Hello,
My wife and I are planning to buy a house soon, with a budget of about 180,000-250,000 Euros.
My wife is a branch manager at a large shoe retailer. I am self-employed. Since I am liable with both personal and business assets, I want my wife to purchase the house alone so that I am not listed as a co-owner. That should be possible, right?
I’m not sure if the lenders will approve a loan for my wife. She earns about 3,000 Euros gross. Would it be a problem if I am listed as a guarantor if the lender insists on having one?
I definitely want to avoid the situation where my creditors could claim my wife’s house if my business does not perform well.
I would really appreciate your advice. Thank you!
My wife and I are planning to buy a house soon, with a budget of about 180,000-250,000 Euros.
My wife is a branch manager at a large shoe retailer. I am self-employed. Since I am liable with both personal and business assets, I want my wife to purchase the house alone so that I am not listed as a co-owner. That should be possible, right?
I’m not sure if the lenders will approve a loan for my wife. She earns about 3,000 Euros gross. Would it be a problem if I am listed as a guarantor if the lender insists on having one?
I definitely want to avoid the situation where my creditors could claim my wife’s house if my business does not perform well.
I would really appreciate your advice. Thank you!
T
toxicmolotof6 Jul 2014 22:51That is certainly possible, and if your business carries such risks, it’s not a bad idea.
Whether the bank will approve it with or without you as a guarantor can only be confirmed by the specific bank.
In any case, your wife must be able to repay the loan on her own. A guarantor is not responsible for repaying the loan but serves only as additional security for the bank.
Whether the bank will approve it with or without you as a guarantor can only be confirmed by the specific bank.
In any case, your wife must be able to repay the loan on her own. A guarantor is not responsible for repaying the loan but serves only as additional security for the bank.
T
toxicmolotof6 Jul 2014 23:33Your creditors will not have access to their house if you arrange it accordingly.
How do you plan to contribute? The bank does not care because you are not the borrower. Moreover, in the worst case, you might no longer be able to contribute financially because you have no income. Then, even if you have to participate financially, your creditor would not have a claim on the property, but the lending bank would.
How do you plan to contribute? The bank does not care because you are not the borrower. Moreover, in the worst case, you might no longer be able to contribute financially because you have no income. Then, even if you have to participate financially, your creditor would not have a claim on the property, but the lending bank would.