Second Mortgage

Folks -
I bought a house in 1999 with my wife. We have since split up (amicably). She remains living in the home paying the mortgage. I have returned to Ireland after 4 years living abroad. we have not divorced. The intent is she will keep the house including the remaining debt and we walk away in our separate directions.

I am now living with a new partner in private rented accommodation at €1300 per month. We want to purchase with a joint mortgage. Partner has not had a mortgage previously, no outstanding loans or CC.

Question:
Will I be required to produce 20% deposit on any new purchase?
How difficult would you envisage securing a mortgage might be?
Any advise or general comments would be appreciated.

Thanks

Income details
Net monthly €3.4k - Private sector professional; US Multinational
Net monthly (New Partner) €1.4k - Private Sector; Irish Hospitality. New Employment

One adult family or two adult family
Do you need a car for work or do you use public transport? Car - Fully owned, only running costs apply.
Number of children: 0

Home loan Lender: PTSB
Amount outstanding: €62k
Value of home: ~€230k
Interest rate: SVR 4.5%
Monthly repayment: 700
Term 107/300

Amount in arrears - No Arrears

Credit Union Amount of shares: €6k
Amount of loan outstanding: Zero

Other savings and investments:
€30k cash deposit
~€40k shares .. not immediately accessible..

Do you expect any lump sums in the medium term future? No

Difficult to answer without certain information. I assume above mortgage details are on house you own with ex wife? Also I assume the savings are your and new partners only, and not with ex wife?
Yes you will have to produce a 20% deposit in line with new mortgage regulations...given your income and decent credit rating I don't think you should have too much of an issue.

voodoodog said:

Question:
Will I be required to produce 20% deposit on any new purchase?

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As above - yes.

http://www.citizensinformation.ie/e...h_buying_a_home/paying_for_a_home.html#le1b1f

How difficult would you envisage securing a mortgage might be?

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See the lending limits linked above.

Any advise or general comments would be appreciated.

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About what specifically?

The intent is she will keep the house including the remaining debt and we walk away in our separate directions.

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You might want to get this sorted first?
E.g. judicial separation/divorce making it as clear cut and final as it can be here in Ireland.
Even if it's amicable (right now at least) it's probably prudent to get things cleared up.