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Bridging mortgage

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  • 06-06-2023 10:15pm
    #1
    Registered Users Posts: 261 ✭✭


    Im living with my partner 2 days of the week and living in my house the rest of the week i want to buy a bigger house and i want to get a loan with my partner as joint applicant . They have their own mortgage . I am wondering can i can get them as joint applicant and when i sell my house can i get them taking off the mortgage ?



Comments

  • Registered Users Posts: 1,175 ✭✭✭herbalplants


    Sounds like a lot of moving peaces and not in your favour.

    Move with your partner, sell your house then buy a bigger house by yourself.

    Living the life



  • Registered Users Posts: 261 ✭✭Stretch1432


    Ok but im afraid to sell my house and buy because it takes so long and what if their is another property crash or if i cannot buy another house as there is so much demand for houses and i keep getting outbid



  • Registered Users Posts: 261 ✭✭Stretch1432


    I would like to buy a property first and then sell my house and use my house as collateral .



  • Registered Users Posts: 13,274 ✭✭✭✭Geuze


    You own house A and have a mortgage on house A.

    Your partner owns house B and has a mortgage on house B.

    You want to buy house C together.

    Then you want to sell house A.


    In theory, this is possible, presuming the two of ye have the income and repayment capacity to manage three houses and three mortgages at the same time.

    One way to find out is to put the proposal to the mortgage staff at your current lenders.



  • Registered Users Posts: 13,274 ✭✭✭✭Geuze


    It would obviously be easier to do the following:


    Put house A on the market, live in house B.

    Begin looking for house C.

    Sell house A, pay off mortgage A.

    The cash from the sale of house A puts you in a stronger position to get a mortgage for house C.



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  • Registered Users Posts: 26,331 ✭✭✭✭Peregrinus


    But the idea of getting the partner taken off the mortgage while the partner is still a part-owner of House C is a non-starter. So long as the house is jointly owned by OP and partner, both OP and partner have to be party to any mortgage of the house.



  • Registered Users Posts: 261 ✭✭Stretch1432


    Ok thanks for the advice .



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