Am I entitled to a PPR mortgage of my own after separation.?

I

Inapickle

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So basically I have a mortgage already with my wife on our family home.
It was bought under the affordable housing scheme 6 years ago.
The house is well in equity.
80k owing on the mortgage and possibly near worth 200k now.
Not that it matters as it won’t be sold.

So anyway One of us is moving out ( won’t go in to details ) and has been known for a while.
So have been saving and clearing some debt the last year and trying to get in a position to buy another place for the mover.

Pretty much nearly there now with a deposit saved for the next place.
I never really researched and I thought it would be as simple as saving a 20% deposit and buying another place but apparently it isn’t.

So the fact that we are married means we can only have one PPR and the next property will have to be bought as an investment, increases the deposit needed dramatically.

I’ve been researching and haven't come accross a definite answer.

I know Obviously we need to have a legal separation in place for one of us to be able to get another PPR mortgage.

Is that’s all that’s needed in that situation?
Or is the fact that we would both still be on the mortgage for this house the deciding factor in obtaining another PPR mortgage for the mover?
Do different banks have different policies?

Thanks in advance
 
Inapickle said:
So basically I have a mortgage already with my wife on our family home.
Click to expand...
As long as you remain liable for the existing mortgage, then a bank will look at a new mortgage as a BTL.

You'll need to go through the separation agreement process, and the person remaining in house be in a position to take over the existing mortgage in their sole name.

Don't be afraid to talk to a bank or broker - it's not that unusual a situation. You'll be able to discuss your specific circumstances that way.
 
Ok, well what I posted above was what KBC told me on the phone.
I have just been offf the phone with AIB who tell me that if I am legally seperated I can get another place provided I am going to live there.
However they stress test the mortgage on the family home as a BTL mortgage with those interest rates.
And they can then do the new mortgage as a 20% deposit 2nd time buyer.
 
Ok thanks that’s all I really needed to know.

I’ll probably be back with more in depth questions later.

Thanks
 
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