Hi all
I hope you can help me out with my predicament. I'm in a joint mortgage with my brother, both living in the house, both named on mortgage. We both now have partners and want to move on. Here's the details usually asked:
Mortgage balance: €300k
Current value of property: €190k - €210k
Lender: Ulster Banks
Interest rate: ECB rate
Tracker or not? Tracker
Term: 35 years. Bought in 2006
Total monthly repayment: €1,081
Your share: Half €541.50
I'll briefly explain the circumstances in point format:
Any possible solutions would be welcomed! If you need any further information, let me know.
Thanks
eimaj
I hope you can help me out with my predicament. I'm in a joint mortgage with my brother, both living in the house, both named on mortgage. We both now have partners and want to move on. Here's the details usually asked:
Mortgage balance: €300k
Current value of property: €190k - €210k
Lender: Ulster Banks
Interest rate: ECB rate
Tracker or not? Tracker
Term: 35 years. Bought in 2006
Total monthly repayment: €1,081
Your share: Half €541.50
I'll briefly explain the circumstances in point format:
- Originally, my brother and my mother went to get a mortgage together, as I was on a 3 month temporary contract in work - I would "rent" from my mother
- Ulster Bank gave me a mortgage, with a letter from my employer saying I will hopefully be kept on - quite wreckless!
- I want to buy a new house
- I have approx €30K in savings, and will be getting inheritance of €56K
- I am practically debt free (small credit union loan of €3,000 which will be finished in November 2013)
- I work in the Civil Service (permanent), earning just over €30K per annum
- I have one dependant child (11)
- I visited all major banks, and asked them for my mortgagability, if I am out of the mortgage with my brother - they ranged from €100K to €123K (I hope to go to a mortgage broker, and possibilty get more)
- I hope to buy a 3 bed semi locally for €180K - €200K
- The problem is getting me released from my existing mortgage
- My brother is happy to stay in the house, with his girlfriend (she is living with us at present, and paying rent)
- He works in the public service and earns approx €49K a year (permanent)
- He is in debt of approx €35K
- He is not in a position to buy another house, not mortgagable, no deposit, no savings etc.
- We have talked to Ulster Bank
he can take over the mortgage in his name only, if he gives the bank €50K or
he and girlfriend can take over the joint mortgage and keep the same terms & conditions, but she is unwilling to do so, as the potential negative equity is too high, and it wasn't her debt in the first place (understandable!) - We do not want to sell, as the negative equity will cripple us - also the house needs money pumped into it to get it up to selling standard
- My mother was willing to take over my part of the mortgage, to release me, (our original deal!!) but was told that she would need to reside in the property for her to take on that half - that is not an option, as she has a family home herself
Any possible solutions would be welcomed! If you need any further information, let me know.
Thanks
eimaj