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Advice for a Friend (Mortgage)

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    #32
    Cuddlesworth
    Registered Users Posts: 13,995 ✭✭✭✭Cuddlesworth


    Sleepy wrote: »
    Maybe it's just me but I'd consider 3 kids a much stronger tether than a legal document...

    Until 2015 it meant nothing to the father in the eyes of the courts. Its still limited today but much better.

    In 2010 couples who had cohabited for 5 years or 2 years with children could claim for maintenance, property adjustments or pension adjustments from the other half income/estate. On top of maintenance for the children for the primary caregiver.

    There would be no reason to not marry or get a civil partnership today unless the women in this circumstance was claiming social welfare(illegally). Otherwise they are simply complicating their lives financially for no real gain, as this is not the only situation in their adult lives where not being married is going to complicate things or put them at a financial loss.


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    #33
    henryd65
    Registered Users Posts: 107 ✭✭henryd65


    SarahMollie wrote: »
    Surely then there would be Stamp Duty payable if they did this though? It might be a price worth paying but outside marriage, I don't think theres a tax free way of doing this.

    Get a mortgage from a bank like EBS or BOI. The 2% rebate would cover the 1% stamp duty with balance available for legals.


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    #34
    bigroad
    Registered Users Posts: 4,134 ✭✭✭bigroad


    I would go to a Credit union and see how much a renovation loan would be.They are much more flexible than a bank.
    Also look at renovation grants from the government that might be available.
    It all depends on how much work the house might need .
    A mobile is also option to live in while working on the house.


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    #35
    Ayuntamiento
    Registered Users Posts: 346 ✭✭Ayuntamiento


    It's so sad that a couple with 3 children would view marriage as such a horrific imposition on them. I can't imagine how you can reproduce 3 times over with another person and not be sure that you want to be with them forever, unless she's in receipt of single parent allowances and that's her motivation for not marrying.
    As regards this situation, if he has to live 4hrs away from the property in order to make money then no bank will entertain this idea.


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    #36
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    When giving a loan ,banks look at x times your salary ,
    and is the house worth say 80k.
    Also have you got 10-20 per cent of the house value saved up.
    Also do you save money every month.
    what are your basic expenses, rent etc
    The banks would want to see a survey before giving a loan .
    To check is the house worth the value of the loan.


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    #37
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    henryd65 wrote: »
    Get a mortgage from a bank like EBS or BOI. The 2% rebate would cover the 1% stamp duty with balance available for legals.

    Firstly you don't get any of that money until about 9 weeks after draw down (BOI anyway) so you have to have the ready cash to pay for stamp duty at the point of sale.

    Also, no such thing as free money, the banks are only giving out these offers so they don't have to be more competitive on interest rates, you do end up paying for it anyway.


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