Mortgage for CIS worker nearly 60

annie_me

Good morning,
My partner and I are planning on getting a mortgage soon. We have a DIP from the Halifax, so just need to find a house now. The problem is that we can only get an 11 year mortgage due to his age and the fact that he works in construction. He will be 59 this year. I am 51 but the lender will only go off the older applicant. He has no pension either so we’re struggling to get longer than 11 years, even though I’ll still be working for another 8 years when he retires. We could go down the gifted deposit route and apply just in my name, as the deposit has come from the sale of his property. That way we could get a longer term to reduce the monthly payments, so if the work dried up for a few months I could comfortably afford it on my own. We’ve been advised by the mortgage broker that he couldn’t be on the mortgage with a gifted deposit, which I don’t think is right considering he’s providing the deposit.

Has anyone else had any experience in this situation?

K_S

@annie_me Sorry it isn't fully clear what the scenario is.

- If your sole income over a 18 year term will allow you to borrow what you need, there are are a few lenders who are ok with having an older applicant on the mortgage as long as their income isn't being considered.

annie_me

@K_S thanks for replying. The problem is we’ve been advised by our mortgage broker that because of my partner’s age and not having a pension, he will not have any retirement income to pay the mortgage, so we can only get a term of 11 years on that basis. I haven’t even been considered as still working when he retires, but If I applied to NatWest using my sole income he could gift the deposit and live there, but not be on the mortgage.  As for him working in construction, and as far as the lender is concerned, it’s unlikely he’ll be climbing up scaffolding at 70. 

K_S

annie_me said:

@K_S thanks for replying. The problem is we’ve been advised by our mortgage broker that because of my partner’s age and not having a pension, he will not have any retirement income to pay the mortgage, so we can only get a term of 11 years on that basis. I haven’t even been considered as still working when he retires, but If I applied to NatWest using my sole income he could gift the deposit and live there, but not be on the mortgage.  As for him working in construction, and as far as the lender is concerned, it’s unlikely he’ll be climbing up scaffolding at 70. 

@annie_me Sorry if my post wasn't clear. What I meant is that there are lenders who will allow

- BOTH of you to be on the mortgage

- allow your partner to contribute to the deposit

- and disregard his age (and his income) for the purposes of calculating the maximum term.

So in theory, you could have an 18 year term (assuming you intend to work until 70) joint mortgage based on your sole income. I hope that's a bit clearer now.

annie_me

@K_S your explanation is perfectly clear thank you! I’ll go and research that option further.