Mother and Son Joint Mortgage
Posted on 24 May 2018 by Steve
As part of a settlement for divorce my mother was given the matrimonial home on the basis that I join the mortgage to help her with repayments. She is 58 and I am 25, is it possible to take out a 25 year mortgage (in order to have low monthly repayments) despite her only having 8 years until retirement?
Maximum mortgage term based on youngest applicant
In theory this is possible as I am aware of at least one lender who will base the maximum term on the youngest applicant. In practice I am not so sure that they will accept an application if you are not living in the property with your mother.
Any application will be assessed for affordability and you will have to be able to cover any existing mortgage payments alongside those of your mother's mortgage. If it is necessary to take into account any of your mother's income, the maximum term will be determined by her age.
Lending into retirement
There are lenders who will lend into retirement. The usual maximum age is 75 and it may be possible to persuade one of these to accept the risk. The problem if you are not living in the property is that should you fall out with your mother for any reason, there is not as much incentive for you to keep paying the mortgage. Repossessing the home of an elderly lady does not make good press and lenders would rather avoid this if at all possible.
However, 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 we will then be able to help you find the right mortgage lender.
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