schnozzlepants
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Hi there can you throw out a few figures please.Hello, we're doing a bit of estate planning here and wondering.... what are the chances that a couple in their late 50s to 60s with a reasonable income would be able to obtain a loan to buy out the residual share of the siblings in an inherited home? The loan would be for a small proportion of the value of the home.
Would the only option be mortage loans? If so, would it be a traditional, income-based assessment of borrowers with no consideration of the loan to value of the property? Would any institutions in Ireland offer personal loans for this kind of situation?
Advice much appreciated.
It depends totally on your income, employment, and other borrowings. Age is not an impediment on its own.Traditional mortgage would be a nonstarter do you think given the age range?
It’s perfectly enforceable, it just depends in willingness of siblings to take legal action if there’s a default.Problem with the latter idea, Brendan, which I had thought of earlier, is legal enforceability. That'd be complicated, as I understand it.
Do they have a take home pay in excess of 7k per month?Traditional mortgage would be a nonstarter do you think given the age range?
In terms of a traditional mortgage, if you can cover interest and capital on €100K over the 6 years until you retire from your income and show proof that you can draw down max of €200K on retirement, then why not see what the banks offer?Thanks lads. Hard to talk about numbers, no valuations done, maybe 2-300k against a home value of 1.3m?
Problem with the latter idea, Brendan, which I had thought of earlier, is legal enforceability. That'd be complicated, as I understand it.
Thanks for the info on Spry, also. Traditional mortgage would be a nonstarter do you think given the age range?
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