer term mortgage at my age so have done further reading since you all replied and discovered we might be eligible for a mortgage with a couple of lenders up to the age of 70 which is much better than we thought. As we work in the public services we know we can work on past the national retirement age if we choose, which as you correctly pointed out will be 67 for me. I'm glad I asked, thanks again.

comeandgo

We have a larger age difference and Nationwide gave us a mortgage until my husband is 75.