I was wondering if any one could shed any light on this situation , a friends and his parents have found a 2nd property , its basically a hoilday type let, they have 25% to put down on the property but would need to borrow
70k for the blance after the 25% so a total of around 94k , but the the thing they are wondering about , hes in his 30's fully owns his own property and the parents fully owned theres , but they want the mortage over 25 years , his dad is 52 and is working basic type pay, his mum is not working but recieves a pension of around 140 a month, the mortage would work out over 25 years at around 370 a month .
But the big question is will the bank lend over 25 years based on the parents age ? , i sugguestted he buy the house and ask his parents for the deposit and there share every month , but the parents want it in joint names.
Would a mortage company lend based on the above , i said it should not be too much of a problem due to the 25% deposit ? but he can't ask a mortage advisor till the morning .
Anyone know ?????