We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

1st time buyer

NeilMontgomery
NeilMontgomery Posts: 1 Newbie
in Mortgages & endowments
My daughter wishes to buy a property value circa £220k using me (her father) as a joint buyer. 15% deposit also being available....I own my own property with no mortgage. Problem appears to be that I am 70 years of age so might be a risk!!!!

Would welcome thoughts from others on this issue.

NeilM

Comments

  • ACG
    ACG Posts: 24,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Your age will be a big factor.

    If she did a 25 year term, you would be 95 years old at the end of it.
    Lenders can not be "ageist" but at the same time they have to be realistic and if your daughters income does not support the vast majority of the mortgage on her own, there is going to be some nervous underwriters.

    There are potentially other ways, you could release money from your home in order to give her a larger deposit to make it more affordable for her? In the necest possible way, if you pass away in the next 25 years, your daughter has a mortgage she can afford and your home would be sold off to pay off the debt.

    Apologies if my post has come across a little too direct, I am not great at beating around the bush.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • Exodi
    Exodi Posts: 4,518 Forumite
    Ninth Anniversary 1,000 Posts Hung up my suit! Home Insurance Hacker!
    Your daughter would also be liable to pay SDLT if you were to jointly apply.
    Know what you don't
  • ACG
    ACG Posts: 24,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Exodi wrote: »
    Your daughter would also be liable to pay SDLT if you were to jointly apply.
    Not necessarily, you can do joint borrower sole proprietor to get around it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • Exodi
    Exodi Posts: 4,518 Forumite
    Ninth Anniversary 1,000 Posts Hung up my suit! Home Insurance Hacker!
    ACG wrote: »
    Not necessarily, you can do joint borrower sole proprietor to get around it.

    This is a very good point.
    Know what you don't
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If this is an affordability issue I suspect your daughter does not have the right solution here.

    She needs to look at other angles.
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 247K Work, Benefits & Business
  • 603.6K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture