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Helping out a friend for mortgage

  • 16-04-2009 9:02pm
    #1
    v12
    Closed Accounts Posts: 2 ✭


    hi my friend is getting a mortgage and he ask me wood i put his car in my name so he can it the mortgage so the bank thinks he has no loans i dont mind cause i trust him but how do we go about it thanks for ur help...


Comments

  • #2
    liger
    Registered Users, Registered Users 2 Posts: 756 ✭✭✭liger


    You need to get a clearing balance for his loan and then take out a loan in your name and pay off his loan.

    You can't just swap a loan over to you.


  • #3
    Colm R
    Registered Users, Registered Users 2 Posts: 997 ✭✭✭Colm R


    v12 wrote: »
    hi my friend is getting a mortgage and he ask me wood i put his car in my name so he can it the mortgage so the bank thinks he has no loans i dont mind cause i trust him but how do we go about it thanks for ur help...

    Okay. The certificate of ownership has a change of owner and address on the back which he can send to Shannon as detailed on it. You will then get a new certificate. I am not sure if certificate is the correct word, could be called the registration paper!

    However, we might want to talk about the elephant in the room. The bank will not check if you own the car. The bank will check if your friend has any loans with them or any other bank! Who owns the car is not the problem. Its the person who owns the debt has the problem.

    I might just add that a debt on a car loan or any other type of loan is not necessarily a bad thing. showing your ability to pay the loan may help your mortgage application. This is obviously all subject to circumstances


  • #4
    liger
    Registered Users, Registered Users 2 Posts: 756 ✭✭✭liger


    Colm R wrote: »

    I might just add that a debt on a car loan or any other type of loan is not necessarily a bad thing. showing your ability to pay the loan may help your mortgage application. This is obviously all subject to circumstances

    you haven't tried getting a mortgage lately. They want no debts, a completely clean slate. Otherwise you'll only get approved for an amount that will get you a 2 bed cardboard box.


  • #5
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    liger wrote: »
    you haven't tried getting a mortgage lately. They want no debts, a completely clean slate. Otherwise you'll only get approved for an amount that will get you a 2 bed cardboard box.

    And people wonder why were are in the situation we are in at the moment


  • #6
    Victor
    Registered Users, Registered Users 2 Posts: 78,577 ✭✭✭✭Victor


    v12 wrote: »
    hi my friend is getting a mortgage and he ask me wood i put his car in my name so he can it the mortgage so the bank thinks he has no loans i dont mind cause i trust him but how do we go about it thanks for ur help...

    Hang on, he voluntarily wants a sub-prime mortgage? Via mortgage fraud?

    Is the car worth as much as the loan. Potentially you get stuck with a loan of €10,000 while he has the car, which is only worth €5,000. What if he forgets to pay the insurance and crashes the car or it is stolen / burnt out ?


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  • #7
    Victor
    Registered Users, Registered Users 2 Posts: 78,577 ✭✭✭✭Victor


    Moved from Commuting & Transport to Banking & Insurance & Pensions.


  • #8
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    OP, what your friend is suggesting is fraud. He needs to declare any outgoings on his mortgage application so that it can be assessed properly.

    Threads of this nature are not allowed on this forum. For more information see the Charter. TBH, I'd be very surprised if any of the forums on boards allowed people to give you advice on how to do this.


This discussion has been closed.
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