Husband a discharged bankrupt - will we get a joint mortgage?

Discussion in 'Personal Insolvency, bankruptcy, etc' started by Secondchance, 14 Apr 2019 at 11:00 PM.

  1. Secondchance

    Secondchance New Member

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    3
    Last edited: 15 Apr 2019 at 7:23 AM
    Hi all I am hoping for some advise. My other half was married before and this marriage ended badly with a lot of debt. Long story short he like others lost jobs during the recession and was unable to keep up with repayments.
    Unable to pay the mounting debt, adjudicated in 2016, discharged 2017.
    We have married and live with our three kids in the house that I purchased before we got married or had any children.
    We are finding the home that we are in too small to meet our needs.
    I cannot get a Loan to extend the property on my own as I’m seen as having four dependents.
    My husband is in full time permanent employment for over a year now. Our joint net income is 1250 weekly.
    I have a perfect credit history having never missed a loan or mortgage repayment. Does anyone have any advise?
    Our only hope is a joint application but will anyone consider lending to us?



    Can anyone help?
     
    Last edited: 15 Apr 2019 at 7:23 AM
  2. Brendan Burgess

    Brendan Burgess Founder

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    37,014
    Hi

    It's unlikely but you need to give the figures to get a meaningful answer.

    How much is your current mortgage?
    Who is it with?
    What interest rate is it e.g. is it a tracker?
    What is the value of your house?
    Are you looking for a top up to extend or a completely new mortgage to buy another house? If so how much extra do you need?

    Brendan
     
  3. Secondchance

    Secondchance New Member

    Posts:
    3
    Hi Brendan, thank you for responding.
    Current mortgage €130000 with AIB, fixed at 3.15%.
    The house is valued at €135000, has come out of being in negative equity, term left is 19 years, works out at €745 per month repayment.
    Ideally we would love approx €70000 to extend the current property as we live in a lovely area,
    We would be open to a range of loan possibilities including top up mortgage, home improvement loans etc..
     
  4. Brendan Burgess

    Brendan Burgess Founder

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    37,014
    Hi seconchance

    Forget about it. It is not remotely possible.

    You want a loan of €200k on a house worth €135k + a bit more for the work you are doing.


    One of the borrowers has already gone bankrupt.

    Brendan
     
  5. Secondchance

    Secondchance New Member

    Posts:
    3
    Hi Brendan,
    Thanks for your honesty, the house would be worth €200k with the extension, it just seems unfair that someone who has gone through bankruptcy has no possibility of changing past mistakes. These were not mine or our kids, seems a bit unfair!
    Thanks again for your honesty.
     
  6. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    37,014
    Hi

    The bankruptcy is irrelevant.

    You want to borrow €200k on a house which is worth €135k + a bit extra.

    You wouldn't get that from any lender whether your husband had been a bankrupt or not.

    Brendan