Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Mortgage advice

  • 16-09-2008 11:34am
    #1
    Hannah May
    Closed Accounts Posts: 1 ✭


    Myself and my partner are planning to buy my Mam's house from her.

    The house is worth €350k but we are buying it for €160k for now.
    So the loan to value would only be about 46%.

    I'm a bit confused about what way the banks will lend me the money. Originally i was going to buy a property for €338,000 and get a 92% mortgage for €310,000 and the bank needed proof we had the other 8%.

    If I am getting a 46% mortgage do I need to show the other 54%?
    My Mam would not be looking for a deposit just the full amount at the end.

    Any info would be great?


Comments

  • #2
    dats_right
    Registered Users, Registered Users 2 Posts: 1,169 ✭✭✭dats_right


    Because this house is going to be sold for under its market value there is CAT implications (i.e. gift tax). Basically, a child can receive about €520k from a parent without paying any tax, so you should be okay. But your partner is not related to your mother (well I hope not anyway) and could only receive about €26k without paying tax, anything over that is taxed at 20%. You should talk to your solicitor and seek their advice on the best way to proceed.


Advertisement