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Mortgage Application problems

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  • 14-03-2011 9:00pm
    #1
    liamolaighin
    Registered Users Posts: 160 ✭✭


    Hi there, my girlfriend and I are in the process of applying for a mortgage for a self build. I am being gifted the site and have approx 20% deposit. The mortgage we applied for is relatively small and indeed the bank said I am a perfect candidate except for 1 thing - I currently co-own an investment property in Cork City which has a large mortgage remaining.

    I co-own that property with a friend. We are both in long term permanent employment with job security and a good wage. We both have salary protection and the house is rented out which covers approx 80% of the mortgage. The rest we split which amounts to approx €100 each per month.

    I understand why the bank see me as a risk in these economic times but I was wondering if anyone has any advice for me on ways to proceed. The bank says to simply get the investment property out of my name. Would this mean selling the house or is it possible to transfer my portion of the mortgage into someone elses name thus relieving me of that debt?

    Could I transfer the mortgage into my fathers name for instance and remain as the owner?

    My father has also said he would go as guarenteur on the loan. Do banks still accept a guarenteur?

    Are there other routes I could look at to get approval. p.s I am aware of the dangers of borrowing large sums for all concerned and my girlfriend and I are totallly confident of our ability to service the loans in question.
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