Joint. Borrower Sole Proprietor mortgage and maximum age

Madeinireland101

As per the title which lenders provide these mortgages and what is the maximum age they will allow the term to go to?
I know that Barclays do it but their maximum age is 70 so as I’m 60 the term would be 10 years or less which is pretty useless when trying to help your daughter onto the property ladder
Thanks...

[Deleted User]

Barclays maximum isn't 70. They dont have a maximum age limit. Its down to feasibility 

[Deleted User]

If you have a provable pension then they are probably your best bet to getting a longer term. Next highest i think is metro who will go to 80.
I have taken the parent helper to over 90 with barclays previously but the main client was close to affordability on her own on that case.  They might feel differently if its heavily weighted to your income. 
I refuse to do them when there isnt an exit plan or the main client is far away on personal affordability so i dont have massive experience with their underwriting on that type of set up. 

K_S

@Madeinireland101 Off of the top of my head, without a P60, Barclays will only consider 50% based on last 3/6 months pay for bank nurses.

For cases parents helping children boost affordability that don't fit in well on the high-street, I've always had better luck with the smaller building societies. The problem there is again likely to be how they consider your daughters nursing bank income. None of these are likely to have a quick turnaround though, which I think is one of your requirements.

Madeinireland101

Deleted_User said:

Barclays maximum isn't 70. They dont have a maximum age limit. Its down to feasibility 

Thanks - yes I can see that from the lending criteria now. When I spoke to them they said the limit was 70 but I was obviously was speaking to someone with limited knowledge. I can approach them again with my new information. Cheers.

Madeinireland101

K_S said:

@Madeinireland101 Off of the top of my head, without a P60, Barclays will only consider 50% based on last 3/6 months pay for bank nurses.

For cases parents helping children boost affordability that don't fit in well on the high-street, I've always had better luck with the smaller building societies. The problem there is again likely to be how they consider your daughters nursing bank income. None of these are likely to have a quick turnaround though, which I think is one of your requirements.

This isn’t the same daughter. This one is a nurse too but has a perm role. In her case she just lacks a bit on affordability and will buy a cheaper house but is an excellent saver so I’m happy to use my pension income to boost her income affordability level. At some point - probably at the end of a 5 year fix I will step off the mortgage and she can take it on fully or her boyfriend will go in with her in some way. She hasn’t offered on a house yet but is. Is starting to view and has seen one she might want.
i feel it will be a stressful time in our house over the next few months 😀

Madeinireland101

Deleted_User said:

If you have a provable pension then they are probably your best bet to getting a longer term. Next highest i think is metro who will go to 80.
I have taken the parent helper to over 90 with barclays previously but the main client was close to affordability on her own on that case.  They might feel differently if its heavily weighted to your income. 
I refuse to do them when there isnt an exit plan or the main client is far away on personal affordability so i dont have massive experience with their underwriting on that type of set up. 

Thanks - I do have a fully provable index linked final salary pension so hopefully not an issue. Against the house she is currently looking at (£280k) she has a deposit of £90k and a salary of about £30k so about £55k short. I suspect she should be able to clear that difference within a few years so the Barclays 7 year fix looks good to me. She can do extra NHS bank shifts if she likes - or her boyfriend may take over my part at some stage.
Does that sound too far away in your mind for personal affordability?

[Deleted User]

If you are using your pension income i reckon you could get away with applying for a 30 year term and see if they argue.
They will never tell you yay or nay prior to application though which is incredibly annoying. Very much down to each individual case and underwriter. 
If i had that case and with my experience of similar i would be confident of something between 25 and 30 years being agreed

Madeinireland101

Deleted_User said:

If you are using your pension income i reckon you could get away with applying for a 30 year term and see if they argue.
They will never tell you yay or nay prior to application though which is incredibly annoying. Very much down to each individual case and underwriter. 
If i had that case and with my experience of similar i would be confident of something between 25 and 30 years being agreed

Thanks - To be honest I don’t think we want to go beyond 25 years anyway. I’m from a generation where 25 years was really the maximum option. I presume going for a shorter term increases your chances? It’s annoying if they are not going to give an indication before application - Sort of defeats the object of wanting to only offer what you know you can cover on the house.

getmore4less

You take the longest to get the contracted payment down for flexibility.
not sure how it happens in practice, that the brokers area, 
if you ask for too long do they just say no or say you can have X

Term set the payment then you can forget it as it is what you pay that determines the long run

Barclays have a very generous overpayment policy that does not limit you to their headline 10% 

[Deleted User]

All these cases will give a subjective accept decision and be referred for underwriter review.  With barclays the dialogue is usually pretty good with them offering a different term than requested if able to do so and it remains affordable