Can husband apply for N.E mortgage alone

S

Sullivk

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My husband has an apartment, mortgage (AIB) balance is €195k with 29 years left on it.
It is currently rented and has recently been valued at €160-175k.

We are living in my house, mortgage (EBS) balance €168k with 29 years left on the term. Recently valued at €230-250k.

We have joint savings circa €39k.
We are looking to find a bigger home. Would it be possible for my husband to apply for a negative equity mortgage as a sole applicant or does the fact we are married influence this? The apartment deeds & mortgage are in his name only and vice versa for my own property.

The reason I ask is that we are interested in a property that requires some renovation and therefore would be hoping to use the equity from my house sale for same.

His annual salary is approx €61k.
He is in the Defence forces.
He is 34 years old.
He has a car loan of €388/month (4 years left on this).
We have 2 dependants.
The property we are interested in is in the region of €240k.

I hope that is enough information to go on, apologies if I have left anything out. Thank you.
 
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I assume you have no income?

They probably won't give him €251k on a salary of €61k, while he has a car loan of around €18k, but they might.

They will want your name on the mortgage anyway as you are married.

Why do you have so much cash earning nothing and a car loan which is probably expensive at the same time?

Have either of you a tracker mortgage? If so, it would be better to move the tracker to your new home.

Brendan
 
Thanks for the reply Brendan. I have recently returned from Maternity leave and cut my hours in half so my revised annual salary is approx 22k.
Our childcare costs of €400/month and my mortgage payments of €700/month comes out of my account.
Neither mortgages are Trackers unfortunately.

Do you think we'd be better off paying the car loan with our savings?
 
Sullivk said:
Do you think we'd be better off paying the car loan with our savings?
Click to expand...

In general yes, but leave it until you have sorted the new house out as you may need the cash.

With €83k earnings, I think that you should get your loan fairly easily.

Brendan
 
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