We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage with parents
christyxo2
Posts: 6 Forumite
I wonder if someone can help me with a query.
We have been considering buying our home under a joint mortgage between myself and my parents (one of them). This is so that we have a combined income sufficient for a mortgage.
They are now over 60, and I am in my 30s.
Because one of us are in the 60+ category, does this mean that we need to find a specific 60+ mortgage or can we get a standard mortgage between us? We want to do our own investigations before we contact banks/ mortgage advisors etc.
We have been considering buying our home under a joint mortgage between myself and my parents (one of them). This is so that we have a combined income sufficient for a mortgage.
They are now over 60, and I am in my 30s.
Because one of us are in the 60+ category, does this mean that we need to find a specific 60+ mortgage or can we get a standard mortgage between us? We want to do our own investigations before we contact banks/ mortgage advisors etc.
0
Comments
-
christyxo2 wrote: »We want to do our own investigations before we contact banks/ mortgage advisors etc.
Why? - Just get some advice - there are many potential complications to this type of set up.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Why? - Just get some advice - there are many potential complications to this type of set up.
When I bought my own home I found a better mortgage deal myself than 6 different mortgage advisors (this included Alexander Hall, and the in-house advisors in Halifax, Natwest, Leeds Building Society and Woolwich).
In the end I did use an advisor for my mortgage but doing the homework before I got to this point enabled me to know to a reasonable amount of certainty what our options meant, as well as the pros and cons of them.
Thank for those that have emailed to my inbox directly in response though; very helpful!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards