Mortgage question

fairycakes

Hi there just wondering if banks would look at us for a mortgage. Husband works parmanent 12 yrs in intel on more than 50k with bonus a year. I work agency couple days a week. He already has mortgage with sister but doesn't pay mortgage she pays it. We can only get 10 per cent deposit and have 2 kids. Currently pay 1100 rent a month. Do banks make exceptions with deposit amounts? I never had a mortgage but couldn't get first time buyers as not permanent employment. Any help greatly appreciated xxx

cruizer101

Probably not. Even though sister pays mortgage he is just as liable and that is how the bank will see it. Is there any way that he can get out of that mortgage.
Might be worth talking to a broker

You're probably best talking directly to a bank or broker about your specific situation.
I'd assume you won't be considered first time buyers and the bank would require proof that your husband doesn't pay the existing mortgage now and won't be paying it in the future also.

beechwood55

Can your sister buy out his share of the mortgage that he has with her?

fairycakes

beechwood55 wrote: »

Can your sister buy out his share of the mortgage that he has with her?

No it's in negative equity and she couldn't afford to anyway.

cruizer101

Is it in negative equity (property worth less than the money owed on it) or is it just worth less than they originally paid.
Chances are for it to be in negative equity payments would have had to have been missed or they were paying interest only. If that is the case I'd say chance of mortgage are slim to none.
If just worth less thats not as bad but still be hard to get a mortgage.

Could you force a sale on it to free yourselves up to buy a house.

fairycakes

cruizer101 wrote: »

Is it in negative equity (property worth less than the money owed on it) or is it just worth less than they originally paid.
Chances are for it to be in negative equity payments would have had to have been missed or they were paying interest only. If that is the case I'd say chance of mortgage are slim to none.
If just worth less thats not as bad but still be hard to get a mortgage.

Could you force a sale on it to free yourselves up to buy a house.

If they sold house in morning they would probably still owe 100k so property not worth what they paid for. Not an option for her to sell we talked about her taking his name off i don't know if that's a possibility.

https://www.irishtimes.com/business/personal-finance/can-i-get-my-ex-partner-s-name-off-my-mortgage-1.3332354

Maybe have a read of this.

There is a broker somewhere on boards.ie called Killian. He is highly recommended on this forum. Might be worth tracking him down. Think his username is killers.