Too late for Mortgage 54!

D

deco87

Registered User
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I am married but separating.
I have house value in or around 200k
Mortgage free.
PRSA 26K term ends 2020. ( May have to share /utilise this for her also)
80 K or so gratuity when I retire.
Can work till 60..must retire then.
54 in June.

To pay herself out of house I need to give her excess 80k , could I get an 80K mortgage?

I have completed a few on line calculators...its a no no (as I expected)

I intend to continue working , driving ....after I retire..pension will be into hand in or around 500
a week ...probably less as I under stand I will lose tax relief when we separate , can get some relief back if child (17) resides more with me as he will.

I am just posting this to see if looking for a mortgage is a waste of time ..No health issues (as yet anyway)
Really what I was hoping to do was try to avoid being forced to retire in order to pay her off.
It makes sense to try keep some routine going in my work life as this is a stressful situation.
Ideally ....a mortgage with the lowest repayments that I can get.
With no penalties for early pay back in full. If I could work for 3 years and try build up some small savings ,then retire and pay off mortgage in full , hopefully then .


Appreciate any ideas or advice ,please.
Thank You
 
Unfortunately it'll be difficult, unless a bank lends to you up to 65, as you'd need to keep repayments under 1k to meet affordability criteria (I'm assuming you will still have dependent based on reference to child).

I'm not normally one to recommend talking to a broker, but in your circumstances that might be best bet.

You'd probably have no problems getting a personal loan though, but the rate would be higher.

Make sure you get advice re pension - you might be able to maximise your pension contributions to increase tax free lump sum on retirement.
 
It's crazy that you can't borrow 40% LTV on an interest-only basis.

It would be great for you. And very profitable for the lender.

You could buy an investment property with an interest-only mortgage, but not your home.

Try Pepper who might have some product in this area.

Brendan
 
deco87 said:
I am married but separating.
I have house value in or around 200k
Mortgage free.
PRSA 26K term ends 2020. ( May have to share /utilise this for her also)
80 K or so gratuity when I retire.
Can work till 60..must retire then.
54 in June.

To pay herself out of house I need to give her excess 80k , could I get an 80K mortgage?

I have completed a few on line calculators...its a no no (as I expected)

I intend to continue working , driving ....after I retire..pension will be into hand in or around 500
a week ...probably less as I under stand I will lose tax relief when we separate , can get some relief back if child (17) resides more with me as he will.

I am just posting this to see if looking for a mortgage is a waste of time ..No health issues (as yet anyway)
Really what I was hoping to do was try to avoid being forced to retire in order to pay her off.
It makes sense to try keep some routine going in my work life as this is a stressful situation.
Ideally ....a mortgage with the lowest repayments that I can get.
With no penalties for early pay back in full. If I could work for 3 years and try build up some small savings ,then retire and pay off mortgage in full , hopefully then .


Appreciate any ideas or advice ,please.
Thank You
Click to expand...

I have taken a good guess at what you do for a living, so my advice is based on this assumption. There are two credit unions that you can avail off. Maybe, depending on whether you have adequate share balances, you could get two loans 40k and 40k (for home improvement purposes). (You are a good bet for the CU as they are well aware of the gratuity you will be receiving on retirement.) Maybe worth a punt.
 
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Gordon you've made my day!!!had mortgage before with them ...paid off all well..I'll get on to them tks...credit unions not a runner ...thks for advice
 
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Thanks Brendan. Its from a risk point of view minimal for lender as I'm looking for 80 and will have 80 anyway when I retire to repay ..I would have thought... I simply want to have separation sorted and work on for a year or two more from a mental health positive point of view ...I will still have pension when I retire even without working 2 k a month net...I would work anyway after I retire from the public service and please god will be earning a quite reasonable amount minus tax etc. Child is 17 and will be finished leaving this year ...and taking a trade ...so expenses there should be minimal ...thanks for your advice.
 
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