Multi generational mortgage??

surferjo · 4 March 2015 at 5:04PM

My husband and I own a house with both our mums who are disabled. The house is semi-seperated into three seperate living areas so we can live together but still have our own space. Our problem is that we have a mortgage for our portion of the house (37%). Our mums bought their portions in cash. This mortgage is based on our earnings, and is paid each month entirely by us. However because our mums each own some of the property too, they are on the deeds, and therefore the mortgage company absolutely insist that they are both on the mortgage!
As they are aged in their 60s this seriously limits the length of mortage we can get, so despite the fact the mortgage is entirely paid by us and we are aged 24, the bank will only give us a 10-15 year mortgage rather than 30 or 40 years that we could normally get at our age. This seriously limits how much we can borrow.

We have to remortgage soon.
My question is: Is there any mortgages out there designed at our circumstances which can give us a longer repayment term? Any advice would be gratefully received.

Senior_Paper_Monitor · 4 March 2015 at 5:25PM

Yes there are - may even be possible at fairly standard rates (almost certainly possible at slightly higher than lowest).

Any experienced broker should be able to sort this fairly quickly.

TrickyDicky101 · 4 March 2015 at 5:55PM

Do you need to remortgage?

surferjo · 4 March 2015 at 8:57PM

TrickyDicky101 wrote: »

Do you need to remortgage?

Our mortgage is quite expensive once our fixed rate ends so it would be much better for us if we could remortgage. Plus we'd prefer to be back on a fixed rate again if possible.

surferjo · 4 March 2015 at 8:59PM

Senior_Paper_Monitor wrote: »

Yes there are - may even be possible at fairly standard rates (almost certainly possible at slightly higher than lowest).

Any experienced broker should be able to sort this fairly quickly.

Thanks, this is good to know as we originally bought the mortgage direct from nationwide and they said this was definitely not possible and led us to believe no other mortgage providers could provide one either. Thanks.