Joint Mortgage with Parent

ehdx

Hi All

I posted recently about the Help to Buy Equity loan but I've also been looking into other options.

Does anyone have any information/advice/experience of getting a joint mortgage with one of your parents?

My Dad and I are speaking to a Mortgage adviser at the weekend but just wanted to get any info I can before then and see what other peoples experiences are.

Extra info: my Dad is in his 50s (still working) and no longer has a mortgage.

Thank you,

MovingForwards

How old are you.

How much is your income. Same with your dad. Mortgage companies lend less multiples to joint borrowers than single borrowers (up to 4.5x annual solo salary).

How much you looking to borrow for the mortgage.

What property prices you looking at.

How much deposit do you have.

Have you spoke with your dad about who is going to pay the extra SDLT as your dad owns a house.

Have you got your solicitor fees saved.

The mortgage can only run until your dad retires which is 70 - 75 depending on the mortgage lender.

Is your dad going on the deeds as well as the mortgage. If so, joint tenants or tenants in common.

Just a couple of things to think about