bruce wayne
Registered User
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- 38
Guys,
My brother and his wife have recently split, and are in the process of sorting out the family home. The following are some of the details
They have two children who spend half their time with each parent
property is estimated to be worth €350K with an outstanding morgage of €290, therfore estimating a potential profit of €60K
My brother would like to buy out his wife from the property and remain in the house. His salary is between €55 and €60K.
He has been paying the mortgage on his own for the past six months and it accounts for approx 50% of his take home salary. He has no other debt (i.e. credit cards, car payments etc).
He only needs approx €30K to buy her out (half the est profit...assuming she agrees). But in reality it would mean that the mortgage would need to raise to 320K or 91% of the value of the property, which I would'nt imagine the banks would lend on a single salary of €55-60K
My question is how does he go about obtaining this?
Obviously his first step should be to his bank to confirm if they will extend the amount and life of the mortgage. Given the current environment what would their reaction likely to be? Would a co signitory on the application help?
any views would be appreciated
My brother and his wife have recently split, and are in the process of sorting out the family home. The following are some of the details
They have two children who spend half their time with each parent
property is estimated to be worth €350K with an outstanding morgage of €290, therfore estimating a potential profit of €60K
My brother would like to buy out his wife from the property and remain in the house. His salary is between €55 and €60K.
He has been paying the mortgage on his own for the past six months and it accounts for approx 50% of his take home salary. He has no other debt (i.e. credit cards, car payments etc).
He only needs approx €30K to buy her out (half the est profit...assuming she agrees). But in reality it would mean that the mortgage would need to raise to 320K or 91% of the value of the property, which I would'nt imagine the banks would lend on a single salary of €55-60K
My question is how does he go about obtaining this?
Obviously his first step should be to his bank to confirm if they will extend the amount and life of the mortgage. Given the current environment what would their reaction likely to be? Would a co signitory on the application help?
any views would be appreciated