Caden Grimes Estates

Residential & Commercial Property Sales & Lettings | Lettings Management | Accommodation Outsourcing | Corporate Relocation

  • PSRA Licence Nr 001883 | M 086-2432238
  • Home
  • Who we are
  • What we do
    • Sales
      • Residential
      • Commercial
    • Lettings
      • Residential
      • Commercial
      • Lettings Management
    • Corporate Accommodation Outsourcing
    • Corporate Relocation
  • Our Team
  • Testimonials
  • Contact Us

You’re A First Time Buyer But Your Partner Isn’t

May 8, 2019 By Lee

At least one lender is willing to consider applications – but with conditions –
Dominic Coyle had an interesting article in the Irish Times this week –

Caden Grimes Estates is registered for the Sale and Letting of Property, PSRA Licence 001883

Last week, we had a letter from a woman who was checking to see if there was any way she, who has never owned a property, could avail of first-time buyer status given that her husband had previously owned an apartment.

I said confidently that, as a married couple, all lenders would assess them jointly and therefore his previous property ownership would disbar her – even though she had the earnings and savings to qualify for the required mortgage on her own.

Since then, I have had a couple of emails from financial advisers alerting me that the situation is no longer as cut and dried. Belinda McCauley, mortgage manager at Money Plus, which is based in Sligo but has a Dublin office, and Andriú Mac Lochlainn, a regional head of financial planning at Murray & Spelman, which has offices in Naas and in Galway, both tell me that at least one lender is prepared to consider such cases.

Haven Mortgages was originally set up by EBS Building Society but is now a specialist unit within AIB offering home loans through brokerages as against the direct channel with the bank.

It apparently does consider applications from lenders in the reader, Ms P.O’F.’s, position although both advisers warn that the criteria for acceptance are quite restrictive.

Apparently, they will insist that the applying spouse is not only financially independent but that they are able to carry their spouse as a dependent when affordability is considered. I’m conscious that, in Ms P. O’F’s, case, her husband is also financially independent – and apparently this is also likely to be a requirement – but it appears that, for the purpose of assessing the affordability of this mortgage that might not be taken into consideration.

The applicant will similarly have to demonstrate that they have the financial muscle to provide for any dependent children.

Not surprisingly, if a mortgage was secured, the property would have to be registered solely in the name of the borrower, not both spouses. If all that pans out, then I am told that the borrowing spouse could avail of first-time buyer status.

As you can see, the conditions are pretty onerous but, in a world where no other lender appears even to consider such loans, it is at least an option and one that people in our reader’s position might like to consider.

Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or email dcoyle@irishtimes.com. This column is a reader service and is not intended to replace professional advice.

Filed Under: Uncategorized Tagged With: #CadenGrimesEstates, auctioneer dublin, best auctioneer dublin, best estate agent Dublin, Estate Agent, estate agent dublin, let my apartment dublin, sell my house dublin

    Contact Us Now!







    Testimonials

    Mary One Property

    "We first engaged Gerry Grimes to find a tenant for us in 2005 and have been using his services ever since. We don't even consider contacting another agency when we are looking for new tenants. Gerry's judgement has always been sound, the end result being that our property has been let without major gaps in tenancy and the clients were long lasting and reliable."

    Helen One Apartment

    "Property for People has proven themselves to me on a number of counts. Rapid response to queries, a comprehensive service leaving no loose ends when leasing and most importantly the genuinely sound tenants that they found for the apartment."

    Peter Weston Investments, Various Commercial and Residential Properties

    "Gerry rents and looks after my investment properties. Rents, problems, leases are all under his control, he takes a huge amount of work from me. He’s very reliable and quick to get back to me, an excellent manager."

    Jini & Terence Rooney One Property

    "PropertyforPeople has managed our property for the past four years. He consistently conducted his business expertly, efficiently and with minimum intrusion to us. He secured several excellent tenants who left the property in impeccable condition. Based on the high quality of service that we have received from Gerry, we would gladly recommend his services to anyone seeking a reliable property manager."

    << Prev
    Next >>

    ©2017 Caden Grimes Estates. All Right Reserved.

    This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT