Personal and income details
Income self: 70k, public servant, permanent.
Income history: continuous, 15+ years.
Income partner/spouse: N/A
Income history: left permanent employment several years ago.
number of children: 0
Amount of Mortgage Interest Supplement received: 0
Home loan
Lender: NIB (Danske)
Amount outstanding: 130k
Value of home: 220k
Interest rate: ECB+0.5% tracker
Monthly repayment: 600
Amount in arrears: 0
No discussion with the bank yet.
Other savings and investments
Savings: 45k (to buy out ex-); another 5k.
How important is retaining the family home to you?
Ideally, I'd like to keep it.
My ex-girlfriend and I, who weren't married and were first time buyers, have come to an agreement about me buying her out of her half of the house, which we both find acceptable (given the circumstances). I have two questions on which I'd appreciate input:
(1) is there any tax ramification for either of us in me buying her out of her half of the house?
(2) as the mortgage is a good tracker, ideally I'd like have her removed off the mortgage & keep it; I was wondering if there's any hope of this?
With the latter, we borrowed 300k in 2005 and got it down to 130k by consistently overpaying the mortgage. Bank records with the lender would establish that I've been continuing to overpay the mortgage, albeit not at the same rate, from my income for the last five years whilst also saving that other money for the last three.
Income self: 70k, public servant, permanent.
Income history: continuous, 15+ years.
Income partner/spouse: N/A
Income history: left permanent employment several years ago.
number of children: 0
Amount of Mortgage Interest Supplement received: 0
Home loan
Lender: NIB (Danske)
Amount outstanding: 130k
Value of home: 220k
Interest rate: ECB+0.5% tracker
Monthly repayment: 600
Amount in arrears: 0
No discussion with the bank yet.
Other savings and investments
Savings: 45k (to buy out ex-); another 5k.
How important is retaining the family home to you?
Ideally, I'd like to keep it.
My ex-girlfriend and I, who weren't married and were first time buyers, have come to an agreement about me buying her out of her half of the house, which we both find acceptable (given the circumstances). I have two questions on which I'd appreciate input:
(1) is there any tax ramification for either of us in me buying her out of her half of the house?
(2) as the mortgage is a good tracker, ideally I'd like have her removed off the mortgage & keep it; I was wondering if there's any hope of this?
With the latter, we borrowed 300k in 2005 and got it down to 130k by consistently overpaying the mortgage. Bank records with the lender would establish that I've been continuing to overpay the mortgage, albeit not at the same rate, from my income for the last five years whilst also saving that other money for the last three.