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Mortgage advice

(8 Posts)
lovenancy Mon 06-Feb-17 15:05:31

Seeking advice for a friend who is divorcing but can't afford to take on the mortgage on her own - is there any way her Dad could come onto the mortgage even though he is a pensioner?
Thanks in advance,

Bluebell9 Mon 06-Feb-17 15:21:36

The best place to as is the bank you want to borrow the money from. Each lender will have slightly different criteria.

lovenancy Mon 06-Feb-17 19:07:46

Thanks Bluebell9, that's the next step. Was hoping others may have been in this position.

daisymai08 Tue 14-Feb-17 09:00:15

Not an easy one at all - going through similar!!

Blobby10 Tue 14-Feb-17 12:35:25

my dad lent me some money so I could increase the equity in the house and reduce the mortgage to a level I could afford. Is this an option for your friend?

Not sure if the mortgage company would allow a pensioner to be on the mortgage as they need to be sure that the mortgage will be repaid for the duration of the mortgage term.

AnnettePrice Tue 14-Feb-17 16:07:02

OP, rather than having someone lend the money or be on the mortgage they could look at a parent offset mortgage.

daisymai08 Tue 14-Feb-17 16:17:50

Ok so you can't be on a mortgage if you don't have an income and guarantor mortgages don't exist I've been through all of this.

EnormousTiger Tue 14-Feb-17 17:12:16

Depends on the pensioner income. Some have large enough private pensions to go on mortgages yes - I would find a good mortgage broker. I was able to remortgage as my income was high but it was still a stretch but I really wanted to keep the house and get my ex's equity out of the house and his name off the title deeds and mortgage and get a clean break.

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