Mortgage on property jointly owned with parent - advice needed

SPL2000

Hi all,

Looking for some advice on the following:

Currently living back at my mums following divorce. We are planning on extending to give us both the space we need but do to this, as well as giving my Mum a lump sum, I am looking to borrow around 50k.

I am on the deeds, the property is currently mortgage free and worth 350k. My mum is retired, I am in full time employment earning £60k.

I have been to see Nationwide who have advised that because my mum is also on the deeds they can only offer a mortgage term of 7 years (she is 68).

Is there any way of getting a longer term without taking my mum off the deeds?

My salary more than covers the repayments so I struggle to understand their logic, although I'm sure someone will enlighten me

Are there lenders who would take a different view? I've spoken with a couple of mortgage advisers but for the small amount I am borrowing it doesn't appear to be worth their while advising me

Any advice would be much appreciated....

kingstreet

Post-MMR, I suspect you will find it difficult with most lenders. As there are two owners, there have to be two borrowers and lending into retirement is deemed riskier lending and is subject to tighter control.

The one lender I can think of which will lend on this will lend for 17 years for a 68 year old applicant.

If you want this, the commission to an independent broker will be less than £150, so expect to pay a fee.

kidmugsy

Try National Counties BS.