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Mortgage Query

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  • 09-12-2012 9:43am
    #1
    Payton
    Registered Users Posts: 1,665 ✭✭✭


    I'm in the process of going through a separation were she has agreed to me buying her out of the family home (value approx €150k-€160k). So I'll be looking for roughly €80k (over 10 yrs). The mortgage is clear and no outstanding debt on the home.
    I earn approx €40k p.a. with stable employment and 45 yrs old.
    My query is would a bank/lending institution loan me that amount?
    Where would be the best rates?
    Would I need a loan or a mortgage?


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    #2
    themoneyguy
    Registered Users Posts: 75 ✭✭themoneyguy


    Hi

    Sorry to hear about your situation.

    To answer your questions

    My query is would a bank/lending institution loan me that amount?
    Probably - they would lend to the age of 65 so a 20 year mortgage of €80K should be seen as affordable. In saying this I have no idea of other debts you may have that may affect your ability to borrow.

    My query is would a bank/lending institution loan me that amount?
    Seeing as you would be borrowing less that 50% of the house value AIB would prob be your best bet ( No connection)

    Would I need a loan or a mortgage?
    A mortgage would probably be the most suitable product for you. Loans are usually done over a short term and on higher rates.


    Best of luck.


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    #3
    Payton
    Registered Users Posts: 1,665 ✭✭✭Payton


    My query is would a bank/lending institution loan me that amount?
    Probably - they would lend to the age of 65 so a 20 year mortgage of €80K should be seen as affordable. In saying this I have no idea of other debts you may have that may affect your ability to borrow.

    Thank you for the reply. I'm hoping to borrow the €80K over a period of 10 yrs, I've done my calculations and its do able. I have no other debts, a clean credit history. Just utility bills every 2 months.


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