Taking Over Mortgage from Partners Ex

[Bradz213]

Hi,

Just looking for a bit of advise for my scenario.

I purchased my home last year as a FTB. Details;
Mortgage 200k over 35 years
House Value at purchase 285k
Potential Value now 300k
Variable 2.95% mortgage
Approx €800p/m repayments

My partner has a mortgage with an ex.
The remainder on the mortgage is approx 260k.
Property is currently worth approx 265-270

The ex is looking to sell and happy to walk away from the house.

My questions are, can we apply for a joint mortgage on the property my partner co-owns?
We would plan to owner occupy the property and rent my house for approx €1300 p/m.
Would we need to have 20% deposit or is the equity in my house sufficient?

Our combined income is €100k per annum.
We haven't stared proper savings yet so we are aware we would need 6 months of this. We anticipate to be able to save minimum €1500 p/m

Thanks in advance,
JB

 

[mike2017]

Did you avail of the first time buyer grant last year? If so you must live in the property as your main home for 5 years.....

 

[Bradz213]

Did you avail of the first time buyer grant last year? If so you must live in the property as your main home for 5 years.....

I wasn't aware of such thing. Yes, I received the Help to Buy allowance.

I can't find any information about if you dont occupy for 5 years. Do you have to pay the full amount back or is it pro-rata?

 

[Brendan Burgess]

My partner has a mortgage with an ex.
The remainder on the mortgage is approx 260k.
Property is currently worth approx 265-270

The first avenue to explore is whether the lender will allow your ex to take over the mortgage on her own.

A mortgage of €260k represents 3.5 times a salary of €75k

I presume that her salary is not €75k? But it's worth asking anyway.

I am not sure that your salary will be much use as you already have a mortgage of €200k.

The tracker lender might let you take over the mortgage, but I would imagine that they will require you to sell your existing home.

This could be hard to get the timing right.

You could sell your house.
Pay back the Help to Buy Grant.

Brendan