Buying with Father

Posted on 26 June 2011 by Nicola

I earn £25,000. My father is 58 and a corgi engineer - would it be possible for us to get mortgage together? He has existing mortgage on his house and shared mortgage with a friend.


In theory you are able to get a mortgage in joint names with your Father.  The limiting factor in your case will be how much available income he has left to support your mortgage application taking into account his 2 existing mortgages?  This will depend on the type of mortgages he has, we can presume that his own mortgage is for his main residential property, but the property he owns with a friend could either be residential or an investment property.  How Lenders deal with these existing debts depends on whether they are residential or investment.

For a residential mortgage Lenders will either want his income to cover the combined mortgage debts or the combined monthly mortgage payments, with an investment property there is a possibility they can ignore the debt completely.  To do this they will normally want the rental income to exceed the mortgage payments by around 125%, the exact amount depends on each Lender as they all have slightly different parameters.

If you are able to find out more information from your Father, 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 tell the consultant the date and title of your question, they will then be able to offer further advice on 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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