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Bit confused help needed
Money_saving_maniac
Posts: 388 Forumite
We are planning to upsize and have sold our house and are looking for a new one. Sadly my employer has terminated my contract with perfect timing!
I am 57, my husband is 40. My broker has told me that a mortgage with me not working is not an issue. However because I am not currently paying into a pension (cos I'm not working) this might be an issue for me with the length of mortgage available to us both.
So I had a brainwave and thought that if we put the house and mortgage just into my partner's name, we could have a 20 year mortgage which means the lower repayments will give us a bit of breathing space in terms of me working (or not).
But a friend has just said that there is a fly in the ointment which is that the current house is solely in my name (husband was not in the country when I bought it) and the money from this house will therefore fall under either
a) money laundering regulations
b) nobody will lend my husband money for a mortgage where I have put the cash into it but am not on the mortgage.
If it is relevant, we are taking 150k equity out of our current property and looking to take a mortgage of around 60-70k
Could someone clarify for me, not due to see broker till next week and this is really worrying me because it might derail us
I am 57, my husband is 40. My broker has told me that a mortgage with me not working is not an issue. However because I am not currently paying into a pension (cos I'm not working) this might be an issue for me with the length of mortgage available to us both.
So I had a brainwave and thought that if we put the house and mortgage just into my partner's name, we could have a 20 year mortgage which means the lower repayments will give us a bit of breathing space in terms of me working (or not).
But a friend has just said that there is a fly in the ointment which is that the current house is solely in my name (husband was not in the country when I bought it) and the money from this house will therefore fall under either
a) money laundering regulations
b) nobody will lend my husband money for a mortgage where I have put the cash into it but am not on the mortgage.
If it is relevant, we are taking 150k equity out of our current property and looking to take a mortgage of around 60-70k
Could someone clarify for me, not due to see broker till next week and this is really worrying me because it might derail us
0
Comments
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Ask your broker to select the correct lender.
There are at least half a dozen that will work based on your husband's age if your income is not needed to support the lending.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
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