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Having 2 houses after marriage separation

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  • 21-04-2019 8:46am
    #1
    smokingman
    Registered Users Posts: 3,737 ✭✭✭


    Hi all,
    Wondering if there are any things to consider if I continue to pay mortgage on a family home (tracker) and also buy myself a 3 bed semi for myself after a marriage breakup.
    Is effectively owning 2 mortgages in that situation feasible and does it have tax implications?
    Marriage split is amicable and neither of us want to give up the tracker which is in both our names. Plan is to sell the family home when kids move out in 12-15 years and split the proceeds.


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    There will be CGT implications vis-a-vis proceeds of sale of the current family home if you're splitting the proceeds and are no longer resident in the property.
    With respect of getting a second mortgage for another property- that depends entirely on your own financial standing- however, it would be considered quite exceptional for a lender to consider you for a mortgage on a second property. You need to make an appointment with an independent financial advisor, lay out your cards on the table, and see what they advise.


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    #3
    jimmycrackcorm
    Registered Users Posts: 14,329 ✭✭✭✭jimmycrackcorm


    It's easier to just agree a deed of separation that takes into account how you want to split the assets.


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