Buddythedog
New Member
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Brief background:
I stupidly got into trouble with my mortgage in the past due to going self employed and making a mess of it and running into mortgage difficulties. Mortgage ended up being sold by AIB last year to Mars capital. Arrears were in the region of 10 grand but have now been capitalised.
What I want to do now:
My fiance also owns her house, albeit with very little equity. My house is worth 350k with mortgage outstanding of 170k so I have 180k. We have the option of buying her fathers house as he is moving back to his home county in West of Ireland to retire. Mother unfortunately passed many years ago.
House value approx 500k but the 500k would be split between her father, herself and her 3 sibling at 100k each. My fiancé's 100k would likely take the form of a 100k reduction in purchase price and the father would get 400k, 300k of which he would give as an early inheritance to his children.
The 3 siblings are on board with this so I don't foresee any family problems. Where problems lie may be in my appaling credit history.
We would be looking for mortgage of approx 200k on joint salaries of 125k for the 500k house. LTV would be 40% and LTI would be less than 2 times.
Would any bank touch me at this level? I'm earning 75k and she is earning 50k. Good credit, this is a slam dunk but what about now? And also if we were to marry is her credit rating linked to mine? Could she apply for 3.5 times income in her own name?
Thanks in advance for anyone that can help
I stupidly got into trouble with my mortgage in the past due to going self employed and making a mess of it and running into mortgage difficulties. Mortgage ended up being sold by AIB last year to Mars capital. Arrears were in the region of 10 grand but have now been capitalised.
What I want to do now:
My fiance also owns her house, albeit with very little equity. My house is worth 350k with mortgage outstanding of 170k so I have 180k. We have the option of buying her fathers house as he is moving back to his home county in West of Ireland to retire. Mother unfortunately passed many years ago.
House value approx 500k but the 500k would be split between her father, herself and her 3 sibling at 100k each. My fiancé's 100k would likely take the form of a 100k reduction in purchase price and the father would get 400k, 300k of which he would give as an early inheritance to his children.
The 3 siblings are on board with this so I don't foresee any family problems. Where problems lie may be in my appaling credit history.
We would be looking for mortgage of approx 200k on joint salaries of 125k for the 500k house. LTV would be 40% and LTI would be less than 2 times.
Would any bank touch me at this level? I'm earning 75k and she is earning 50k. Good credit, this is a slam dunk but what about now? And also if we were to marry is her credit rating linked to mine? Could she apply for 3.5 times income in her own name?
Thanks in advance for anyone that can help