Myself and my brother purchased a house 5 years ago.
Here are the details:
Outstanding mortgage €262k
with PTSB on tracker - ECB + 0.95%.
We got the house valued last week at €275k.
My brother wants to dissolve the partnership in the coming months as I recently got engaged to a lovely guy.
What options are open to us?
I was thinking along the following lines:
1) I buy Brother out
2) Brother buys me out
3) Sell the House
If one of us bought each other out we wouldn't get near as good a rate from any lender. We probably wouldn't get a mortgage as our income wouldn't be enough in the stress testing. Am I right in thinking this?
My brother is a permanent primary school teacher on 45k while I work in the Software Industry on €48k.
I currently live in the house and pay the mortgage. Any advice would be great.
Here are the details:
Outstanding mortgage €262k
with PTSB on tracker - ECB + 0.95%.
We got the house valued last week at €275k.
My brother wants to dissolve the partnership in the coming months as I recently got engaged to a lovely guy.
What options are open to us?
I was thinking along the following lines:
1) I buy Brother out
2) Brother buys me out
3) Sell the House
If one of us bought each other out we wouldn't get near as good a rate from any lender. We probably wouldn't get a mortgage as our income wouldn't be enough in the stress testing. Am I right in thinking this?
My brother is a permanent primary school teacher on 45k while I work in the Software Industry on €48k.
I currently live in the house and pay the mortgage. Any advice would be great.