Hi all,
I have a question here after coming off the phone to a mortgage advisor and didn't like what he is implying. So story goes I own a house where we all live in , no mortgage. I have a son from previous relationship and I have a partner and a 10 years old son. I am looking to sell my house and buy another house ( i felt that we have outdo the space we have!) so I was looking to borrow 100 K and move to a bigger house. I have no loans and don't owe any money! Now I am the sole earner while my partner is a home dad , after redundancy he didn't secure another role and stays at home with our 10 y.o. son. My older son is 18 y.o. So I have enquired with BOI who tells me that if i sell and take a loan they will place my partner on the loan and on the deeds of the house. I explained that I have solely pay for my previous home and now taking the loan again myself so why is my partner has to be on the deeds ? My partner doesn't care by the way! BOI is telling me that basically i am selling my home ( their roof) and by that the next house has to be in both names even so he won't pay nothing. That sounds to be idiotic . What am I missing? Can anybody advice? By the way he had to issues with 100k loan , I can cover that , I am risk averse so don't like to take loans and all . But i will have to rethink the whole story if this is the case with all the banks. The issue here we have outgrew the house and we could do with a bigger space .
I have a question here after coming off the phone to a mortgage advisor and didn't like what he is implying. So story goes I own a house where we all live in , no mortgage. I have a son from previous relationship and I have a partner and a 10 years old son. I am looking to sell my house and buy another house ( i felt that we have outdo the space we have!) so I was looking to borrow 100 K and move to a bigger house. I have no loans and don't owe any money! Now I am the sole earner while my partner is a home dad , after redundancy he didn't secure another role and stays at home with our 10 y.o. son. My older son is 18 y.o. So I have enquired with BOI who tells me that if i sell and take a loan they will place my partner on the loan and on the deeds of the house. I explained that I have solely pay for my previous home and now taking the loan again myself so why is my partner has to be on the deeds ? My partner doesn't care by the way! BOI is telling me that basically i am selling my home ( their roof) and by that the next house has to be in both names even so he won't pay nothing. That sounds to be idiotic . What am I missing? Can anybody advice? By the way he had to issues with 100k loan , I can cover that , I am risk averse so don't like to take loans and all . But i will have to rethink the whole story if this is the case with all the banks. The issue here we have outgrew the house and we could do with a bigger space .