Contractor Mortgage - Joint Application & Age Restrictions

[MrsG]

Hi all

So I've been doing some investigations and I know that I could get a mortgage with little difficulty... Everything that is required for a successful application I can tick off.

My husband and I have found a house we'd like to buy, however, he is 46 (nearly 47) and I am 30. I spoke to a broker today that said if I were to apply for the mortgage as a single applicant then I could get a 25 year term. If I were to put in a joint application with my husband then the max I could get would be 20-21 years.

Has anyone had any similar experiences of this?

I'm not comfortable just having the mortgage in my name - it doesn't feel right. I wondered if it's possible just to put his name on the mortgage but not include his salary? He's permanently employed & would have to pick up the slack if I happened to be out of contract at any point, which he could do.

I guess I just don't like the idea of being solely responsible for the debt and it seems a bit odd that I would own the house. I know legally we can create a deed of trust should things go pear shaped, but I would like to avoid that if possible.

Any advice appreciated.

Thanks
MrsG

[northernladuk]

I've just got a mortgage for 25 years and they just asked me for our details of pensions and savings I'd be relying on past retirement. In fact thinking about it I don't ever remember sending any details off. Could be wrong there. Seems odd they capped it.

You've gone through a Contractor broker?

[northernladuk]

P.s. your war chest should be picking up the slack if you are out of contract. Not your doddering old gold digging cradle snatching husband

[MrsG]

Haha my poor hubby! Yes my warchest should pick up the slack in theory, but y'know life is full of surprises!

Yes went through a broker that's been mentioned on here actually so won't name names. They briefly mentioned pensions, retirement plans etc but steered me away from that school of thought as they reckoned it was overly complicated. Sounds like it might not be though given your experience, so thanks for sharing.

I keep reading good things about Martin from AS Financials and Power Mortgages so will try them next.

[Incognito]

Haha my poor hubby! Yes my warchest should pick up the slack in theory, but y'know life is full of surprises!

Yes went through a broker that's been mentioned on here actually so won't name names. They briefly mentioned pensions, retirement plans etc but steered me away from that school of thought as they reckoned it was overly complicated. Sounds like it might not be though given your experience, so thanks for sharing.

I keep reading good things about Martin from AS Financials and Power Mortgages so will try them next.

Give Martin a call, he's sorted me out with two very good mortgages in the last five years.

[Emma Power Mortgages]

Hi all

So I've been doing some investigations and I know that I could get a mortgage with little difficulty... Everything that is required for a successful application I can tick off.

My husband and I have found a house we'd like to buy, however, he is 46 (nearly 47) and I am 30. I spoke to a broker today that said if I were to apply for the mortgage as a single applicant then I could get a 25 year term. If I were to put in a joint application with my husband then the max I could get would be 20-21 years.

Has anyone had any similar experiences of this?

I'm not comfortable just having the mortgage in my name - it doesn't feel right. I wondered if it's possible just to put his name on the mortgage but not include his salary? He's permanently employed & would have to pick up the slack if I happened to be out of contract at any point, which he could do.

I guess I just don't like the idea of being solely responsible for the debt and it seems a bit odd that I would own the house. I know legally we can create a deed of trust should things go pear shaped, but I would like to avoid that if possible.

Any advice appreciated.

Thanks
MrsG

Lenders will have a maximum age for any applicant, whether their income is used or not. This is usually 70 or 75 depending on the lender (there is the odd one or two that will go higher, however, they are not known for being particularly contractor friendly).

Lenders like Halifax wont use his income past his state retirement but as long as your income covers the mortgage then taking the mortgage term past this age isn't a problem.

Your broker should be able to look at these for you and I cant think of a contractor lender where this would not be possible so if you meet the criteria for one, your mortgage term should be able to take your husband to his 70th birthday at the least.

I hope this helps

[Martin@AS Financial]

Give Martin a call, he's sorted me out with two very good mortgages in the last five years.

Thanks Incognito for the recommendation - thats really kind.

[ChimpMaster]

I'd like to shake the hand of this man who has bagged a woman 17 years his junior

Aside from that I can recommend Freelancer Financials, who have helped me secure several mortgages in the past few years at my ripe old age of 41.