Could we get two mortgages?

voixdeville

Hi, me and my partner are 34 and 47 respectively (we aren’t married) and we are considering buying a bigger property. Within our area there isnt much choice for mid-price properties. The property we live in now (which my partner owns outright) is worth about 140,000. We are possibly considering a property which costs £350,000.

Due to the age of my partner, am i correct in thinking he would only be given a 15 year mortgage, whilst I could get longer?

This was what brought me round to considering the possibility of two separate mortgsges, so we would both own half of the property each (but not together). My partner would have a large deposit from the sale of our current property, and would ideally get a short-term mortgage. I have a smaller deposit, but would be comfortable with a longet term mortgage (such as 25 years).
Is this possible? If so, how would I go about arranging?

Thsnks

amnblog

voixdeville wrote: »

Due to the age of my partner, am i correct in thinking he would only be given a 15 year mortgage, whilst I could get longer?

No, you are not.

Many lenders will potentially offer a longer term and in certain circumstances his age may be of little relevance to the mortgage term.

voixdeville

Ok, thanks for your reply. Would it be possible though, to get two separate mortgages- as I detailed above? Thanks

kingstreet

voixdeville wrote: »

Ok, thanks for your reply. Would it be possible though, to get two separate mortgages- as I detailed above? Thanks

No. It isn't.

Only one lender can hold a first charge over a security property.

It's difficult to repossess half a property if the holder in your scheme fails to pay...

ACG

You would usually also both need to be named on the Mortgage. What happens if you stop paying your Mortgage? Your lender would not be able to evict your partner as they have not signed to say they would pay the mortgage and/or leave the house if the Mortgage is not paid.

What age does your partner plan on retiring? You could take a Mortgage out until that period, so if that is 67, then you can get a 19/20 year term.

enthusiasticsaver

You cannot have two separate mortgages on the same house. Which one would take preference? No lender would lend against a house already mortgaged. Don't overthink the age thing as many lenders don't refuse to go past a certain age and the ages are different anyway. Santander used to be 70.