T
TERESA MARY
Guest
We are in a nearly similar position. My sister in law met a man in 2005 and he was very keen to marry her within a few months and have babies (her alarm bells should have started ringing!), she had her rose tinted glasses on and he organised paperwork with PTSB to combine her property, his property, and obtained a 100% mortgage for both of them for a third property, so they could live together happily ever after. Was this normal procedure at the time considering they were only girlfriend and boyfriend for a few months, anyone out there know? I know banks did all sorts of things to allow borrowers to get mortgages during the so called celtic tiger.
They split up even before she moved into the so called love nest of a third property. She approached me and my husband to ask if we wished to invest in the 3rd property, it is a lovely 4 bed semi, so we agreed it would be a short term investment and then it could be sold. We have a house ourselves which we have paid off in the last 3 years.
PTSB said that for the short term, 6 weeks was stated verbally and not in writing, that myself and my husband would also have to go as guarantors on my sister in laws original property before they would agree. So Mr exboyfriend was taken off the love nest property, and her own property and she was taken off his. That was all hunky dorey for him, we are now stuck in what seems a never ending roller coaster since 2007 of trying to get out of my sisters in laws first property, every time she falls behind with repayments she keeps wanting to add it onto the end of her existing mortgage and is always looking for our signatures. Anyone know if PTSB could take our residential home from us if she is unable to pay for her own mortgage? I am meeting PTSB on Monday to state our case. Anyone else out there with 3 properties inter linked and a 100% mortgages given since 2006? What were they thinking. We have been on interest only since 2006 and if we opt for SVR it would be an extra 350 euros. What a mess.
They split up even before she moved into the so called love nest of a third property. She approached me and my husband to ask if we wished to invest in the 3rd property, it is a lovely 4 bed semi, so we agreed it would be a short term investment and then it could be sold. We have a house ourselves which we have paid off in the last 3 years.
PTSB said that for the short term, 6 weeks was stated verbally and not in writing, that myself and my husband would also have to go as guarantors on my sister in laws original property before they would agree. So Mr exboyfriend was taken off the love nest property, and her own property and she was taken off his. That was all hunky dorey for him, we are now stuck in what seems a never ending roller coaster since 2007 of trying to get out of my sisters in laws first property, every time she falls behind with repayments she keeps wanting to add it onto the end of her existing mortgage and is always looking for our signatures. Anyone know if PTSB could take our residential home from us if she is unable to pay for her own mortgage? I am meeting PTSB on Monday to state our case. Anyone else out there with 3 properties inter linked and a 100% mortgages given since 2006? What were they thinking. We have been on interest only since 2006 and if we opt for SVR it would be an extra 350 euros. What a mess.