Husband buying with father

candles1978

Hi

I wonder if someone can help me. My husband and I are currently renting and we would like to purchase a home. I am working part time, however, and my salary is not high enough for us to obtain the mortgage we need. We wondered if it would be an idea for my husband to purchase the house with my father in law? My husband's salary is £49,000 and my father in law's is £75,000. We are looking for a mortgage of around £375,000 with a deposit of £75,000. My FIL is 62 but he has a few pension schemes (don't have the exact details).

Does anyone know if this will be possible? What is the oldest age a mortgage can end?

Ideally, we would like to remortgage in 5 years time when I am in a more permanent job and we have a bigger deposit and buy my father in law out.

Any advice would be greatly appreciated

Senior_Paper_Monitor

Please don't try to arrange this yourselves - get a broke involved who has done some of this stuff before. Its complicated.


Nowhere near enough information here to even guess if its do-able. let alone if it is sensible.

minimike2

I wouldn't say it was that complicated at all, but certainly different lenders have a different view.

Don't discount you going on the mortgage - Lenders do allow more than two people on the mortgage and if you want to go on the house deeds then some will insist on you also being named on the mortgage, although won't always use the income of all the applicants if more than two.

All lenders have their own age restrictions of when a mortgage must end, but some base it on the oldest applicant, some on the youngest, some on where the earnings come from.

Either way, you need to go and get some advice, no one will be able to give you a definitive answer on here.

Let_Us_See

minimike2 wrote: »

I wouldn't say it was that complicated

..........perhaps not for an adviser? However, as there are so many possible stumbling blocks involved, this is a case that shouts "adviser."

minimike2

Let_Us_See wrote: »

..........perhaps not for an adviser? However, as there are so many possible stumbling blocks involved, this is a case that shouts "adviser."

Yes, that's what I meant :beer:

As in, it shouldn't be too complicated to sort out