Mortgage/House Buy Advice Required

[Sparky1972]

Hi All,
Looking for some expert opinions on the below scenario.
Goal: Purchase House or Apartment in Dublin Area - not investment but to live in.
Partner 1: Tax resident in Ireland.
Partner 2: Tax resident in other Eu Country.
Partner 2 has the higher salary from another EU Country.

What is the best way to pursue fulfilling this goal both from Tax and Financial Benefit and also in getting a mortgage.

 

[mf1]

I'm inclined to agree with the above advice.

You probably need to work out (a) where you'd like to live (b) how much the property is likely to cost ( which may mean you'll be living somewhere else - where you can afford to live!) (c) what your transaction costs are likely to be ( and one thing that springs to mind straight off is stamp duty and (d) what money you have to pay cash and how much you need to/can borrow.

Once you know these figures, and whether or not you will be able to borrow ( my impression is that the Banks are hardly lending to anyone), you can explore the idea in more detail.

mf

 

[NorfBank]

Hi All,
Looking for some expert opinions on the below scenario.
Goal: Purchase House or Apartment in Dublin Area - not investment but to live in.
Partner 1: Tax resident in Ireland.
Partner 2: Tax resident in other Eu Country.
Partner 2 has the higher salary from another EU Country.

What is the best way to pursue fulfilling this goal both from Tax and Financial Benefit and also in getting a mortgage.

From a mortgage point of view you will more than likely be limited to an 80% mortgage as your partner is using overseas income. The lenders may also discount his income by 20% again as it's from overseas.

So before you start you will need savings of 20% of the purchase price plus stamp duty if applicable.

Apart from that it should be underwritten like a normal mortgage but in practice the banks that are lending are cherry picking applications so any that look a bit risky are much more stringently underwritten. It is difficult to give a view on this without knowing your occupations, savings, ages, children etc etc.


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