Second home mortgage after marriage split

B

Bobkellso

New Member
Messages
3
Hi all. My situation is, myself and wife split in November, we have a mortgage for our house, 2 kids and 1 income, mine. Mortgage payment around €850pm. Also have a personal loan €260pm.

Iv moved out and really don't want to rent so I'd like to buy a second house, looking at 2 bed apartments and small 2 bed houses around 100k - 120k.

I earn 100k a year and bonus etc has brought it up to 120k and 130k the last couple of years.

I should have 20k or so together in the next month or so for a deposit.

I'm going to talk to a broker but just thought I'd ask the question here first and see if anyone has any insight On how this might go with the bank or how best to approach it
 
Are you divorced?
What's total of existing mortgage?
Total existing loan?
What age are you?
 
Without divorce / legal separation, Bank will view it as a holiday home purchase. You need minimum 30% deposit, at BTL interest rates.

Your salary covers a basic stress test, but running 2 households is expensive.

Get legal advice on the idea of buying property without a legal separation in place.
 
Flybytheseat said:
I was in a similar situation and managed to get a mortgage before the dirvoce was finalised though I did have legally signed divorce consent terms to give to the bank.
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Getting a mortgage is the easy part. Doing so without any legal agreement in place would be foolish.
 
Flybytheseat said:
I was in a similar situation and managed to get a mortgage before the dirvoce was finalised though I did have legally signed divorce consent terms to give to the bank.
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Thanks for that, was that an agreement that your ex didn't have any claim to the new place or something? What kind of deposit was needed in your circumstances?
 
Bobkellso said:
Thanks for that, was that an agreement that your ex didn't have any claim to the new place or something? What kind of deposit was needed in your circumstances?
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Yes - divorce consent terms signed by both parties and both parties solicitors outlining the asset split and maintenance payment arrangements. Deeds of waiver would have also been completed by both parties. As a second time buyer a deposit of 20% of the purchase price was required.
 
RedOnion said:
Getting a mortgage is the easy part. Doing so without any legal agreement in place would be foolish.
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I disagree that getting a mortage is easy. Getting mortgage approval is easy. It took me over 4 months then actually get the mortgage over the line and the vendor nearly backed out due to the delay. The mortgage application process and documentation requirements were insane as were the delays from the bank in reviewing and approving documentation. I'd submit documents to them it would take up to a week for them to review and they would come back then looking for nonsensical clarifications which when provided would take another week for them to review. The mortgage process was actually much more painful and stressful that the divorce and I could well affford the mortage which was less than two times my salary.
 
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