Can I get a mortgage to buy out my ex-husband?

S

Susan P Grogan

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Hi, I'm looking for some advice here, I'm separated from my husband since 2011, the mortgage was paid by both of us and paid in full in 2021, my youngest has just finished her education and my husband wants a share of the family home, my house is valued at €440.000 and my husband wants €150.000. I'm 56 yrs old and am self employed and take home about €22.000 per annum, I'm wondering could I get equity from the home or should or could I get a mortgage?..
 
No, I didn't get a judicial separation, just lived separately and both of us paid equal amounts of the mortgage which is now paid off, was wondering what is the best option for me as to give him the sum of €150.000...
 
Susan P Grogan said:
€150.000. I'm 56 yrs old and am self employed and take home about €22.000 per annum,
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You will not get this amount from any mortgage lender. That is 5 times your income and you would not be able to meet the repayments.

You will have to borrow it from a family member or sell the house and trade down.

Brendan
 
Did he pay half the mortgage always? If yes than the 150K is looking a good deal. At your age you should consider downsizing and extracting your self from the financial entanglment with you ex. Can you buy something for around 250K?

Alternatively, but I'm not sure with your age, would one of those older release equity schemes work. You'd keep the house and end up probably leaving nothing to the children. Prefer the downsizing route, and a lot less cost to keeping a bigger house.
 
Realistically for a mortgage you would want to increase your income if you are looking to mortgage as a single applicant .
Outside of a mortgage you could try get a personal loan but you may not be able to cover those repayments so it seems risky.

Do you have any pension that you could pull from? You could take 25% tax free as you're over 50
 
Bronte said:
Did he pay half the mortgage always? If yes than the 150K is looking a good deal. At your age you should consider downsizing and extracting your self from the financial entanglment with you ex. Can you buy something for around 250K?

Alternatively, but I'm not sure with your age, would one of those older release equity schemes work. You'd keep the house and end up probably leaving nothing to the children. Prefer the downsizing route, and a lot less cost to keeping a bigger house.
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Would you mind providing bit more info about equity release for older persons please? I have a family member in a similar situation.
 
dubdub123 said:
Would you mind providing bit more info about equity release for older persons please? I have a family member in a similar situation.
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I did a google

Seniors Money mortgages and lifetime loans

This website is for customers who took out a Variable Rate Lifetime Mortage with Seniors Money prior to 2020
www.seniorsmoney.ie www.seniorsmoney.ie

BUT I sincerely advise caution.

They can be good for those that need it, but it is imperative people know what they are doing.
 
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