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.
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