Mortgage options after separation?

Sync

Hi all,

In an unfortunate situation where my wife and I are separating. We have our mortgage through AIB, so I was hoping I could stick with them - take out a new mortgage in my own name with enough money in that to buy my wife out of her half (with legal agreements in place etc)

I've run into a stumbling block almost immediately on this end, as AIB said I will be considered married for 2 years after separation, and as a married applicant I don't qualify for the amount required. They told me if I was a single applicant I would qualify for the amount I'm looking for.

Has anyone experienced similar, and have any advice on what can be done, if anything... ?

Lavendarhill

https://www.boards.ie/discussion/2058297392/mortgage-options-after-separation

Sorry to hear you are going through this

There is a recent initative called rebuilding Ireland where their 'fresh start' is open to divorced couples that earn below 70,000 Euros and who have been turned down by 2 x high street banks. The loan is given out by your local council and you can do it as a single person.

As i am new on Boards - i am unable to post a link - but just search 'rebuilding ireland' and local local authority home loan and you should get the information there - hope it helps

https://www.boards.ie/discussion/2058297392/mortgage-options-after-separation

Lavenderhill's post above is good, so let's build on it. Here: https://www.gov.ie/en/press-release/4b19c-more-homebuyers-now-eligible-for-local-authority-home-loan/

First, I wouldn't stick with AIB just because you are with them. There will be better, cheaper options and other alternatives - for instance, Bank of Ireland give out mortgages until you're 70 which, of course, means you could access a bigger mortgage. Ring their mortgage section up and talk. Do the same with the other lenders. There are other unpublished offers - for instance, if you are due a pension payment of some form as a public servant, etc, they might go beyond 70 or issue a larger mortgage if you talk to them directly. Contacting a mortgage broker might be a wise decision as a good one would have an inside track. Also, posting on Askaboutmoney can be useful as well as boards as there are many financial professionals posting there regularly.

Also, drop into one of the Monday night Talk2Us meetings in Clarke's pub (back room) in Phibsboro in Dublin. They are on from 7pm until c. 10:30pm every Monday night (except August). There will be 20-30 people there each night and a huge amount of experience of the family law system and the associated financial aspects. There's no point in going through this alone.

They are all volunteers and receive no funding from the Irish State (which continues to make the legal process savagely inhumane for Irish citizens, especially men, going through the family law courts). They help you run your own case, accompany you to court and so much else. It costs nothing to attend but there's so much you will learn there that you'll never get from a solicitor - e.g. don't accept documentation from the opposing solicitor/barrister on the morning of your case as they're pulling a fast one; the quality of solicitors is egregiously poor in Irish family law cases and they are more often than not your worst enemy as they want to get a deal asap, even if going before a judge might be in your best interest, etc.

Ring one of the three people on this website for a chat today as they'll give you a good idea of things, or know others in the group who have gone through a similar issue and put you in touch with them. https://www.talk2us.ie/

Sync

https://www.boards.ie/discussion/comment/120637873#Comment_120637873

Thank you, I really appreciate both messages. Dublin would be a massive trek for me unfortunately, but I think I'll make a phone call and get some advice. Much appreciated.