Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • kellyM91
    • By kellyM91 13th Jul 17, 12:36 PM
    • 1Posts
    • 0Thanks
    Can I get a mortgage with my Grandpa?
    • #1
    • 13th Jul 17, 12:36 PM
    Can I get a mortgage with my Grandpa? 13th Jul 17 at 12:36 PM
    I'm looking for a little advice please!
    So I currently own my own home and have a mortgage on my own, I'm 26 years old on a salary of 18K and the max I could borrow was 67,500.
    My grandma recently passed away and I have said to my grandpa that I will move in with him but the place he is renting is too small for both of us. He is 87 years old, owns his own home that he rents out and is retired but with his monthly in-comings he has a yearly salary of around 25K.
    I would like to keep the house I am in now and rent that out and then get a joint mortgage with him. So we would both own a home that we rent out and then also own a home together.

    I'd just like to know if this is even possible please, and if so, do i have to change my mortgage so I can rent my house out if i'm renting it to a friend?

    Thanks very much
Page 1
    • Oakdene
    • By Oakdene 13th Jul 17, 12:39 PM
    • 1,935 Posts
    • 7,103 Thanks
    • #2
    • 13th Jul 17, 12:39 PM
    • #2
    • 13th Jul 17, 12:39 PM
    Someone will be along with a better answer than me but I tried to apply with my Dad so I could get a little more in mortgage amount but they would only lend to me over a shorter period of time up until my Dads 65th birthday.
    • ~Beanie~
    • By ~Beanie~ 13th Jul 17, 12:47 PM
    • 2,935 Posts
    • 2,112 Thanks
    • #3
    • 13th Jul 17, 12:47 PM
    • #3
    • 13th Jul 17, 12:47 PM
    I think you will find that your grandpa is too old to get a mortgage.

    • ACG
    • By ACG 13th Jul 17, 1:58 PM
    • 16,845 Posts
    • 8,790 Thanks
    • #4
    • 13th Jul 17, 1:58 PM
    • #4
    • 13th Jul 17, 1:58 PM
    Good question, if he was 10 years younger I would probably say yes. But at 87 I cant see how you would get a 25 year Mortgage - if nothing else other than most IT systems will be geared up to 2 digits for age at expiry.

    The other thing is that it is unlikley he will be around in 25 years time. How will you pay for it? What will happen to his share? Will it go to his kids/other grand kids?

    In principle I would say there is probably a lender who will do it, but I can not think of any off the top of my head. I think you need to sit down with a broker.

    The other thing to consider is you are going to have to pay higher rate stamp duty. 3% of the pruchase price up to 125k plus 5% of anything between 125k and 250k.
    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.
    • Mojisola
    • By Mojisola 13th Jul 17, 2:01 PM
    • 29,255 Posts
    • 74,720 Thanks
    • #5
    • 13th Jul 17, 2:01 PM
    • #5
    • 13th Jul 17, 2:01 PM
    Why not sell both and buy something outright?

    Grandad will have a lump sum to enjoy; you can start saving what you would be spending on a mortgage.

    Make sure you both make wills and are happy about what would happen to the house when the first of you dies.

    If you have enough money between you, you could buy a 3 or 4 bed house and have a couple of lodgers to bring in an income.
    Last edited by Mojisola; 13-07-2017 at 2:03 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,671Posts Today

6,091Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin