Joint mortgage with adult child

Rubyminx

Hi there. Lookin for advice on taking out a mortgage with employed son. I'm separating at 55 and will have a decent deposit, but wondered about possibility of getting a new mortgage on my own as I have 10 yrs of work left in me ! Plus I would like to cut out the bureaucracy if something happens to me so that son gets the house. is getting a joint mortgage with a 24 yr old viable ? Otherwise invest abroad and skip off to the Sun ?

edinburgher

Hi there. You'll get better responses if you ask one of the board guides to move this to the more general mortgages board.

Westminster

Hi Rubyminx

I have moved your thread to the Mortgages & Endowments thread.

As edinburgher has pointed out, you are likely to get more responses to your question here.

kingstreet

Nothing suggests you can't do this.

The maximum term will be shorter though as it will be driven by your age and the time lenders will allow upto retirement.

An independent broker would cover the options for you in more detail.

ACG

Getting a mortgage with your son should be possible, the term may be capped due to your age. Although there are lenders who have no maximum age and can base it on your sons income plus your expected pension income.

However, your son owning a property will mean he is liable for higher rate stamp duty should he then go on to buy his own property later on down the line.

My mum is a couple of years older than you, I am not expecting much/any inheritance from her but if I was and she wanted to blow it living somewhere warmer I would be all for it. Do what suits you best.