Did any Irish bank ever do 110% mortgages? How did this work out? Where did the 10% go? Is it a standard repayment mortgage, or interest-only? For what period?My sister and I own an apartment small 1 bed in Dublin city centre. We got 110% mortgage when buying
This could put you in a difficult position, if it ever came to a forced sale. The banks won't see it that 'your half' has been paid off. They just see that half the amount has been paid off. Do you have any kind of written agreement between you about what happens when you sell, or when one wants to buy out the other?I have paid off my half already.
Have you covered off any tax liability within these figures?We rent out the apartment which just about covers her mortgage and management fees for the year. (I get nothing which is OK with me).
I can see her concern from a cash-flow point of view. But she needs to look at the full picture. Assuming that this is a standard repayment mortgage, each month's rent is making her richer (i.e. reducing her outstanding mortgage balance). Is it really fair for the state to be expected to pay her rent while she is using her rent to build up her investment?After she moved and got sorted in her new place in Wexford she went about rent allowance. She was told that she owns a place and should sell it and live on that. If she sold it at today’s prices she would be 20k short of what she has mortgage for. Only having 1 moth before baby comes she got upset and left after 30min of trying to explain this to them.
Has she explored every other opportunity? Perhaps you could buy out her interest in the property, leaving her with a cash lump sum to cover her rent for while?She is thinking of moving back into place just to get them to pay mortgage which would be more. Someone please shed some light on this as it just does not make sense.
She has my deepest sympathies.INBS as my sister used to work there.
I understand that the property is a long-term investment for you both, but I really don't think that's what the welfare system is for. It is not down to the welfare system to help her to keep up her investments. The welfare system to provide the bare minimum to stop her from going hungry, not to support her long term investments.Ok so Apartment we own has 100k mortgage which is my sisters half. The mortgage is €650 with managment fees €1500 a year. Renting it for €800 a month for 9 more months. She pays €550 rent in wexford for 2 bed and as I said baby on its way next month. Mother lives near so she feels better there. She only gets unemployment weekly money and has no savings totalk about. I do not want her to sign over to me as it is a long term investment for us both. and she has paid into it for 3 years now. We paid 235k for it but its maybe wort 180k asking price maybe less
What can we do other then her moving back in or signing to me. Selling is last resort.
what do you smarth people think ?
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