Hi,
We are both first time buyers but my partner is a cash-buyer, I need a mortgage so I was just going to get a mortgage for about half the asking price (€510k) so say €250k mortgage up to maybe €275k (I was previously approved for €360k as a single applicant a couple of years ago but obviously the max amount has been declining, €290k was the max they would lend me about 6 months ago). The bank says that even if she is paying for her half in cash that she absolutely must be on the mortgage also – is this correct? She is obviously a bit confused why she has to be on the debt when it is not her debt and she is not servicing it. Is this normal? Why can’t I just get a mortgage for my half and she pays for her half? I would have thought he bank would be happy with the reduced risk as the LTV should now be below 50%, what is the risk to the bank?
I understand the bank will have the house as collateral on my loan but I would have thought I could just get a single mortgage for myself for my half of the house? Is this the only way?
We both have full-time jobs (I’m public sector, >10 years) and savings etc. (>50k each), no kids, first time buyers, it’s only for ourselves to live in, no other debt (apart from credit card paid off in full every month), ICB is clean for both of us, there are no other negative issues that we are aware of.
Only tried AIB so far as their <50% LTV rates are good (relative to other prices in Ireland, I understand we’re compensating the banks for their tracker products). Is this the only way or will any other bank let a single applicant get mortgage for half the house?
Thanks
We are both first time buyers but my partner is a cash-buyer, I need a mortgage so I was just going to get a mortgage for about half the asking price (€510k) so say €250k mortgage up to maybe €275k (I was previously approved for €360k as a single applicant a couple of years ago but obviously the max amount has been declining, €290k was the max they would lend me about 6 months ago). The bank says that even if she is paying for her half in cash that she absolutely must be on the mortgage also – is this correct? She is obviously a bit confused why she has to be on the debt when it is not her debt and she is not servicing it. Is this normal? Why can’t I just get a mortgage for my half and she pays for her half? I would have thought he bank would be happy with the reduced risk as the LTV should now be below 50%, what is the risk to the bank?
I understand the bank will have the house as collateral on my loan but I would have thought I could just get a single mortgage for myself for my half of the house? Is this the only way?
We both have full-time jobs (I’m public sector, >10 years) and savings etc. (>50k each), no kids, first time buyers, it’s only for ourselves to live in, no other debt (apart from credit card paid off in full every month), ICB is clean for both of us, there are no other negative issues that we are aware of.
Only tried AIB so far as their <50% LTV rates are good (relative to other prices in Ireland, I understand we’re compensating the banks for their tracker products). Is this the only way or will any other bank let a single applicant get mortgage for half the house?
Thanks