Getting parent to pay mortage

Megan1571

Hi,


Just after any advice that I can please.


My partner is working and I am a student, he can borrow up to £100,000 on his wage but we have found a house we love which is £170,000.


How do I stand if I got a parent to have half the mortgage with my partner and I just pay them the mortgage amount into their account each month?
Is this something you can do? Obviously once I am qualified- I can then take over the mortgage with my partner.


Thanks,


Megan x

Westminster

Sounds messy - it will be interesting to hear if this is actually possible but I would be pretty surprised.

xyz123

More qualified will be along to answer soon but please note even if u get this, this can get very very messy. U r burdening your parents with mortgage and if for some reason you end up separating from ur partner then the usual messy situation will get even messier. (I am not suggesting it will happen, just wanted you to be aware if consequences)

1. If u r confident YOU can pay ur parents the monthly payments, why can't u prove the same income to mortgage lander

2.this may need specialist broker. Normal mortgages are for either whenever people live in or they rent it out. Here one of the applicant will be living in and other not..

Xyzzy

Just from a mortgage perspective it is something that most lenders would consider, however a major factor would be your parents age- usually mortgages only run until the retirement of the eldest borrower, it the mortgage goes into retirement this is a minefield of it's own, requiring proof of pensions etc. So if your parents are 60, for example, the maximum term of the mortgage (without lending into retirement) would be 10 years (assuming they will work, and it is reasonable for them to do so until 70- some lenders will only use a maximum of state retirement age though). Would the mortgage be affordable over a short period of time?