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Site/mortgage assistance required

  • 02-10-2010 11:36pm
    #1
    begby
    Closed Accounts Posts: 16 ✭


    Hi There,

    I have a house which is in positive equity of approximately €100k.

    I went to the bank last week and told them I have the opportunity to buy a site and build but I would require a mortgage in order to do this. The bank manager said that I would more than likely get mortgage approval but I would need to sell my house first.

    My problem is I need to apply for planning permission soon and if I get the planning and my house has not sold then I will not have the money to pay for the site.

    On the other hand my girlfriend does have the money for the site. But my girlfriend would not be able to go on the mortgage with me as she has a house in negative equity. The bank has said I am better off applying for the mortgage by myself.

    Could my girlfriend loan me the money for the site? and I pay her a monthly repayment. Would this be liable to tax?

    If both mine and my girlfriends names go on the site deeds then the bank would not give me a mortgage in my name only. Am I correct with this statement?

    Please help me...........any suggestions to get around this sticky situation would be much appreciated.

    Cheers


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