# Invest where?



## unstacked (11 Aug 2021)

Legally separated, house in my name, mortgage in both names.
Earn 50K per annum
Have funds / shares - possibly could be valued at 140,000 todays value plus nest egg of older shares ( about 100K)
Mortgage o/s €320,000 - 24 years, tracker.
House value €300,000

Q - if I was to pay off mortgage to bring it to the level of 3.5x my annual income / €171,525 -  would bank allow husbands name to be removed easily?
Q - Would this be good use of funds?


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## Brendan Burgess (11 Aug 2021)

unstacked said:


> Have funds / shares - possibly could be valued at 140,000 todays value plus nest egg of older shares ( about 100K)
> Mortgage o/s €320,000 - 24 years, tracker.



You are effectively borrowing to invest. 

This is very risky.  

You should pay the lot off the mortgage and reduce it to €80k unless you have a plan for the money e.g. buying a car. 

But speak to the lender first to make sure that they agree to issue you a new mortgage at the tracker rate. 

Brendan


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## ClubMan (11 Aug 2021)

Just on the shares. €100k may be the gross valuation but you will presumably have to pay CGT on at least some of the gains when you cash them in so bear that in mind when totting things up.

The funds may also be gross valuations subject to exit taxes but without more info it's impossible to say for sure. That's why I suggested a proper detailed money makeover schedule of assets/liabilities, income/expenditure etc.

No pension at all?

Did your solicitor give any indication of whether or not the judicial separation settlement was likely to be revisited/substantially revised on divorce? That may have a bearing on what you should do over the next few years in terms of finances etc.


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## unstacked (18 Aug 2021)

Brendan Burgess said:


> You are effectively borrowing to invest.
> 
> This is very risky.
> 
> ...


Thank you.  I dont see lender Ulster Bank agreeing to a new mortgage - no new applications at present accepted etc.  But thank you for the information and support.


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## Landscape (18 Aug 2021)

Ulster Bank are still taking new mortgage applications until 29th Oct 2021. Ulster Bank will even still accept new applications from existing customers after that date.


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## Landscape (18 Aug 2021)

This is from an email they sent me:

*"Ulster Bank Ireland DAC will not accept any new application requests with effect from close of business 29 October 2021. *However, there are some exceptions to this change for existing customers.



*Mortgages*: we will continue to accept applications from all existing customers for new mortgage lending after close of business 29 October 2021. It is important to understand that, should your mortgage be fully approved and offer letter issued, it will transfer to a new provider in the future. Please contact our mortgage team for support and assistance to enquire about applying on 1890 252 270. Open Monday to Friday 9am-5pm (except bank holidays)."


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## unstacked (20 Aug 2021)

Landscape said:


> This is from an email they sent me:
> 
> *"Ulster Bank Ireland DAC will not accept any new application requests with effect from close of business 29 October 2021. *However, there are some exceptions to this change for existing customers.
> 
> ...


Oh thank you very much for this 'Landscape' - much appreciated.


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## Khublei (26 Aug 2021)

unstacked said:


> Legally separated, house in my name, mortgage in both names.
> Earn 50K per annum
> Have funds / shares - possibly could be valued at 140,000 todays value plus nest egg of older shares ( about 100K)
> Mortgage o/s €320,000 - 24 years, tracker.
> ...



Are you sure the house is in just your name but the mortgage is in both? My friend was in a very similar situation. Bank were willing to go slightly over the 3.5x for her, but she had to give a big lump sum to get his name off the deeds / mortgage. I think it would be a great use of funds. It's a disaster having someone you're not married to on your mortgage. She did the deal with the bank after the final divorce. It was written in their agreement that he would not come after the house later etc.


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