Mortgage Approval Figure

[Satanta]

How would my uncle going as a joint applicant be better then guarantor?

By going joint applicant the total income they can lend against (usual rule is about 35% of monthly income can be put against monthly mortgage payments) is increased.

By going guarantor the total amount your offered is increased by a certain amount (e.g. 20k extra).

Given your Uncle may not be in a bad financial position given his ability to assist you, the amount gained by the former option is (probably) far more than by the latter.

Do remember, there are reasons that banks have these rules in place. Do you believe you can afford a mortgage of this amount (putting aside the question of can you get it)?

 

[MortgageMate]

As regard, CGT and Stamp Duty, it's a complicated matter and quite simply i'm unsure. You should speak to a solicitor really.

 

[momomo]

Do remember, there are reasons that banks have these rules in place. Do you believe you can afford a mortgage of this amount (putting aside the question of can you get it)?

too be honest im so afraid of losing my home(not the happiest xmas ive ever had!)that i havent even worked out if im able to afford the mortgage. Im meeting my uncle tonight and im going to work out sums with him. I could afford the mortgage and bills at a push, but renting a room would definately make this obtainable.

 

[Satanta]

too be honest im so afraid of losing my home(not the happiest xmas ive ever had!)that i havent even worked out if im able to afford the mortgage.

Very understandable. Time for the tough love approach though .

Suck it up. You'll be unable to really get it sorted and resolve the issue, meaning you no longer have to worry about it, unless you look at it logically and see exactly where you stand!

Im meeting my uncle tonight and im going to work out sums with him. I could afford the mortgage and bills at a push, but renting a room would definately make this obtainable.

When considering rent, go with worst case scenarios. Go with the lowest rent you feel is possible, not the highest. Look at a rental period of 9 or 10 months a year not the full 12 (unless you have family/friends who can confirm rental long term).

Again, hopefully some of our experts can spell out the specific needs.
You're currently looking at €150k.
Clear the loan, it's ~€165k.

What would you gain from having the uncle as a guarantor? (I believe this will depend on your Uncle's financial position but they may be able to provide you with a rough lower end guide)
If not, what additional lump sum would momomo require to get within range of the property?

From your own point of view, it's not keeping the house if you end up not being able to make repayments! Figure out exactly what you can afford and see what additional steps you'd need to cover things.

 

[momomo]

Ok my plan is to try clear as much as the 6k as possible in the very near future( no presents this year for xmas, just money please haha).

Im sure my uncle would go on the mortgage with me, as he has finished his own mortgage years ago, he isnt a super rich business man but he is comfortable.
If not I may be able to get a lump sum off him.
I do think he will help me out as much as possible, I just cant lose my home.

So presuming i can get 165k on my own, what additional costs would I have?

 

[momomo]

I discussed this with my uncle last night and he has agreed to go on the mortgage and hopefully give a lump sum if needed.
Is there any solicitors online that could advice what way the stamp duty and cgt would work in this situation?