First Time Buyer

dean1c

I am 42 and looking at getting a mortgage with my children 19 and 22 is it possible to get a joint mortgage with 3 people on (all first-time buyers) and would the maximum years the mortgage could be spread over depend on the highest age of the applicant (me) or the lowest age of the other applicants and what would be the best options available to us as first-time buyers? The property will be left to my children eventually so will be more of an investment for the future for them. 

davidmcn

What's the purpose of buying jointly with your children? Can you not afford it on your own? It would mean they lose out on any FTB privileges for their first "proper" purchases, and complicates matters if they have to extricate themselves from the title/mortgage to the family home before they can move on. And if they do move out while staying on the title, then they start potentially racking up CGT liability for their share.

MovingForwards

A joint mortgage term would be based on the eldest one.
At 41 you can still have a 25 year term, longer if you are currently paying into a works pension.

Speak with a broker to see what your options are.

I've recently completed a purchase and I'm older than you.

dimbo61

If you can leave your kids out of the purchase.
They can live with you and contribute to the household bills while saving to buy a home of their own one day.
They can save into a Help to Buy ISA or a LISA to help them get onto the property ladder

Lipstick99

dimbo61 said:

If you can leave your kids out of the purchase.
They can live with you and contribute to the household bills while saving to buy a home of their own one day.
They can save into a Help to Buy ISA or a LISA to help them get onto the property ladder

You cannot open a help to buy isa now.