BirdFlower
New Member
- Messages
- 5
We won’t get mortgage approval in time for the house we want and probably not for the amount we need right now eitherYou could take out a mortgage and buy it from the person, avoiding the loan from them.
PlodA few options to explore
Option A
1) Relative buys the house
2) You buy it from the relative when you have your inheritance.
It will cost you an additional €10k in terms of stamp duty and legal fees.
Ask you solicitor is it possible to avoid the stamp duty on this in any way. I doubt that there is, but check it out.
If this is a new house and you are availing of various schemes, then you won't be able to do this.
Option B
Agree a delayed closing date with the seller
Option C
Relative lends you €150k now which you will repay from the inheritance.
Mortgage lender might not like this but might be ok if you have a letter from the Executor or their solicitor to say €150k is coming your way and you expect to receive it on 20th June 2024.
Option D
Wait until you have your inheritance and buy a different house.
is equity release not an option then ? If we own the house worth €487000 we couldn’t take €200000 cash from the bank ? It’s hard to get any information about equity releaseA few options to explore
Option A
1) Relative buys the house
2) You buy it from the relative when you have your inheritance.
It will cost you an additional €10k in terms of stamp duty and legal fees.
Ask you solicitor is it possible to avoid the stamp duty on this in any way. I doubt that there is, but check it out.
If this is a new house and you are availing of various schemes, then you won't be able to do this.
Option B
Agree a delayed closing date with the seller
Option C
Relative lends you €150k now which you will repay from the inheritance.
Mortgage lender might not like this but might be ok if you have a letter from the Executor or their solicitor to say €150k is coming your way and you expect to receive it on 20th June 2024.
Option D
Wait until you have your inheritance and buy a different house.
There is a big risk here that some party gets sick/dies/changes their mind.Option A
1) Relative buys the house
2) You buy it from the relative when you have your inheritance.
It will cost you an additional €10k in terms of stamp duty and legal fees.
Really ? I’ve contacted a few mortgage brokers who are looking into for me and they haven’t said there isn’t any. One said Avant do something like thisThere is no equity release product in Ireland.
Okay so there are some equity release products but they tend to be very limited. Unless you've retired and/or the purpose of the loan is for a home renovation there is effectively no such product out there. None of these providers are Avant.Really ? I’ve contacted a few mortgage brokers who are looking into for me and they haven’t said there isn’t any. One said Avant do something like this
Apologies, not Avant . HavenReally ? I’ve contacted a few mortgage brokers who are looking into for me and they haven’t said there isn’t any. One said Avant do something like this
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