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Adding Son / Daughter to Mortgage to extend term.
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DTown11
Posts: 5 Forumite
Not sure if this has been asked before, but if you add your son or daughter to the mortgage can you extend the term? Mortgage offer last year we could only get over 10 years due to age, but if I add my son or daughter to the mortgage would I be able to make it over, say, 20 years?
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Do they live in the house? Do they have mortgages of their own? Do they want to co own your house with you?
You would need to make a new joint mortgage application from scratch."You've been reading SOS when it's just your clock reading 5:05 "0 -
Thanks for your reply. They do live in the house and they do not have a mortgage of their own, they want to co-own as well. They are both working too and affordability would be fine.sammyjammy said:Do they live in the house? Do they have mortgages of their own? Do they want to co own your house with you?
You would need to make a new joint mortgage application from scratch.0 -
If you add them both to the mortgage, they lose their first-time buyer benefits.
New application will be the new higher rates.
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The mortgage term is calculated from the oldest person on the mortgage. My husband is 7 years older than me and was calculated on his age.2
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I'm not sure this will work. When we took out our mortgage it was based on DH retirement age as he's older.
MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.142 -
@dtown11 If the mortgage is affordable (as per lender calculations) on only your childrens' income, then there are lenders who will ignore your age for the maximum term. If your income is needed for affordability, then with most mainstream lenders the max term will be limited to 70, 75 or 80 depending on your retirement age and nature of job.DTown11 said:Not sure if this has been asked before, but if you add your son or daughter to the mortgage can you extend the term? Mortgage offer last year we could only get over 10 years due to age, but if I add my son or daughter to the mortgage would I be able to make it over, say, 20 years?I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Things can go badly wrong. There's another thread on this forum about someone who did put their son on a mortgage before they had a falling-out and now they're struggling to find a way to get them off the mortgage.There is no honour to be had in not knowing a thing that can be known - Danny Baker2
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