Mortgage application for older couple where one has a life limiting illness.

Heres_the_deal

An unusual situation, but I'll try and explain succinctly.

I'm aged 61 with a history of cancer, and in receipt of a small £9K pa research grant. My partner is aged 48 with a salary of £34k pa. This year we will be looking to borrow c.45k for a property (our contribution from savings will be £130k). My partner is a first time buyer with a help to buy ISA worth £12k.

• Should we both apply for the small mortgage, or just my partner. Are there any advantages or disadvantages: insurance etc that will hinder or help any application?
• I last owned a property over 25 years ago, my partner is a first time buyer hence the H2B ISA. Will this ISA be available for an application of this kind?
• Having very little knowledge of today's housing and mortgage market, are there any other considerations we should be thinking about?

Many thanks in advance

csgohan4

generally you can borrow x4.5 of your gross combined salary, so well within that. The length of the mortgage maybe limited by the oldest applicant, but with that amount , you probably don't want to have a long mortgage anyways.

Speak to a broker or go direct to a lender of your choice. 

FrugalCat

Unless you're considering a scenario where your partner is the sole purchaser (to avoid stamp duty), it's probably wise to go with the advice in above comment.

Heres_the_deal

Mortgage length is likely to be 15 years, 20 at most. I was more concerned my health would affect a joint application, whereas if my partner was the sole purchaser, they would benefit from a longer mortgage period - if required. Ownership of the property could be transferred within a will.  These were my original thoughts.
I haven't really thought about asking a broker, or my bank, silly really, but having some info helps me with the process. 

MovingForwards

You want to borrow £45k on £43 joint salary, affordability should be ok, depending on other debts / outgoings and how long your grant is for. Worst case they disregard your income and only count your OHs, as you have an income you won't be classed as a dependent.

Solicitors costs, disbursements, possibly stamp duty (don't know what the limits are).

Your health history may be an issue if you want life insurance, a broker will help you. Your OH could have insurance to to clear the mortgage in case anything happened.

What's your redundancy / sick pay / death in service benefits like at work?

Speak with a broker, get your mortgage, get the conveyancing done, move in and enjoy yourself.

Heres_the_deal

Thanks for much for all the advice, its much appreciated. 

Thrugelmir

Your partner could take out life assurance to cover the eventuality that you outlive them. A mortgage either sole or joint wouldn't be an issue on the figures you quote.