Hi folks!
I’d really appreciate some advice on the following situation.
My husband bought a house with an ex girlfriend in 2007.
By the time the relationship broke down the house was heavily in negative equity and they were unable to sell.
For the past few years neither have lived in the house. It’s rented out and they both contribute equally to the upkeep of the house and the mortgage – the idea was to hold on to it until it can break even, or get close to it, and then they would sell.
Some current figures:
Balance on mortgage: €350K
Current valuation on house: €300K
Rate: PTSB Tracker at 2.5%
Our issue now is that my husband and I would really like to buy a house and start a family but with work, it’s not ideal to move into the house he already owns.
I’m just wondering, what are our chances of securing a new mortgage while we keep the old one ticking away?
Joint income: Approx €93K
Savings: €55K
Were both in permanent full time employment and have been for many years.
Is this something a bank might consider?
In a worst case scenario, we would consider trying to buy out his ex but that would mean taking on the full chunk of negative equity so it seems like it would be a mistake for us to do that.
Again, would the bank even let us do that since there isnt really a benefit to them? As I said, there have been no problems with repayments and since my husbands ex is a teacher, she might even be considered a safer bet than me since I work in the private sector.
Any advice would be greatly appreciated.
P.S. No children and no debt!
I’d really appreciate some advice on the following situation.
My husband bought a house with an ex girlfriend in 2007.
By the time the relationship broke down the house was heavily in negative equity and they were unable to sell.
For the past few years neither have lived in the house. It’s rented out and they both contribute equally to the upkeep of the house and the mortgage – the idea was to hold on to it until it can break even, or get close to it, and then they would sell.
Some current figures:
Balance on mortgage: €350K
Current valuation on house: €300K
Rate: PTSB Tracker at 2.5%
Our issue now is that my husband and I would really like to buy a house and start a family but with work, it’s not ideal to move into the house he already owns.
I’m just wondering, what are our chances of securing a new mortgage while we keep the old one ticking away?
Joint income: Approx €93K
Savings: €55K
Were both in permanent full time employment and have been for many years.
Is this something a bank might consider?
In a worst case scenario, we would consider trying to buy out his ex but that would mean taking on the full chunk of negative equity so it seems like it would be a mistake for us to do that.
Again, would the bank even let us do that since there isnt really a benefit to them? As I said, there have been no problems with repayments and since my husbands ex is a teacher, she might even be considered a safer bet than me since I work in the private sector.
Any advice would be greatly appreciated.
P.S. No children and no debt!