Can you get a mortgage if you have retired!!

marylee

Husband would like to help my daughter to buy her first house. It will be difficult on her own salary. My husband is retired with a decent pension and I am wondering whether he could buy it with my daughter. I have a feeling he cannot do it as he has retired. Any advice, please

MarkyMarkD

For inheritance tax and capital gains tax reasons, it would be better for your daughter to buy the house, with the mortgage guaranteed by your husband. Not all lenders will do this, but quite a few will.

The problem is that his age may put off some lenders from allowing this.

I think the best advice is to speak to a sensible mortgage broker of which there are a number on these boards who will give sound personal advice if you speak to them off-board.

marylee

Thanks for this advice, that's what I really mean for my husband to guaranteed the mortgage at least although he is retired, his money is guaranteed every month. He does intend to put it in the name of my daughter but the only problem is if she gets married and is divorced, I understand her husband will be eligible to claim half of the house. Thanks again for your advice.

shykins

my parents bought a house for me and i rented it off them.. they had little difficulty getting a buy to let mortgage even tho their income was loand they are both retiredw they put the rental down as their income thereby showig the requisite amount of earnings

they did go thru a broker who was very good and spent some time finiding the right mortgage

HTH

Kontiki

We are in a similar position in that I am going to retire next March, we still have daughter living at home but she would like her own place but can't afford anything at all. We are in a position to help pay a lump sum towards another property so she could then afford the mortgage. As we intend to do a lot of travelling we are also planning to rent out our house which we own outright. We would be grateful for any advice on buying a house with our daughter & any pitfalls we may encounter.

Ian_W

Surprised none of the mortgage advisors who use the forum have posted - they're usually a very helpful bunch from what I've read on other threads - but the answer to the original question is YES you can get a mortgage when you're retired.

I am and I have. They seem to treat you as employed and require your P60 and some monthly pensions advice slips to prove earnings. Age can be a problem but my mortgage provider simply requires the mortgage to be finished by age 85 - it may vary.

How being a guarantor works, I'm not sure - never done it. Would suggest an enquiry to London & Country [contact details on Mortgage page of this site] who are very helpful. I have no connection with them and haven't done my mortgage through them but they gave me good advice and don't charge a fee. They receive a commission from the mortgage provider, but the cost to you is the same as if you went to the company direct.

Finally,

but the only problem is if she gets married and is divorced, I understand her husband will be eligible to claim half of the house.

Give the girl a break!! She's only just left home for the big City and you've got her married, divorced and losing half her equity!! Suggest a pre- nup!