Joint Mortgage and Age

Answered on 3 October 2018 by Nick Morrey

I am looking to port my existing mortage and borrow a bit more to buy a bigger home. I have got married since purchasing the flat I am selling, but my husband is a lot older that me. We would like me to be the sole applicant for the mortgage as he is almost at retirement age (and we assume this might affect our joint borrowing?) I see that I would need to declare the amount he is giving me towards our new home - and that he would need to sign a deed of consent however. As joint applicants, would his age impact our borrowing potential, if we do a joint application to avoid the deed of consent?

You are correct that your husband would have to sign a consent to mortgage, so that he can not claim a right to the property ahead of the mortgage lender and you would have to declare how much of the deposit he was giving you and whether it had to repaid or was a true gift.  These need not be obstacles to getting a mortgage in your sole name and you would have a wider choice of lenders than if you applied in joint names. If your husband is putting down a considerable amount of the purchase price it is possible for his share to be protected by a deed of trust and you should take legal advice before proceeding this way.

For more information about lending in later life, you can take a look at our guide: Borrowing into Retirement.

There are lenders who will ignore the age of the second applicant (your husband) if the main applicant (you) can afford the mortgage in their own right. This means that you will be able to take a mortgage term up to your retirement even if your husband is by then well beyond it.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and our expert consultants will then be able to help you find the right mortgage for your situation.

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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