top up loan... but only own 1/2 the house...

[paperclip]

Hi, i bought with a friend of mine 5 years ago. The plan was to sell after 5 years and each walk away with a decent profit... that's not an option now.

I need a loan, around 15k, for a business venture abroad. I'm not currently in Ireland. I'm a couple of months into a 2 year career break.

I'm in asia at the mo, and have enough money to sustain me comfortably for 2 years.

Is it fair to ask my friend if I can get a top up loan on the property?

I can afford the repayments at the moment, and plan to return to my job after 2 years and quickly clear the balance, or if the business really takes off, clear it this end.

If I do return to work, I can get someone to run my business... I'm on a pretty good salary, so I could clear around 10k in less than a year.

 

[househunter!]

hi paper clip .
a few things would need to be clarified .

1) are you in negative equity ? or what is ur loan to value
2) are you being paid while your on your career break ? if not then the application would be on the strength of your friends income
3)will you be back in ireland soon ? there will be paper work for you to sign should it be approved

 

[paperclip]

hi paper clip .
a few things would need to be clarified .

1) are you in negative equity ? or what is ur loan to value
i think we're about 20k in the green... i'm just going by the price of similar houses that are up on myhome...

2) are you being paid while your on your career break ? if not then the application would be on the strength of your friends income
i've been given a salary of 10k each year, for 2 years. I'm looking for a loan of around 15k.

3)will you be back in ireland soon ? there will be paper work for you to sign should it be approved
Can this not be done via fax?

answers above in red

 

[househunter!]

hi

so if you are 20k in the green and looking for 15k loan that will bring you you to 100% loan to value bar 5k so no bank will look at this

if that wasnt a problem then your 10k salarie would be multiplied by between 4-5 times minus what ever you currently have in mortgages outstanding isnt going to be enough unless your friend is making serious money

and no you would need to be in the country to do any legal stuff . so your talking min 1 trip if not 2