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Have my own house, buying with my partner.

  • 14-08-2017 4:14pm
    #1
    nihicib2
    Registered Users, Registered Users 2 Posts: 378 ✭✭


    Hi all

    This may be a bit long winded, but basically looking for any advice or if people have been through this before.

    I have my own house, ten years paid off a 20 year mortgage, mortgage €380 a month, have a permanent job and about sixty grand in savings. No other loans and no huge outgoings.

    My partner is self employed and has applied for a mortgage for a house and been knocked back, basically because he's self employed. House valued at €100,000 (we live in a rural area).

    So we've decided to apply for a mortgage together for this other property, we see it as an investment that could be rented out during the summer (or longer) and he could live in it for the rest of the year, it also has 3 acres of land with it.

    So I guess Im looking for advice from other that may have done this, is there anything we need to keep an eye on from a bank point of view? From my point of view, will it affect my mortgage, life insurance etc? Both our names will be on the mortgage, we have no desire to get married or even live together full time as we are quite happy with this arrangement but if this goes ahead we would probably need to sort out wills etc. Basically Im just looking to see if anyone else has been through this and if there are any pitfalls we should avoid before talking to a bank/mortgage advisor etc.

    Sorry for the long post and thanks for any advice given.


Comments

  • #2
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,289 ✭✭✭✭Mrs OBumble


    If you are not living together, then this person is not your partner in any legal sense.

    So I'd think you need to treat this like you would buying a property with any other friend: have very clear agreements about what will happen if one of you wants out of the deal, or stops paying their contribution.


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