Cohabiting but want to apply as single applicant

Hi, Just wondering is it possible to apply for a mortgage as a single applicant if cohabiting and all wages get paid into a joint account. Reason being my partner is older and therefore our mortgage term would be greatly reduced thus making monthly repayments very high. If i could apply on my own i would also qualify for the first home scheme. Any help appreciated?

Separate.

Get mortgage on one income.

If you can't raise sufficent loan on one income, then you have to apply jointly & accept any restrictions thereby. In which case, I would strongly advise getting married.

Are you sure partner's age is going to affect term, have bank said that? Don't know about these days but back when I was in banking we usually put the youngest applicant first on application if age was an issue and term then went on that age rather than both having to be of a certain age.

Might be a difficulty if main earner is not the youngest or has no income.

Yes we have looked in to it and the term of the mortgage would reduce by 6 years as the use his age as the maximum term of 23 years. We both work full time in the public sector and our wages get paid into a joint account, (him being the slightly higher earner)

Kinger24 said:

Hi, Just wondering is it possible to apply for a mortgage as a single applicant if cohabiting and all wages get paid into a joint account. Reason being my partner is older and therefore our mortgage term would be greatly reduced thus making monthly repayments very high. If i could apply on my own i would also qualify for the first home scheme. Any help appreciated?

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Yes. You would be the sole owner though and solely responsible for the mortgage repayment.

My sister did this. Bought the house solely in her own name. She later married the partner so they have a family interest in the house and made a will so that if anything happens to her the spouse inherits.

Not sure who you are dealing with for mortgages but PTSB will give mortgages up to 70 depending where you work. Most other banks usually cut off at around 66. Its a bit crazy as you rightly say because generally most people now do take on an additional job after their retirement, meaning people typically do have additional incomes well into their 70s. And as you correctly say, the higher monthly mortgage costs is prohibitive.