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Will anyone give us a 25 year mortgage ?

(7 Posts)
marceline Fri 16-Aug-13 00:18:46

We live with my in-laws, dh is an only child. He has recently been put on the deeds for the house as co-owner with his mother. The mortgage on the house is paid off but we want to take out a small mortgage (around 25k) to make some home improvements. Santander told us that because of Mil's (late 60s) age we can only get a mortgage over 5 years - although the mortgage would be based on Dh's income and paid by him. I'm reluctant to do this as payments would be quite high over 5 years.
Is this a general rule or would other mortgage lenders take a different view? Any information or advice would be welcome.

Gruntfuttocks Fri 16-Aug-13 00:33:25

That seems a very odd decision by Santander. I think you should shop around - surely one of the other banks will see sense. 25K is tiny in mortgage terms.

noisytoys Fri 16-Aug-13 05:38:27

Definitely shop around. Based on DHs income alone he has ages to lag a mortgage

marceline Fri 16-Aug-13 09:59:27

That's exactly what I thought. The fact that she's on the deeds would have nothing to do with the mortgage! We'll have a look elsewhere! Thanks.

Cantbebotheredtocutupfruit Mon 19-Aug-13 20:46:58

Deeds and mortgage have to match. You might be better transferring the house into dh sole name then drawing up a declaration of trust saying that he holds the property on trust for him and his mother.

Spickle Mon 19-Aug-13 23:18:16

Santander will only provide a mortgage until the oldest person is 70. Not sure if this is common with other mortgage providers.

Viviennemary Tue 20-Aug-13 12:18:28

The trouble is your mil is on the title deeds so the house does not belong entirely to your DH. So I think that's why they are reluctant to give him a mortgage. I think the fact she is on the title deeds does affect the granting of a mortgage. Have they given you a proper explanation of their decision.

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