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New mortgage - only single member

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  • 29-06-2020 9:50am
    #1
    atwal
    Registered Users Posts: 44 ✭


    Hi,

    I own a house and the current mortgage of 200k is paid in half. I have plan to buy another house due to kids schooling. I am not sure at this point whether to put the current house on rent or sell.

    The problem is my partner in the current Covid situation does not want to goto work, her employer has asked to resign if she does not joins. He job needs her to be on the workplace. Due to issue with one of the family member's health, she is quite concerned to go to work and if she may bring the infection back to the family.
    My annual salary is about 48k/annum and the pertner earns about 12k/annum.

    Now my worry is if my wife resigns I may not get enough mortgage. Its very confusing, I cannot strongly advise her if she should resign.

    I wanted to know what other members think would her resigning impact my mortgage application badly.

    Thanks,
    Atwal


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    #2
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭Caranica


    atwal wrote: »
    Hi,

    I own a house and the current mortgage of 200k is paid in half. I have plan to buy another house due to kids schooling. I am not sure at this point whether to put the current house on rent or sell.

    The problem is my partner in the current Covid situation does not want to goto work, her employer has asked to resign if she does not joins. He job needs her to be on the workplace. Due to issue with one of the family member's health, she is quite concerned to go to work and if she may bring the infection back to the family.
    My annual salary is about 48k/annum and the pertner earns about 12k/annum.

    Now my worry is if my wife resigns I may not get enough mortgage. Its very confusing, I cannot strongly advise her if she should resign.

    I wanted to know what other members think would her resigning impact my mortgage application badly.

    Thanks,
    Atwal

    As you have another property you would need 20% deposit for a new property. Your mortgage maximum would be 3.5 times your salary. Could that buy a property you need?


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    #3
    atwal
    Registered Users Posts: 44 ✭atwal


    I guess, I would sell the first property or put it on rent. So it would be useful towards the new property I believe.


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    #4
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭Caranica


    atwal wrote: »
    I guess, I would sell the first property or put it on rent. So it would be useful towards the new property I believe.

    Renting to property may end up costing you money rather than helping with a purchase. Do your research.


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