Joint mortgage application repayment term

Bern14

Hi

Hope someone has experience with this.

We're a married couple so I afaik we *have to* apply as joint applicants for a mortgage, we're first time buyers.

I'm the main earner so the mortgage will be based entirely on my earnings. However, my spouse is 50 so it seems the mortgage term would be based on his age, even though he is not contributing (right now) based on his income? (I'm 40)

Is there wiggle room here with lenders or is this a hard fast rule that they have to look at older applicant even if no income for determining the max mortgage term?

I hope this makes sense. Thanks!

DubLad69

Bern14 wrote: »

Hi

Hope someone has experience with this.

We're a married couple so I afaik we *have to* apply as joint applicants for a mortgage, we're first time buyers.

I'm the main earner so the mortgage will be based entirely on my earnings. However, my spouse is 50 so it seems the mortgage term would be based on his age, even though he is not contributing (right now) based on his income? (I'm 40)

Is there wiggle room here with lenders or is this a hard fast rule that they have to look at older applicant even if no income for determining the max mortgage term?

I hope this makes sense. Thanks!

You could try applying alone, but I would advise going to a Brooker rather than doing it yourself.

Bern14

DubLad69 wrote: »

You could try applying alone, but I would advise going to a Brooker rather than doing it yourself.

Thanks, as far as I know it's the rule that you have to apply jointly if married and the house is not for rent property. I'm just starting the process using a broker but wanted to be prepared to be informed for this conversation. Thanks!

stayback

You have to apply jointly as ye are married but I’d go to a good broker they might be able to get it assessed on your own as you are the main earner/ only earner.

Both your names will have to be on the title and mortgage.

Bern14

stayback wrote: »

You have to apply jointly as ye are married but I’d go to a good broker they might be able to get it assessed on your own as you are the main earner/ only earner.

Both your names will have to be on the title and mortgage.

Thanks, broker said it had to go by his age, still looking if any lender would make an exception. Thanks!

ted1

Bern14 wrote: »

Thanks, broker said it had to go by his age, still looking if any lender would make an exception. Thanks!

Few exceptions at the moment with Covid. Banks are been extra cautious.

TheBoyConor

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Bern14

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Thanks! I'm not going to say this didn't cross my mind but this is fraud and I'd rather do this the lawful way. There are other reasons why this would impact us, so out of the question.

I can understand the rule of why you have to be joint on the app if married to protect spouses e.g. homemakers etc. and/or if spouse has bad credit that can potentially impact repayments.

I don't see the risk though to assess the main earner's age if the loan is solely based on their income. As it stands, I'll be only 58 and would have a good few years to pay it off before retirement regardless. (Of course, the dream is to pay it off as early as possible). I'm sure there are lenders who do this unless there is a law that prevents this, which I haven't come across yet in my research.

TheBoyConor

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Graham

Mod Note

any more suggestions to submit a fraudulent mortgage application will end badly. Some posts snipped/deleted.