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Applying for a Mortgage with US Student Debt

  • 06-06-2023 02:40PM
    #1
    thisisadamh
    Registered Users, Registered Users 2 Posts: 629 ✭✭✭


    Hi all,

    My wife and I would like to apply for a mortgage in the near future, however, she has student debt in the US. We are paying this back as per the loan agreement. Other than that we are debt free. Paying off the student debt faster would probably take 10 years of doing nothing else but paying it off.

    I could apply for the mortgage in just my name, but don't think this is allowed since we are married and it would be our PPR. What is the best approach here?

    Thanks!

    Post edited by thisisadamh on


Comments

  • #2
    Grolschevik
    Registered Users, Registered Users 2 Posts: 3,472 ✭✭✭Grolschevik


    You can apply for the mortgage in your own name. But her income won't be taken into account and she may need to sign a waiver that purports to abrogate her rights...



  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,557 ✭✭✭phormium


    You can in theory apply for a mortgage in your own name but most lenders want joint mortgage when married so that may be first issue.

    Have to checked to see how much the existing repayments will affect the amount you can borrow? Realistically if it puts you way outside the borrowing criteria then is there a chance that you cannot actually afford the amount you may want to borrow, just asking! It's something you need to consider carefully.

    I would suggest contacting a mortgage broker, can't be the first time this issue has arisen and as they deal with several lenders they may know which ones are more open to looking at a case like that.



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