Hi there. Looking for some advice if anyone can offer some.
OK so, I have been divorced about a year now and have recently remarried. Myself and ex wife were separated 10 years. During this time we had some issues with our property as it was in negative equity. Long and short of it was she was living in house and mortgage wasn't paid for some time.
She has now done a deal with bank (KBC) to warehouse part of the debt and is paying a mortgage on the rest. She cant remove me from the mortgage as the bank wont allow her, but she has indemnified me from the debt as part of the divorce agreement. Still though if she defaulted, KBC could look for me to pay the outstanding.
Myself and new wife have been renting for last few years paying roughly 1000 a month. She is not working and stays at home to mind our children. I earn €90,000 per year.
We may not be able to rent much longer as our landlord is talking about moving back home and we would have to look for somewhere else. We cant move too far due to schools, work etc. We are also settled in the area. Rents currently for what we live in are around 1500 - 1600 per month. We are lucky that our landlord appreciates how well we look after house.
Anyway we were thinking of buying a house. We would have around €70,000 to put as a deposit and were looking to buy for around €250,000 if possible.
Because of credit rating issues and the fact that I am still named on the other house, I am finding it difficult to get a mortgage. I thought Pepper Money would take me on as LTV would be low so therefore less risk.
They haven't said no yet but I am fully expecting it after initial discussions.
Is there any other option? I will struggle to afford rents and want to buy a house. I have the means to do so.
I am sure their must be some other avenue that I can explore.
Advice would be greatly appreciated as I am a little worried about our long term future.
OK so, I have been divorced about a year now and have recently remarried. Myself and ex wife were separated 10 years. During this time we had some issues with our property as it was in negative equity. Long and short of it was she was living in house and mortgage wasn't paid for some time.
She has now done a deal with bank (KBC) to warehouse part of the debt and is paying a mortgage on the rest. She cant remove me from the mortgage as the bank wont allow her, but she has indemnified me from the debt as part of the divorce agreement. Still though if she defaulted, KBC could look for me to pay the outstanding.
Myself and new wife have been renting for last few years paying roughly 1000 a month. She is not working and stays at home to mind our children. I earn €90,000 per year.
We may not be able to rent much longer as our landlord is talking about moving back home and we would have to look for somewhere else. We cant move too far due to schools, work etc. We are also settled in the area. Rents currently for what we live in are around 1500 - 1600 per month. We are lucky that our landlord appreciates how well we look after house.
Anyway we were thinking of buying a house. We would have around €70,000 to put as a deposit and were looking to buy for around €250,000 if possible.
Because of credit rating issues and the fact that I am still named on the other house, I am finding it difficult to get a mortgage. I thought Pepper Money would take me on as LTV would be low so therefore less risk.
They haven't said no yet but I am fully expecting it after initial discussions.
Is there any other option? I will struggle to afford rents and want to buy a house. I have the means to do so.
I am sure their must be some other avenue that I can explore.
Advice would be greatly appreciated as I am a little worried about our long term future.
