Mortgate borrowing percentage

Saruman

I need a mortgage.. i NEED 100% but thats not going to happen so is there anywhere that does higher than 92%??? I thought i heard of somewhere that does 97% but cant remember where and have not come across it again.

I might try Rea for a mortgage.. anyone use them?

Victor

You are unlikely to get much above that figure unless there is an exceptional reason for the lender to do so. Stamp duty it the event of repossession means the bank are unwilling to take the bite.

Saruman

Oh is that why we cant borrow 100%???? That actually makes sense unfortunatly.... i thought they were all just assholes.
Bring back the first time buyers grant!!!

Eurorunner

Bring back the first time buyers grant!!!

Pointless....goes straight into the hands of the builders.

vibe666

the other reason being, that they expect you to pay something yourself when you're buying a place. if you can't save enough for a deposit, then how can they expect you (from their perspective, not mine, don't think I'm getting at you) to repay a mortgage?

personally, my g/f and i are borrowing some money off the credit union to help bump up our savings for the deposit, but that's only because she's been with them since she was born more or less, and she has a good family history with them.

Rambo

Saruman wrote:

I need a mortgage.. i NEED 100% but thats not going to happen so is there anywhere that does higher than 92%??? I thought i heard of somewhere that does 97% but cant remember where and have not come across it again.

I might try Rea for a mortgage.. anyone use them?

try this

http://www.nmsmortgages.com/100percentmortgages.htm

boo4842

My cousin said that Ulster Bank do 100% mortgages, but I'm not sure, and I used to work for UB.

IMO anything over 90% is a rediculous risk for a bank to take on a prospective buyer especially considering the income to price ratio's that the banks are willing to accept now a days.

A few years ago they would lend 3.5 times your income at most. On an average wage of 30k p.a. thats about €105,000 mortgage. You obviouly can't get a house for this now, so they are drastically increasing the risk by lending at 5 - 8 or more times income. And then you have people looking for 100% mortgage? If they can't pay, they will be taking a huge loss after all the fees etc. If the house actually decreases in value, and the person jst walks away, they bank could be screwed.

And why not give a tax exemtion to those saving specifiaclly for a deposit on a house? Like a SSIA or Pension type thing, that must be pegged exclusively for a 1st time buyer on a house? No, that makes too much sense, and thats not what the Irish Gov't has when it comes to housing or those not on the property ladder.

Sleepy

What's often done is to borrow a deposit from the credit union, don't declare this on the mortgage form with the bank you're borrowing from and you should get your loan. This works best when buying somewhere off the plans as that way you have a headstart in paying off the deposit before you start paying the mortgage too.

It's financially precarious and if the market collapses, you'll be bankrupt but the Bank's can't check your credit history with credit unions too easily and the market's been going steadily mad for a long time now so most people get away with it.

joejoem

boo4842 wrote:

My cousin said that Ulster Bank do 100% mortgages, but I'm not sure, and I used to work for UB.

IMO anything over 90% is a rediculous risk for a bank to take on a prospective buyer especially considering the income to price ratio's that the banks are willing to accept now a days.

A few years ago they would lend 3.5 times your income at most. On an average wage of 30k p.a. thats about €105,000 mortgage. You obviouly can't get a house for this now, so they are drastically increasing the risk by lending at 5 - 8 or more times income. And then you have people looking for 100% mortgage? If they can't pay, they will be taking a huge loss after all the fees etc. If the house actually decreases in value, and the person jst walks away, they bank could be screwed.

And why not give a tax exemtion to those saving specifiaclly for a deposit on a house? Like a SSIA or Pension type thing, that must be pegged exclusively for a 1st time buyer on a house? No, that makes too much sense, and thats not what the Irish Gov't has when it comes to housing or those not on the property ladder.

Only doctors, dentists and Solicoters qualify for 100%finance. If your looking for advice I can help you, I work in the property business, so I could help or at least I can advise you the best place to go.

therecklessone

Be very careful if you're borrowing from a credit union to get the deposit on a house. Bear in mind that a number (9 IIRC) of credit unions are in the Irish Credit Bureau, so your loan *may[* show up on a credit check.

You will be asked by the mortgage company you choose to provide proof that you have sufficient savings to pay the remainder of the purchase price (full price-mortgage amount).

You will be asked for 6 months bank statements.

You will be asked for payslips.

Have a good story ready in case they decide to ask questions.

joejoem

Again though that would depend on the company, in my experience, honesty to the broker is the best option, they will advise you which Credit union to borrow off. Its imerative to know you can afford the repayments on your mortgage and Union loan though, even one overdue repayment can mess your credit history for years

flyinfishmonkey

joejoem wrote:

Only doctors, dentists and Solicoters qualify for 100%finance. If your looking for advice I can help you, I work in the property business, so I could help or at least I can advise you the best place to go.

Sorry. I edited this myself. PM'ing the details instead.