Getting a smaller mortgage on a mortgage-free house

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Twoflutes

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The house we live in is in my husbands name as he inherited it from his mother some years ago. My husband stays home and looks after the children while I work full time. We want to take out a small mortgage jointly against the house as it badly needs some upgrading. My questions are

Is it possible to take out a mortgage against part of the value of the house , about 30% ?

Would there be any issue with the mortgage being in both our names?. My husband officially owns the house
 
You need to give information like
1) the amount you want to borrow
2) Your salary

But if you can afford the repayments, you should be able to get a mortgage.

It will be necessary to add your name to the title deeds though.

Brendan
 
Brendan Burgess said:
You need to give information like
1) the amount you want to borrow
2) Your salary

But if you can afford the repayments, you should be able to get a mortgage.

It will be necessary to add your name to the title deeds though.

Brendan
Click to expand...

Hi.
We are looking to borrow about 50k
My salary is 65,000 PA

So, once a mortgage is established I would become part owner of the property, or part owner of that covered by the mortgage ?
 
As you are both married the house falls under the ‘family home’ status anyway.
You would be joint owner. And mortgage would be jointly held.
€50k should be no problem with that salary once you have ability to repay and no other loans
 
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