Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgages

  • 10-02-2022 4:03pm
    #1
    [Deleted User]
    Posts: 0 ✭


    This is a bit of a messy situation. I'm aware that since January 2022 separated/divorced people are deemed to be 1st time buyers under the "Fresh Start" principle (https://www.gov.ie/en/press-release/6da8e-minister-obrien-launches-expanded-local-authority-home-loan-scheme/) but I don't know if that can help in any way.

    Anyway, in the event of somebody having equity in a family home, and still having to pay 50% of its mortgage (under a court order), is it possible for them to get a mortgage for their own place?

    The problem is that if they cannot get a mortgage and have to rent, the rent would be significantly larger, for a much inferior place, than the mortgage would cost. It's also dead money and an obligation which will still exist in retirement when a mortgage has been paid off. I'm conscious that rent-a-room or some such would be required to supplement income in the next few years at any rate but I'm wondering is there any creative way to make the best of this bad situation? Are there any independent mortgage brokers who might have experience of this sort of situation? Thank you.



Advertisement