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Mortgage for inherited house

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  • 04-03-2016 1:50pm
    #1
    antodeco
    Registered Users, Subscribers Posts: 13,501 ✭✭✭✭


    Hi there,
    My wife has inherited the family home, where we currently live in. As an addition, we are looking at extending the house. The cost of this is extension is roughly €120,000. We have 20% of this saved.

    We have never owned a house before. We have no loans/mortgages, so this would be our first "mortgage".

    Can you advise if its a normal mortgage we apply for, or as we are not a first time buyer (as we are not buying the house, but extending it), is it something different?


    Thanks


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  • Options
    #2
    Bank of Ireland: Evie
    Closed Accounts Posts: 455 ✭✭Bank of Ireland: Evie


    antodeco wrote: »
    Hi there,
    My wife has inherited the family home, where we currently live in. As an addition, we are looking at extending the house. The cost of this is extension is roughly €120,000. We have 20% of this saved.

    We have never owned a house before. We have no loans/mortgages, so this would be our first "mortgage".

    Can you advise if its a normal mortgage we apply for, or as we are not a first time buyer (as we are not buying the house, but extending it), is it something different?


    Thanks
    Good Afternoon antodeco, 

    Thanks for contacting us here on Boards.ie 

    As each case would be taken on a case by case basis, it would be best to speak to one of our mortgage advisors. They can asses your situation and advise you on your options. We can arrange a callback to you through our PM service here on Boards.ie and organise a time that suits you. 

    If you would like to send on your name, address and contact number with your preferred time, we would be happy to contact you. Simply click on the link below my name, and please ensure you have signatures switched on.

    Thanks,

    Evie 


  • Options
    #3
    antodeco
    Registered Users, Subscribers Posts: 13,501 ✭✭✭✭antodeco


    Thanks guys, I'll probably pop into branch.

    Just some questions can you answer:

    Can we still get a joint mortgage if the property is only in my spouse's name?

    Neither has ever owned a house,and there is no mortgage on this property, are we considered first time buyers or what are we classed as?

    Thanks


  • Options
    #4
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    antodeco wrote: »
    Thanks guys, I'll probably pop into branch.

    Just some questions can you answer:

    Can we still get a joint mortgage if the property is only in my spouse's name?

    Neither has ever owned a house,and there is no mortgage on this property, are we considered first time buyers or what are we classed as?

    Thanks
    Hi antodeco,

    Thanks for your post.

    Under the Central Bank rules you would be considered First Time Buyers since neither you nor your wife have had a housing loan before. It would be worthwhile having a conversation with a Bank of Ireland mortgage advisor about the specifics of your application. The Bank’s normal lending criteria will apply. We can arrange to have a qualified Mortgage advisor contact you to discuss this further; they can then arrange a meeting in your local branch if you wish.


    If you’d like us to arrange a call for you please send us a private message and include your name, address 
    and phone number.

    If you have any other questions in relation to this please let us know,

    Hope this helps,

    Tara C 


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