Couple buying a house, one with bad credit record

Peabody

Registered User
Messages
64
My partner and I would like to sell our house and have found a property that would leave us with a very small mortgage. Partner has very poor credit and it would be just me on the application and title. My question is would the lender have an issue with him transferring his full equity to me in order to purchase
 

Kimmagegirl

Registered User
Messages
300
My partner......not married?

Sells his house and gives you the money?

You use this money plus get a small loan to purchase new house?

Do you qualify for the small loan portion?
 

Brendan Burgess

Founder
Messages
47,209
Hi Peabody

It seems like a very complex solution to an, admittedly, complex problem.

You are not married, so you will pay a whack of Capital Acquisitions Tax on the gift.

You will have sole ownership of the house, which would be a big problem if you break up.

Is moving urgent? Can your partner improve his credit rating with time?

How much is the small amount you want to borrow? Would a Credit Union give it to you?

Brendan
 

Peabody

Registered User
Messages
64
Hi guys
Just an update. I went to a broker and I qualify for the amount required all fine. I then went to a solicitor to check the tax situation and the tax aspect of it was ridiculous. Almost half of what is required. I then went to the credit union to request a home improvement loan to avoid the tax aspect- I know but it is a lovely house- but was denied outright over a 5 minute call. They don’t do meetings anymore. No missed payment. Clean ccr. My income is alright and it would reduce the mortgage payment by a third. Hands are tied unfortunately. Any suggestions. It’s urgent a family have moved in who are using and dealing drugs. It was a lovely neighbourhood
 

T McGibney

Registered User
Messages
4,069
The broker said he thought it might be an issue. I spoke to family friend -the solicitor- and he gave me a figure of 25-30k. Was only looking for 70k
A small minority of solicitors are members of the Irish Tax Institute or hold similar qualifications. Most don't. That's why I thought it odd that you went to a solicitor. Are you sure they were competent to advise you?
 
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