How much do you earn? You would probably get a mortgage of €75k to buy him out on a salary of €25k. Talk to a mortgage broker.I have a decent job but there is no way I could afford to take out a loan to pay him off.
Thank you. I'm coming out with just under €25k before tax. I wasn't sure if it was possible to apply for a mortgage in a circumstance like this, that's good to know. Thanks again.How much do you earn? You would probably get a mortgage of €75k to buy him out on a salary of €25k. Talk to a mortgage broker.
Sorry for the loss and the circumstances too. It's a lot to have to suffer so young.
Then you are inside the Central Bank's rules of 3.5 times income for a mortgage so it should work.I'm coming out with just under €25k before tax
Unfortunately no, not at the moment. My company isn’t allowed increase hours at the moment due to the pandemic. Thank you for your advice and condolences.is there any possibility you can increase your earnings?
He and I are both executors. The idea of taking out such a huge loan and paying it back for 20 odd years scares me to be honest. I hate the thought of being in debt for that amount of time for a loan that went to him. Thank you for your condolences.Who is or are the executors?
I think offering to pay rent to the brother is a very bad idea for lots of reasons.
My condolences on your huge loss; the complications about your late mother's estate must be interfering in the grieving process.
The loan is not going to him you are borrowing the money and buying his share of the apartment.The idea of taking out such a huge loan and paying it back for 20 odd years scares me to be honest. I hate the thought of being in debt for that amount of time for a loan that went to him. Thank you for your condolences.
The loan is not going to him you are borrowing the money and buying his share of the apartment.
These are both so true. Thanks guys. You've eased my stress a bit to be honest. I would have ended up in a situation paying a mortgage at some stage anyway. I will hopefully be in a position to apply for a promotion next year, or at least pick up some more hours. If I get back to full time hours I'll be up to €35k. Fingers crossed anyway, and thanks again everyone, I really appreciate all the advice.€300 a month would be way less than you would pay in rent.
It's a very manageable loan for someone of your age and earning potential.The idea of taking out such a huge loan and paying it back for 20 odd years scares me to be honest.
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