Can I help my Granddaughter to get a mortgage?

Posted on 3 February 2011 by Jill Saunders


My granddaughter cannot get a mortgage as her income is insufficient. Is there any company that would allow a joint mortgage with a pension payment as income?

Jill,

There are Lenders who will accept pension income when looking at affordability, but experience shows that it is very difficult to obtain a joint mortgage where one of you is also not living in the property and the other can not afford the mortgage payments on their own.

Whether it is possible will rely on how much your Granddaughter can afford on her own, the size of the deposit available and what the prospects of her income increasing to a point where she can take over the mortgage on her own are?

I recommend that you speak to an independent mortgage adviser about your Granddaughter's situation and how you can help her get a mortgage.

Peter

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