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Housing Advice for low income relative in relationship break up

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  • 27-08-2020 4:48pm
    #1
    imokyrok
    Registered Users Posts: 521 ✭✭✭


    Is there any state assistance available for a woman in a low income job who wouldnt be able to get her own mortgage in her 50s. Her partner wants their house sold so he can buy his own but there wouldnt be enough in half the sale for her to get a place since her income is much lower and she wouldnt qualify for a mortgage. Are there any government schemes that would help her buy out her partner and stay in her home?


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    #2
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Why doesn’t she rent?


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    #3
    imokyrok
    Registered Users Posts: 521 ✭✭✭imokyrok


    Dav010 wrote: »
    Why doesn’t she rent?

    She's in her 50s. She needs something more secure.


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    #4
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    imokyrok wrote: »
    She's in her 50s. She needs something more secure.

    Apply to her local council
    At age 55 she is entitled to old folks accommodation (or whatever its called now .)
    Plenty of them dotted around the country


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    #5
    Xterminator
    Registered Users Posts: 4,738 ✭✭✭Xterminator


    Your friend could rent privately and go on the housing list! if they halve their assets, she ends up with half you cant always get 2 houses from the equity in one, unless the one is very valuable.

    I know it seems bad, but if she get HAP or rents a room she can keep monthly outgoings low. Pop a big wedge into a pension and draw down shen it retirement time, while on the housing list.

    If she has a company pension increase contributions to the max and supplement wages with savings, and employer could have to contribute more too, leading to tax efficient method of buffing pension. Because there is very little interest on savings in current market and her pension my prove to be a good vehicle to save with.

    assuming she gets a council dwelling eventually, she can then have security in her retirement years.


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    #6
    imokyrok
    Registered Users Posts: 521 ✭✭✭imokyrok


    Xterminator wrote: »
    Your friend could rent privately and go on the housing list! if they halve their assets, she ends up with half you cant always get 2 houses from the equity in one, unless the one is very valuable.

    I know it seems bad, but if she get HAP or rents a room she can keep monthly outgoings low. Pop a big wedge into a pension and draw down shen it retirement time, while on the housing list.


    If she has a company pension increase contributions to the max and supplement wages with savings, and employer could have to contribute more too, leading to tax efficient method of buffing pension. Because there is very little interest on savings in current market and her pension my prove to be a good vehicle to save with.

    assuming she gets a council dwelling eventually, she can then have security in her retirement years.

    I'll pass on that advice.

    If she could get a mortgage for about 100,000 she could buy him out and stay in the home she raised her children in. She could rent out rooms to meet mortgage repayments but can't qualify for a mortgage in the first place. She's between a rock and a hard place.


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    #7
    DubCount
    Registered Users Posts: 1,089 ✭✭✭DubCount


    imokyrok wrote: »
    I'll pass on that advice.

    If she could get a mortgage for about 100,000 she could buy him out and stay in the home she raised her children in. She could rent out rooms to meet mortgage repayments but can't qualify for a mortgage in the first place. She's between a rock and a hard place.

    I thought that was pretty good advice and it may have been dismissed too quickly.

    Mortgage lending rules are a fixed element. Wishing it was different wont help. If she cant get a mortgage for 100k, then that has to be accepted as a fact of life, and its down to what options are practical.

    Could she use the equity from the house sale to buy somewhere cheaper? If 100k is her equity element, there are towns around Ireland where 100k would pick up a 1 or 2 bed. If she is on a low paying job, there may be other lower paid jobs elsewhere in the country.


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