Adding my partner to my mortgage through Nationwode

steph2212

..........

Thrugelmir

Sounds very odd.

As an aside. 10% isn't a high contribution level if one is hoping for a comfortable retirement. 

steph2212

No I agree it’s not a huge amount but my pension is.

I will have a total of 28% contribution and receive a lump sum at 60. He’s used quite a significant amount of the equity he made on his last home turning a two bed bungalow into a 4 bed house so financially things are good.

The confusing issue is that I’m already paying the mortgage and the mortgage is for the same amount. Just never heard of this before and neither had the actual mortgage advisor at nationwide. 

It’s likely that we will end up having to change lenders and paying the early repayment charge. 

kingstreet

How old is he and what retirement age has he selected?

Nationwide normally has no issue with a retirement age upto 70 and if the term goes past that they ask only for payslips showing conts or other evidence of existing arrangements.

The only time they tend to have an issue is when the borrower is within ten years of retirement, then they take retirement income into account.

"Lending into retirement

The maximum retirement age is 70. The mortgage term must not extend beyond the 75th birthday of the eldest applicant.

Where the mortgage term extends into retirement, the following criteria apply

Retirement is less than 10 years away

• Details of both current income and anticipated retirement income must be provided
• The lower of the current income or anticipated retirement income is used for affordability purposes

Retirement is 10 years or more away

• Current income is used for affordability purposes
• Evidence of the existence of a current and/or past pension (other than State Pension) e.g. payslip showing a pension deduction, or a pension payment on a bank statement, or a pension statement."

steph2212

He’s just turned 40 and there’s 28 years left on the mortgage. 

His retirement age is down as 69, mine is quite a bit earlier just due to length of time I can serve in my job but it wasn’t an issue when I took the mortgage on. 

kingstreet

41 next birthday plus 28 years will take him past his 69th birthday for Nationwide's system. If he had picked 70 this wouldn't have come up.

steph2212

And addition to this he has proof of pension which is the 10% on 56k. Just seems very odd.