Mortgage with my son

Answered on 1 February 2013 by Nick Morrey

Can I get a joint morgage with my son, I am 65 and my son is 40. I am retired with a  fire service pension, and he is self employed. We have a 50% deposit on a house at £160000.

From the brief details you've given, I can't see why it wouldn't be possible to get a mortgage for you and your son.

Having said that, there maybe a few obsatcles that we might have to overcome, that may restrict what you can / can't do. Lenders have an issue with age at the moment, and typically may look to cap the term of the mortgage at around 75. Also a number of lenders would require your son to have been self employed for at least 3 years, with audited accounts showing a steady increase in profits. However the loan-to-value is excellent, and will be a big point in your favour, and John Charcol has excellent relationships with those lenders that manually underwrite cases, and can therefore judge each one on its individual merits.

I think it would worthwhile to have an initial discussion with one of our consultants to get a better idea of what your options may be. If you'd like to do so then please call us on 0344 346 3672.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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