Joint mortgage with parents

Lins32

Does anyone know if there is a building society that allows a joint mortgage with a parent. My daughter, who is a single parent but who has a good full time job in the NHS has been told by a mortgage broker that because we are still paying our mortgage (only a few more years to go) that my husband would not be able to have a joint mortgage with her and that they would not take his income into consideration. My daughter can get a mortgage it is just not quite enough to buy a small house so thought we could help with a joint mortgage for the extra bit she would need. Any advice please :j:T

getmore4less

Might be easier to raise some funds on your own property and gift it.

There are products that allow parent to help without gifts but you still need the cash.

amnblog

Technically your husband can support your daughter application in respect of affordability. This is what the industry calls a Guarantor.

In order for this to work, the affordability has to be there and this is the most likely element to trip your daughter up.

If you are not already working through a broker, you should consult one.

What does not fit with one Lender may fit with another.

cahillg81

You have a few different options including.

1) Your husband going on as a joint borrower as long as it fits affordability
2) Releasing equity in your own home to give her a bigger deposit so she can afford a property of her own.
3) If you have the funds available and are happy to tie them up for a period you can look at the barcalys springboard option (my least favourite of the options)
4) Guarantor Mortgage - not as popular as they used to be but can still be found.
5) Look at different lendersaffordability criteria - what doesn't fit with one fits with others and the differences can sometimes be huge.

Make an appointment with a good broker who will be able to go through all the options with your daughter and your husband and should come up with a solution.