2 on mortgage 1 on title RIP mortgage

[sivelr]

Hi,

I have a mortgage with my girlfriend on our home and we are both on the title deeds. I have been gifted a property by my father and was hoping to raise some money on it by mortgaging it as an investment property. I will need my girlfriend to go on the new mortgage with me as i'm not earning enough for it to work on my own. My question is whether she will have to go on the title deeds aswell. I'd rather she didn't go on the deeds as the property was a gift to me from my father, we are raising the cash to refurb the property itself in order to rent it out and also to get an attic conversion on our house. The new mortgage would only be 60k.

 

[Senna]

Banks will not give a mortgage in 2 names if the deeds are only on one name. Have you asked the bank if you would qualify for a mortgage on your own without your partner?

 

[sivelr]

Defo won't qualify on my own with the mortgage on our home and a personal loan. I thought maybe because it was an investment property that the bank would agree to do it. Two reasons why I want sole title:
1) the house was a gift from my dad to me
2) my gf would be liable for Capital Gains Tax of approx 30k

 

[j26]

See if the bank will agree to the mortgage in your name with herself as a guarantor?

 

[sivelr]

I thought about that but I think a guarantor needs to have a high net worth and be earning at least 50k which she isn't. I think it's really only a parent that the banks will allow to be guarantor and my folks aren't in a position to help me on that front. Thanks for your reply, might give it a shot anyway - they can only say no! Maybe if I said we were engaged they might push it through with condition that she goes on title when we are married.

 

[woodbine]

Banks will not give a mortgage in 2 names if the deeds are only on one name. Have you asked the bank if you would qualify for a mortgage on your own without your partner?

I have a mortgage with my fiance on our home and the title deeds are in his name only. got the mortgage in November 08.

 

[sivelr]

I managed to find two lenders yesterday that would be willing to do joint mortgage sole title so looks like I can go ahead now and hopefully get approval!

 

[Maria_G]

I managed to find two lenders yesterday that would be willing to do joint mortgage sole title so looks like I can go ahead now and hopefully get approval!

Can you please let me know who the two lenders are?? Trying to buy a house with my fiance and the intention is to have the house in my name only but get a joint mortgage

 

[mf1]

There is nothing inherently wrong with 2 names on mortgage and 1 on title. The reason it is an issue is because some people do it in an effort to evade stamp duty i.e. where of two purchasers one only is a ftb, by putting a first time buyers name alone on the deeds so that no stamp duty is payable. The diffliculty is that Revenue specifically say that unless the mortgage is being entirely funded by the f.t.b. ( except in some exceptional cases) that Revenue treat that as tax evasion and will pursue the purchaser for the stamp duty.

mf

 

[PaddyW]

Can you please let me know who the two lenders are?? Trying to buy a house with my fiance and the intention is to have the house in my name only but get a joint mortgage

PTSB will be one I imagine. My ex and I did it with them with only her on the deeds.

 

[sivelr]

Can you please let me know who the two lenders are?? Trying to buy a house with my fiance and the intention is to have the house in my name only but get a joint mortgage

The two lenders said they are willing to do it because it's an investment property and not our home. If it's for your home I know First Active did it for a couple I know (one being a FTB) but FA are shutting up shop soon so I don't know if they are taking on new business at the moment. AIB,BOI/ICS, EBS/Haven and BOSI defo won't do it. Try KBC, PTSB or as I said FA. Good luck!