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.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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
Will my guarantors age affect the length of mortgage i be able to get?
bigjim88
Posts: 1 Newbie
Hi basically looking to buy a place and my uncle who i work for has offered to help me, but he be 50 soon and i would probably get a 30-35 year mortgage length if possible, but was wondering if i would have to get a shorter length due to his age. Properties i was looking are between 130-150k if it matters. Many thanks in advance for any advice.
0
Comments
-
what did your mortgage broker say when you asked?0
-
Hi basically looking to buy a place and my uncle who i work for has offered to help me, but he be 50 soon and i would probably get a 30-35 year mortgage length if possible, but was wondering if i would have to get a shorter length due to his age. Properties i was looking are between 130-150k if it matters. Many thanks in advance for any advice.
yes it will. The 'guarantors' (not really a guarantor, as usually done as joint borrower sole owner) income will be used to boost your borrowing potential. The lender will set the term based on the age of the eldest and when they are due to finsh work.
Of the lenders that do these types of mortgage, you might get them takign to age 80 on current employed income. Or they may stop at 70.
So your mortgage will be between 19 and 29 years long0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards