I am asking this for a family member so i may not have all details needed.
House Cost €400000 approx
Current Value €200000 approx
Mortgage Remaining €350000 approx
House owned with ex spouse (not really getting on to well)
Both earning about €50000 per year approx.
Family Member would be willing to make monthly payment to mortgage but spouse would not so no point in them paying as it is owned jointly and both should pay same amount.
Arrears were recently capitalised. Agreement done with bank recently where rent is covering mortgage. I think this is an agreement for a few years as rent is only about €1200 per month.
Family members also received a gift lately of €50000. They dont really know what to do with it as they are afraid bank will take it and it would go towards mortgage. Dont get me wrong family member would have no problem paying it off mortgage but this would be same as giving half to spouse.
Is there anything they can/should be looking at.
What would be best thing to do with the €50000 at the moment. Would they ever have a chance of getting a mortgage again.
Any advice or opinions would be much appreciated.
House Cost €400000 approx
Current Value €200000 approx
Mortgage Remaining €350000 approx
House owned with ex spouse (not really getting on to well)
Both earning about €50000 per year approx.
Family Member would be willing to make monthly payment to mortgage but spouse would not so no point in them paying as it is owned jointly and both should pay same amount.
Arrears were recently capitalised. Agreement done with bank recently where rent is covering mortgage. I think this is an agreement for a few years as rent is only about €1200 per month.
Family members also received a gift lately of €50000. They dont really know what to do with it as they are afraid bank will take it and it would go towards mortgage. Dont get me wrong family member would have no problem paying it off mortgage but this would be same as giving half to spouse.
Is there anything they can/should be looking at.
What would be best thing to do with the €50000 at the moment. Would they ever have a chance of getting a mortgage again.
Any advice or opinions would be much appreciated.