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How much to save for a deposit for a 1br in Dublin

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  • 25-01-2011 11:46am
    #1
    lima
    Registered Users Posts: 1,239 ✭✭✭


    Hi,

    I've saved up a bit of cash contracting in the UK and I'm leaving soon to go to Australia for at least a year. I'm looking at sticking some money in savings with the hope of buying a 1br in north or central Dublin upon my return in a year or two. How much do you think is required for a deposit? Is €35k enough??

    I haven't a clue about mortgages and have been out of Ireland for nearly 7 years so relevant constructive comments only please.

    Thanks
    Tagged:


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    #2
    lainey316
    Registered Users Posts: 902 ✭✭✭lainey316


    I believe the current maximum LTV on one-beds is around 80% at the moment from some lenders - this may reduce further. I would target 30% of purchase price as what you need to have saved.

    However I wouldn't be limiting myself to a one bed if I were you.


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    #3
    JoeyJJ
    Registered Users Posts: 3,663 ✭✭✭JoeyJJ


    Your problem on your return will be providing bank with assurances on your capability to pay a mortgage, to satisfy that you will probably need a fultime job and be in employment for a while.

    Maybe apartments will be 100k in that area in which case you would have a decent amont of equity and be a lower risk to the bank.


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