Hi All, Myself and wife are working out what next as we are separating. Very lucky in that things are amicable and we are both earning good money. I will of course be getting legal advice and investigating things officially with mortgage brokers and ultimately banks but am just hoping for some informed opinion regarding our current thinking.
Current situation, still paying off mortgage on our joint mortgage home, 130k remaining, 11 years, property probably worth about 350k today, monthly mortgage payment is about 1200. Im earning about 100k, she is on about 75k so should be ample room to afford second mortgage. 2 teen kids and we are agreed that coparenting is what we both want for them, no winners or losers here just time to move on.
We have agreed that I will stay in family home, she is looking for somewhere smaller in town anyway, €230-250k. We have some savings, about 25k in the bank. As things are amicable we want to avoid legal / formal at this stage and will aim for legal separation to document what we agree (rather than mandated judicial, contested separation) we will agree what her share of house value is but if we can get second mortgage now, this balance will not need to be released immediately (i have very good fixed rate i dont want to mess with for a few years in current climate). So main question which I have is, in Ireland, can we just buy a second property? Want to avoid having to find 30% for buy to let (which it would not be) so we can move on quickly, so hoping to avail of "normal" mortgage, 10% down, would be in both names and both incomes for now then legal separation would take her off main house and take me off the new house.
Initial advice we have received from broker is that we could say we are looking to downsize and keep original property, this would mean switching PPR to the new smaller house (her new place), advice is take the second mortgage out with a different bank, this is what "a lot of people do in this situation".
Any thoughts? There does not seem to be an offering from banks that is not Buy to Let / Investment property, how do people finance the holiday cottage by the seaside?
Current situation, still paying off mortgage on our joint mortgage home, 130k remaining, 11 years, property probably worth about 350k today, monthly mortgage payment is about 1200. Im earning about 100k, she is on about 75k so should be ample room to afford second mortgage. 2 teen kids and we are agreed that coparenting is what we both want for them, no winners or losers here just time to move on.
We have agreed that I will stay in family home, she is looking for somewhere smaller in town anyway, €230-250k. We have some savings, about 25k in the bank. As things are amicable we want to avoid legal / formal at this stage and will aim for legal separation to document what we agree (rather than mandated judicial, contested separation) we will agree what her share of house value is but if we can get second mortgage now, this balance will not need to be released immediately (i have very good fixed rate i dont want to mess with for a few years in current climate). So main question which I have is, in Ireland, can we just buy a second property? Want to avoid having to find 30% for buy to let (which it would not be) so we can move on quickly, so hoping to avail of "normal" mortgage, 10% down, would be in both names and both incomes for now then legal separation would take her off main house and take me off the new house.
Initial advice we have received from broker is that we could say we are looking to downsize and keep original property, this would mean switching PPR to the new smaller house (her new place), advice is take the second mortgage out with a different bank, this is what "a lot of people do in this situation".
Any thoughts? There does not seem to be an offering from banks that is not Buy to Let / Investment property, how do people finance the holiday cottage by the seaside?
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