mortgage

devil red

hi, i am looking for some advice, i own my own apartment,it,s on a tracker mortgage, i recently got married, and me and my wife are looking to buy in a different part of d country,could she still get a mortgage in her own name?? and just rent out my apartment

phormium

Unlikely, most lenders insist on the family home being a joint mortgage, they will take your existing mortgage into account as well as an outgoing and may take some percentage of potential rent as income.

devil red

surely my wife could get the mortgage in her own name it would still be d family home

phormium

In theory yes, but most banks require both partners to be on mortgage for family home, different if she was buying a separate house to let. It simplifies matters with the family home act for them and they will want to underwrite it based on the full financial situation of both parties for obvious reasons.

devil red

well could she get a mortgage and say it was to let but we could just live in it?

Henry Ford III

Mortgages are hard got these days. You'd be much better advised tell the truth I'd suggest.

Anyone

devil red wrote: »

well could she get a mortgage and say it was to let but we could just live in it?

Don't think any bank will lend for buy to let now, maybe if there was a sitting tenant, but even then it would be a risk.

Anyway, my own opinion is not to lie on an application, once they find the lie(and they will) you wont have any chance.

chris85

I dont see the problem with just being honest about it. You obviously wont sell your apartment as probably in a heap of negative equity like many others. I will assume this is the case as if not obviously the solution is just sell the apartment.

You will have an income from renting your apartment out and they will be assessed on the new mortgage application also.

devil red

i am on a tracker mortgage and i would lose the tracker on the apartment

NIMAN

We got a 2nd mortgage a couple of years ago (had one in my own name previously) and bank insisted that it be in both our names. Wasn't open for discussion.

They said something to do with legal side of it. Can't remember exact reason now, but maybe something like if we separated, or if one of us died?

handlemaster

devil red wrote: »

i am on a tracker mortgage and i would lose the tracker on the apartment

as people keep saying the tracker is a valuable thing to have. Why not just approach another bank for the mortgage and leave tracker as is.

devil red

yes but if i approach another bank would my wife get a mortgage in her name or would we both have to be on the mortgage

Goldfinger40

As you are married you would normally both have to go on the new mortgage however your wife could potentially go on the mortgage by herself but none of your income or savings would be taken into the application, this would of course make it alot harder unless she is in a very good job (the children if any would be taken as her responsibilty as well).
It prob would be stronger with both of you on mortgage unless your mortgage on apartment is crippling, quick general rule would be you can carry 4 - 5 times your gross annual salary (total debt new and old mortgage), depending on where the apartment is and the loan to value on this some banks can take the rent into consideration when applying for a new mortgage. currently only ulster bank will take into consideration that the mortgage is on a tracker rest of them will stress it at variable rate (i.e. higher rate) meaning you could borrow less. You could borrow for a buy to let and live in it but this would be counter productive as the interest rates charged for these are much higher kind of pointless exercise on your part. Most lenders wont make you change your tracker mortgage to a investment rate mortgage as long as the loan isnt actually with them even then not guaranteed that they would. There shouldnt be any issue with you keeping your tracker.
You could

devil red

thanks goldfinger, i have a tracker mortgage with ulster bank for my appartment, i have actually got it rented out at the minute and it is covering the mortgage, we are living and renting a house in d county and were my wife works, she is a full time teacher and we have no kids

devil red

a question to u goldfinger, i,t says on the terms ans conditions of my mortgage that the apartment has to be for sole resident only, so i would lose d tracker if i went for a mortgage with my wife no?

Goldfinger40

technically they can as you are renting it out but there is no way for them to know that it is no longer your primary residence unless you inform them. Obviously if you are getting a mortgage through ulster bank they would be aware of this. Again there is no guarantee that they will take this tracker off you even if you do inform them alot of the times they dont take it off you. your best bet would be for your wife and you to go talk to someone in a branch with another bank (aib would be best in current market but this changes whole time) and see if you even qualify with or without you on the mortgage for the properties your thinking buying and see where you stand figure wise.

devil red

Thanks goldfinger u have been very helpful, ye my wife banks with aib so that would be best, should she just say she wants a mortgage in her own name as i her husband has already a mortgage in her own name? would aib confere with ulster bank about my mortgage im very afraid of losing my tracker mortgage

leeomurchu

we have two properties one both with ulsterbank and both on a tracker we bought them separately but when we gt married we had to change one of the mortgages over to an investment mortgage apparently you can't have two standard mortgage maybe it's something to do with the family home being protected.

Anyway changed over the mortgages and nothing really changed except we put the investment one on interest only so the repayments for the min are very low.

I'd say your wife could apply in her own name but if she's on the mortgage apartment ye will be pulled up on it. In saying that though she'd be lucky to get a decent mortgage on her own unless the property you're looking at is in the 100k-150k range and earned roughly 40k+ a year. The banks are only looking for reasons no to lend.

You could always apply together change over the apartment mortgage to interest only and see if they'll carry over the tracker mortgage to your new property. House prices aren't gonna pick up for another 10-15 years I'd have thought so you may aswell get somewhere you'd be happy with now.

leeomurchu

devil red wrote: »

Thanks goldfinger u have been very helpful, ye my wife banks with aib so that would be best, should she just say she wants a mortgage in her own name as i her husband has already a mortgage in her own name? would aib confere with ulster bank about my mortgage im very afraid of losing my tracker mortgage

She could only get the mortgage in her own name as you can't have an invested interest in both without declaring one of them as an investment mortgage.

Goldfinger40

to put your mind at ease you could ask someone in ulster bank if you would lose the tracker in this situation that you change it to investment property for now obviously not giving your own details. aib wont confere with ulster bank in relation to this, however if you do go on the mortgage they will know that you have a mortgage with ulster bank because of the icb check. But the banks dont care about another banks problems they look out for their own, aib couldnt care what rate you are paying to ulster bank as long as your not in arrears or missing payments on the loan etc. as i said your best bet is to go in to someone in branch in aib an see what figures you qualify for with an without you, they will know about the other mortgage anyway so no point trying to hide it.

killers1

devil red wrote: »

hi, i am looking for some advice, i own my own apartment,it,s on a tracker mortgage, i recently got married, and me and my wife are looking to buy in a different part of d country,could she still get a mortgage in her own name?? and just rent out my apartment

Your wife will not get a mortgage in her sole name from any lender for a family home irrespective of income etc. Banks insist both spouses are always on the mortgage & deeds of a family home. All you can do is explore with banks how much they will lend you both based on retaining your existing property as an investment property. This process will not involve contacting UB so there's no danger to your tracker rate. Don't be put off by the negative equity, it's not always a deal breaker. The most important thing is that you can prove you can afford both mortgages without being reliant on the proposed rental income.

leeomurchu

UlsterBank is closed for business only AIB or Bank Of Ireland are lending these days anyway. UB is the biggest loser for Bank Of Scotland.

Also yes a wife can qualify for a sole mortgage but only as a sole applicant once she has no dependents.

peteb2

leeomurchu wrote: »

UlsterBank is closed for business only AIB or Bank Of Ireland are lending these days anyway. UB is the biggest loser for Bank Of Scotland.

.

Dont be confusing Royal Bank of Scotland with Bank of Scotland.

leeomurchu

peteb2 wrote: »

Dont be confusing Royal Bank of Scotland with Bank of Scotland.

Sorry bank of scotland is obviously dear to you is it not halifax over here now anyway?

The Royal bank of Scotland was what I mean't to say I stand corrected :rolleyes:

BuffyBot

No, but it may be confusing to other people.

Accuracy is appreciated, as are non sarky replies to people trying to be helpful. If you can't manage to do either/both, perhaps don't post it.

GER82

There is a possibility. It will depend on other personal debts, permanent employment is a big factor also. The bank will also look at the type of employment you have in terms of security.

GER82

I am looking to purchase a house and its valued at 350k. Our combined deposit is 70k. Our combined salary is 81k. We have no personal loans or debts. Im just wondering if it is a massive risk taking out a mortage for approximately 290k. Advise would be very much appreciated. thanks and Regards. Geraldine.

GER82

I am looking to purchase a house and its valued at 350k. Our combined deposit is 70k. Our combined salary is 81k. We have no personal loans or debts. Im just wondering if it is a massive risk taking out a mortage for approximately 290k. Advise would be very much appreciated. thanks and regards Geraldine.