100% mortgage with guarantor

Grumpy_chap

Will a 70yo Guarantor be acceptable to the lender's criteria?

Barclays, for example, usually require that the maximum age at the end of the term should be 70 or retirement age. Does that same criteria apply to a Guarantor?

https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/useful-documents/residential/BAR_9914030_UK.pdf

I would expect it very probably will apply.

How close is the elderly relative to the OP? Is the OP likely to be a beneficiary in the elderly relative's Will? Could the elderly relative make a gift to the OP now and reduce what the OP might receive via the Will?

Samipah

I think we would be looking to borrow around £250k.

Guarantor is a parent and my husband is named in their will.

I think the answer is that it is very unlikely that we would be able to a mortgage high enough for a property that would be suitable given that Information I've received from this forum. This was our initial thought anyway, but I thought I would ask here I case there was a way that we haven't heard of.

Thank you everyone for your Input and for sharing any Information and experiences you've had

teaselMay

https://forums.moneysavingexpert.com/discussion/comment/81886593#Comment_81886593

Barclays lend beyond 70 provided the likely income after retirement age would be sufficient to cover the mortgage payments. Mine goes to 76, it started when I was 49. But I don't think that's the biggest hurdle the OP is going to have.

silvercar

A guarantor who is 70 who has a decent income eg large pension, may very well be acceptable.

silvercar

Barclays will accept an applicant over 70 if they can show sufficient income into retirement. I looked at Barclays because they are popular for sole proprietor, joint borrower mortgages.

Jemma01

Can the guarantor privately be your lender and let you live on one of his properties until you pay the full amount?

Can he pay the deposit and register interest in the property? (Won't be a guarantor situation, and rather risky as he's likely to not outlive the mortgage given you're on benefit).

There are a lot of things the bank will want to check about the guarantor, but I think your difficulty is the lack of potentially stable income. Eligibilities keep changing, are you at risk of benefits change e.g. review?

teaselMay

https://forums.moneysavingexpert.com/discussion/comment/81886648#Comment_81886648

That last bit was my biggest concern, my mortgage approval arrived the day that the massive disability benefit changes were announced last year, that was a mightily stressful few months!

Herzlos

https://forums.moneysavingexpert.com/discussion/comment/81886618#Comment_81886618

Is there any way the parent can gift your husband the £250k? That'd solve your problem and hopefully reduce inheritance tax liability.

It seems outlandish, but I'm assuming a 70 year old with no mortgage and 10+ BTLs has access to funds that most of us can only dream of.

kingstreet

I'm not sure all your wish list will be met, but Generation H may be an option to meet some of them. A decent broker will be able to establish what's possible.