Joint Mortgage with Parents
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Joint Mortgage with Parents
James Bull is here to explain how a joint mortgage with parents works.
Can I get a joint mortgage with my parents and is there an age limit?
You can absolutely get a joint mortgage with your parents. It just depends on your parents’ circumstances and whether we’re going to be using their income to contribute towards the mortgage.
If we’re not using their income then we’ve got lenders that will ignore their ages and go off the younger applicant’s circumstances. But if they are contributing with their income, then obviously we do take their age into consideration.
Can I get a mortgage with my parents if they are retired?
Yes, absolutely. Again, how it gets treated depends on whether their income needs to be noted on the mortgage.
If we are using that income then we can take all their pensions, even the state pension into consideration.
What’s the difference between joint tenants and tenants in common?
These are legal terms describing the ownership of the property as per the Land Registry. As mortgage brokers, that’s not really something that we advise clients on. It’s more down to your solicitor.
Your solicitor will advise you on which of these is right for you. But as far as the mortgage is concerned, you can have it either way, so it’s fine.
How much can you borrow with a joint mortgage?
It’s the same answer as always. Obviously we take details of all a client’s circumstances into account – all their income and commitments. Based on that, we’ll give a personalised figure as to how much you can borrow.
The amount you’ll ultimately be able to borrow will vary between lenders, and we’ll be able to give advice on that basis.
What criteria are needed for a joint mortgage?
There are literally thousands of points of criteria on mortgages, but these vary hugely between lenders and depends on somebody’s individual circumstances.
But that’s our job as mortgage brokers. We know all the lender’s criteria and we just take that into consideration when we’re giving advice to clients, so they’ve got the best chance to be accepted.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Who pays a joint mortgage? Is it split 50-50?
The legal term for it is that you are ‘jointly and severally’ liable for the payments on a joint mortgage. In plain English, that means all parties are 100% responsible for making 100% of the mortgage payments.
How do mortgage lenders assess affordability on a joint mortgage with parents?
We take all the details of the client’s circumstances, and that includes all income and commitments. Based on that, we’ll give a personalised figure as to what you can borrow. Again, the amount that you can borrow will vary between lenders, so we give advice on that basis.
Can you get a joint mortgage with other family and friends?
Yes, you can get a joint mortgage with practically anyone, they don’t specifically have to be blood relations or family.
What happens if only one person pays the mortgage?
On a joint mortgage, the lender assesses the application on all the applicants’ circumstances and they’ll make sure that it’s affordable on that basis. Once the mortgage is accepted and you’ve moved in, if only one person is paying the mortgage that’s fine – as long as all the payments are up to date.
If the payments fall behind for whatever reason, ultimately all parties on the joint application are legally responsible for making 100% of the payments.
What alternatives to a joint mortgage with parents are there?
It really depends on individual circumstances. When we’re talking with clients, if we identify something that might be more suitable, we’ll give advice on that basis.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.