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Joint Borrower Sole Proprietor Mortgage Age Limit

Joint Borrower Sole Proprietor Mortgage Age Limit

Like all mortgages, there is a joint borrower sole proprietor mortgage age limit. However, it works slightly differently to a normal mortgage.

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What Is The Age Limit On A Mortgage?

The age limit on a mortgage will vary depending on the lender. However, for the majority of lenders it ranges between 70 and 80 years old. Some lenders will have a higher age limit though, or possibly no limit at all.

Depending on the lender they may assess your mortgage either based on the age of the oldest application, the age of the youngest applicant, or the age of the oldest owner of the home. This can be beneficial if you are looking to add a parent on to the mortgage and they are much older.

If the Joint Borrower sole proprietor mortgage age limit is 70, this can potentially mean that your overall term will be shorter. For example:

In this example Dilan may only be able to get a mortgage of 5 years with some lenders, but if they just go off his age, because he will be the only person owning the home, he could potentially have a 40 year term.

What Is The Joint Borrower Sole Proprietor Mortgage Age Limit?

As we said, there is no set joint borrower sole proprietor mortgage age limit, it will vary depending on the lender. Some lenders only go to age 70, this is the normal age for most mortgage lenders. However, some will go to age 80 or 85.

These limits still apply if you are ignoring the non-homeowner on the mortgage. So here’s another example:

In this example Stuart can only get a term of 27 years if the maximum age of the lender is 70, even though they are ignoring the age of Damien. This is another common thing to happen.

Why Is There An Age Limit On A Mortgage?

The age limit on a mortgage is generally there as you will not have the same income after you retire as you do during your working life.

That doesn’t mean you mortgage has to stop when you retire. Many lenders will take into account retirement income as well as employed income, so you can still have a mortgage into retirement.

Who Does The Age Limit On A Mortgage Apply To?

With most providers the age limit on a mortgage applies to everyone that is party to that mortgage. A small minority of lenders may only apply the age limit to those that will own the property.

This is a unique situation that only really applies for a joint borrower sole proprietor mortgage age limit. A standard mortgage age limit would not work in this way.

Does Age Affect The Amount You Can Borrow On A Mortgage?

The term of the mortgage may affect how much you can borrow. Many lenders will allow you to borrow more if you take it out over a longer period. This can often be used to allow you to borrow a bit more, if you intend to have a mortgage over 30 years, a term of 35 years may let you borrow that bit extra to get to the loan amount you want.

However, it is important to remember that the longer you spread your mortgage over, the more interest you’ll pay.

How Do I Know What The Jbsp Mortgage Age Limit Is?

As it depends on the lender there are really only 2 options when trying to find out the Joint borrower sole proprietor mortgage age limit.

  1. Get a specialist jbsp mortgage broker that will look at all your options and recommend the best lender for your situation.
  2. Phone each lender yourself and ask them what their maximum age limit is.

We could list them here, but lenders constantly change their criteria and the list would quickly become out of date.

What is the minimum age limit for a JBSP mortgage?

As well as a maximum age limit there is usually a minimum age limit for most mortgage lenders. However, the minimum age is usually much simpler. Most lenders will allow anyone over 18 at the time of application. Some lenders however only allow people over 21, this is more unusual though.

Got a question on a Joint Borrower sole proprietor mortgage age limit that we haven’t answered? Get in touch!

A mortgage article by Mark Robinson – Mortgage & Equity Release Broker

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