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Mortgage - joint v single

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  • 17-06-2011 12:21pm
    #1
    chicc
    Closed Accounts Posts: 1 ✭


    My husband and I want to apply for a mortgage but are unsure whether to apply for a joint one or have him apply for a single mortgage. We already applied to AIB as a couple but as I have a house already they are only willing to give us a buy-to-let mortgage and therefore 70% LTV. The existing mortgage is well under the value of the house so I can't really understand their logic, they're not willing to change the existing mortgage to buy-to-let and apply a residential mortgage to the new property.

    My question is are we better off letting my husband who is a first time buyer apply for a mortgage on his own as with his salary we would be able to get the loan amount we require or should we apply to the other banks as a couple in the hope that they are more generous than AIB?

    Thanks chicc


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    It may not be a choice you have to make as most lenders require mortgages for family home to be in joint names. Either way once you are married they are going to underwrite the loan on that basis taking into account both incomes and all existing repayments so your other mortgage is going to come into the equation. All you can do is try a few more banks, maybe try a broker as they usually know whether or not a proposal is a runner or not.


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