Mortgage question

bogwalrus

I was chatting to my bank today about getting a mortgage. My wife already owns a property which she rents and has had a bad enough history regarding repayments. I do not think we would get a mortgage if we applied together so I was hoping to be able to apply myself and get the benefits of being a first time buyer. This does not seem to be possible with Irish banks as married couples need to apply together.

Anyone have any advice around how I might be able to go about getting a mortgage under my own name and keep benefits if being a first time buyer?

Wheety

If you're married I think the other property will be taken into account alright as you would be seen as having an interest in it.

Bob24

That’s your own family matters, but just to lay it down clearly: even if you manage to get a mortgage on your own it will be your debt to the bank as opposed to shared debt and only you will be responsible for repaying it. The obvious next question being does your wife get shared ownership of that property for which all the debt is yours. Could be a tricky question to answer when you start looking at the implications ... and I think either option is a likely recipe for trouble, so I wouldn’t myself contract a mortgage in my own name in this situation.

bogwalrus

I called my bank again today to get more info. The person I was speaking to was very honest and said if my wife has bad credit history it is unlikely we would get a mortgage. I asked about getting a mortgage on my own and they said they cannot offer me that for a family home for legal reasons. It would have to be a joint mortgage for me and my wife.

So it seems I will not be able to get a mortgage even though I would have no problem qualifying if I was not married. Seems a bit mad to me.

Genius2013

bogwalrus wrote: »

I called my bank again today to get more info. The person I was speaking to was very honest and said if my wife has bad credit history it is unlikely we would get a mortgage. I asked about getting a mortgage on my own and they said they cannot offer me that for a family home for legal reasons. It would have to be a joint mortgage for me and my wife.

So it seems I will not be able to get a mortgage even though I would have no problem qualifying if I was not married. Seems a bit mad to me.

It must be frustrating to get that information but you have to look at this from the banks point of view - if the loan goes into arrears and they need to try to realise the security they will not just be dealing with you but rather a family home within which the wife would also have rights relating to.

dotsman

bogwalrus wrote: »

Seems a bit mad to me.

It's not that mad when you think about it! That's what marriage is. A legal and financial union.For all intents and purposes, you are now both joined at the hip. For both the good and the bad.

wench

bogwalrus wrote: »

I called my bank again today to get more info. The person I was speaking to was very honest and said if my wife has bad credit history it is unlikely we would get a mortgage. I asked about getting a mortgage on my own and they said they cannot offer me that for a family home for legal reasons. It would have to be a joint mortgage for me and my wife.

So it seems I will not be able to get a mortgage even though I would have no problem qualifying if I was not married. Seems a bit mad to me.

A family home has special protections, as laid out in the 1976 legislation.
So even if you were sole owner, no transaction can take place without your wife's consent.
If you were to be given the mortgage you want, and then default, the bank would have no way to enforce the mortgage, as your wife is unlikely to consent to being evicted!


https://en.wikipedia.org/wiki/Family_Home_Protection_Act_1976