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johnny_b_goode_4

Hi, just after a bit of advice please, I'm currently renting with my son, I'm 54, he's 26, both working, earnings 20k & 25k, deposit 30k, now we want to buy, is a joint mortgage possible where my term would be shorter than his, eg me 15 years him 30?
Just trying to maximise the amount we can borrow.  Thanks

K_S

johnny_b_goode_4 said:

Hi, just after a bit of advice please, I'm currently renting with my son, I'm 54, he's 26, both working, earnings 20k & 25k, deposit 30k, now we want to buy, is a joint mortgage possible where my term would be shorter than his, eg me 15 years him 30?
Just trying to maximise the amount we can borrow.  Thanks

@johnny_b_goode_4 The maximum term on a joint mortgage is usually based on the oldest borrower. With yourself being 54, you're probably looking at a max term of 15-20 years. 

Sarahs2020

K_S said:

Sarahs2020 said:

Hi, 
We used to be on the property ladder 8 years ago, but due to needing extra bedrooms for kids, we sold up and rented a bigger house. We’ve been renting for the last 8 years, never missed a payment, but assumed we’d be renting for the long haul. My husband is 46, and earns a good wage now, and our circumstances have improved money wise over the years. He had some debt from way back,  and for the last few years has been on a DMP... it increases every year, and has just ticked over. He desperately wants to buy again, and what I am basically trying to find out, what is the likelihood of him getting a mortgage with a DMP? Time is against us now, but we currently pay £1450 a month on rent, and could afford more if need be (hypothetically over paying a mortgage each month) and he’s so depressed about it. Dos he stand any chance of getting a mortgage? Thanks for any advise anyone can give.. 

@sarahs2020 Currently being on a DMP (assuming it's well conducted) doesn't necessarily stop you from getting a mortgage from an adverse lender. It's the details that matter - what are the adverse details on his credit history, what kind of LTV you need, income, etc.

His credit history I believe is quite good.. never misses payments, has a credit card he pays off in full each month, no overdraft etc.. it’s just the old existing DMP that would stand out I think. He earns £80,000 a year, and with bonuses around £100,000 - deposit wise... I guess we wanted to know if we could get any low deposit options, like 5% or 10%.. as we weren’t planning on trying to get back on the property ladder so haven’t been saving. But now, if we knew it was on option, we could make a decision whether to try and go for it... I think as he’s 46, the sooner we could get on the property ladder the better. We made stupid mistakes with money before we had kids... and know we’re the only ones to blame, but circumstances are so different now so just holding out for hope that we could do this!

K_S

Sarahs2020 said:

K_S said:

Sarahs2020 said:

Hi, 
We used to be on the property ladder 8 years ago, but due to needing extra bedrooms for kids, we sold up and rented a bigger house. We’ve been renting for the last 8 years, never missed a payment, but assumed we’d be renting for the long haul. My husband is 46, and earns a good wage now, and our circumstances have improved money wise over the years. He had some debt from way back,  and for the last few years has been on a DMP... it increases every year, and has just ticked over. He desperately wants to buy again, and what I am basically trying to find out, what is the likelihood of him getting a mortgage with a DMP? Time is against us now, but we currently pay £1450 a month on rent, and could afford more if need be (hypothetically over paying a mortgage each month) and he’s so depressed about it. Dos he stand any chance of getting a mortgage? Thanks for any advise anyone can give.. 

@sarahs2020 Currently being on a DMP (assuming it's well conducted) doesn't necessarily stop you from getting a mortgage from an adverse lender. It's the details that matter - what are the adverse details on his credit history, what kind of LTV you need, income, etc.

His credit history I believe is quite good.. never misses payments, has a credit card he pays off in full each month, no overdraft etc.. it’s just the old existing DMP that would stand out I think. He earns £80,000 a year, and with bonuses around £100,000 - deposit wise... I guess we wanted to know if we could get any low deposit options, like 5% or 10%.. as we weren’t planning on trying to get back on the property ladder so haven’t been saving. But now, if we knew it was on option, we could make a decision whether to try and go for it... I think as he’s 46, the sooner we could get on the property ladder the better. We made stupid mistakes with money before we had kids... and know we’re the only ones to blame, but circumstances are so different now so just holding out for hope that we could do this!

@sarahs2020 Sorry just to be clear, he has a DMP but no adverse information on his credit report spanning the last 6 years? That isn't typical as the agreed payments are usually lower than the originally agreed amount. I hope that makes sense.

Generally speaking, with an ongoing DMP, the likelihood of qualifying for a high LTV mortgage is low. 

Sarahs2020

K_S said:

Sarahs2020 said:

K_S said:

Sarahs2020 said:

Hi, 
We used to be on the property ladder 8 years ago, but due to needing extra bedrooms for kids, we sold up and rented a bigger house. We’ve been renting for the last 8 years, never missed a payment, but assumed we’d be renting for the long haul. My husband is 46, and earns a good wage now, and our circumstances have improved money wise over the years. He had some debt from way back,  and for the last few years has been on a DMP... it increases every year, and has just ticked over. He desperately wants to buy again, and what I am basically trying to find out, what is the likelihood of him getting a mortgage with a DMP? Time is against us now, but we currently pay £1450 a month on rent, and could afford more if need be (hypothetically over paying a mortgage each month) and he’s so depressed about it. Dos he stand any chance of getting a mortgage? Thanks for any advise anyone can give.. 

@sarahs2020 Currently being on a DMP (assuming it's well conducted) doesn't necessarily stop you from getting a mortgage from an adverse lender. It's the details that matter - what are the adverse details on his credit history, what kind of LTV you need, income, etc.

His credit history I believe is quite good.. never misses payments, has a credit card he pays off in full each month, no overdraft etc.. it’s just the old existing DMP that would stand out I think. He earns £80,000 a year, and with bonuses around £100,000 - deposit wise... I guess we wanted to know if we could get any low deposit options, like 5% or 10%.. as we weren’t planning on trying to get back on the property ladder so haven’t been saving. But now, if we knew it was on option, we could make a decision whether to try and go for it... I think as he’s 46, the sooner we could get on the property ladder the better. We made stupid mistakes with money before we had kids... and know we’re the only ones to blame, but circumstances are so different now so just holding out for hope that we could do this!

@sarahs2020 Sorry just to be clear, he has a DMP but no adverse information on his credit report spanning the last 6 years? That isn't typical as the agreed payments are usually lower than the originally agreed amount. I hope that makes sense.

Generally speaking, with an ongoing DMP, the likelihood of qualifying for a high LTV mortgage is low. 

Apologies, my misunderstanding... I don’t know the adverse information on his credit report, but the DMP would be lower than what he was meant to be paying yes. My gut instinct was right, we’d probably need a really big deposit, which is where we might struggle given we’d really want to stay in the area we live due to schooling. Really appreciate your advise. 

Bjdp

I am looking buy around Aug when some money is released from a share of property. I am interested on the kind of property I would be able to afford before looking. My deposit would be £30k my salary is £26,500 plus I have a self employed job also for 2 years with last years income £8k. Would my self employed income be taken into account on mortgage applications? And is this based on profit or income Any? Any help much appreciated. 

coxsimon

Hi, my wife jointly owns a house with her mother (76),which we all live in (with our 2 children). There is no mortgage on the house. My wife and I want to get a capital raise mortgage for home improvements at an estimated LTV of about 15%. I am not named on the house deeds. Is there a way of doing this?

K_S

coxsimon said:

Hi, my wife jointly owns a house with her mother (76),which we all live in (with our 2 children). There is no mortgage on the house. My wife and I want to get a capital raise mortgage for home improvements at an estimated LTV of about 15%. I am not named on the house deeds. Is there a way of doing this?

@coxsimon If you wife has an income, it may be possible.

coxsimon

My wife can afford the repayments as sole applicant. Problem has been lenders are reluctant to have my mother in laws name on mortgage due to her age. Are there lenders for whom age is not an issue?

Lummoxley

Hi, firstly, thanks to contributing Mortgage Brokers for helping us laymen. 
My question is; I have a mortgage which is about 40% LTV and want to borrow £75k which would bring the LTV up to 55%. The money would be gifted to help a friend. What purpose should I say to my lender i.e. would this be a valid reason or would I have to fabricate another purpose?