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raising mortgage to buy out partner

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  • 02-06-2006 7:33pm
    #1
    pdm
    Closed Accounts Posts: 8 ✭


    Hi All,

    I have to (try) and buy out my now former girlfriend s share of our house .
    We bought it for 300 000 but now its valued 480 000 give or take.
    I am a permenant teacher, and am 33 years old.
    Has anyone been through this, i have to get a new mortgage of around 360 or more. Is there any realistic chance of this happening. i am with ulster bank, and they say on paper it dosent look good but dealing on a case to case basis, as i alreadly own half the house, and it s continued rise in value, location ect they would look at it differently.
    any thoughts, is this a no hope situtation, or might they go for it.

    thanks
    Pat


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    #2
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    if u can afford the repayments over 30 years on 360000 stress tested 2%, which is circa 2 grand a month then u can afford it from a banks point of view.
    however if this is not the case, telling the bank that u will take in a lodger and rent a room, and use the rent a room scheme will improve the way a bank looks at your situation as that will bring in 3-400 a month.
    in the worst case scenario im sure u could find someone to loan u interest only for a year, and persumably u could then either renegotiate it later for another year interest only.
    if u want it u will find someone who will lend the money, then its a case of waiting for inflation/ pay increases and moving up the teaching grades to eat your mortgage. u will have to tighten your belt for a few years, good luck..


  • Options
    #3
    pdm
    Closed Accounts Posts: 8 ✭pdm


    thanks, yes i mentioned that i would take a lodger or even 2 which did seem to help the case.
    thanks


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    #4
    Culchie
    Registered Users Posts: 5,047 ✭✭✭Culchie


    Why don't you just sell the appartment and take the equity and re-invest elsewhere? That way you have a significant lump sum.

    I don't know the location of this appartment, but would think this is the ideal opportunity to purchase a house that would be more robust to financial downturn in the long run, and presumably, you don't intend remaining single for life?

    Good luck anyway


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