Mortgage with Parent in their 60's

NewHomeOwner_2

Hi

Does anyone know of any lenders that will let you have a mortgage into your 80's?

I split from a partner and don't earn enough to take over the mortgage on my house.

My dad who is mortgage free has offered to come on the mortgage with me but he's 60 and to make payments affordable I'd need to do the mortgage over 20 to 25 years. So that would take him up to between 80 and 85.

He's retired and has a good works pension so his pension and my salary more than makes up the amount id need to borrow.

Are there any lenders out there that would let him take a 25 year mortgage out with me? Obviously he'd be coming off the mortgage as soon as my wages were high enough in a few years.

Senior_Paper_Monitor

Plenty of options in theory - there are some potentially complicated options/implications and I would suggest you sue a broker to guide you both through these.

NewHomeOwner_2

Senior_Paper_Monitor wrote: »

Plenty of options in theory - there are some potentially complicated options/implications and I would suggest you sue a broker to guide you both through these.

Oh really? That's very reassuring.

As he already owns his house outright would he have to pay the extra stamp duty to own my house with me?

Also would my mum have to come on the mortgage? She has a very small private pension but virtually all their income is my dads pension.

Senior_Paper_Monitor

Yes to stamp duty - unless a 'guarantor' solution (which depends totally on overall circumstances) can be found.

As regards your mum, again depends on overall circumstances (but probably not).

This really needs a broker to look at it in detail.