Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Mortgage deposit query

  • 05-04-2011 3:26pm
    #1
    greeno
    Registered Users, Registered Users 2 Posts: 454 ✭✭


    Ok, so my folks have built a second smaller home and are selling their current home for a retirement fund. Bad time to be doing it I know.

    Anyway they want to give me the opportunity to buy it.
    I do have a bit of money put away but not enough for a deposit.

    I earn a good salary and would be well able to meet the repayments. If hypothetically the house was valued at 250k and I wanted to borrow 200k to buy it as that is all my parents would be looking for. Would the banks lend?

    The question basically is when banks say 90% mortgages does the 10% have to be a deposit or can one borrow less than the house is worth?


Comments

  • #2
    Stephen_Red
    Registered Users, Registered Users 2 Posts: 5 ✭Stephen_Red


    If you meet the following criteria then any good mortgage broker should be able to help you out,
    1. in full time permanent employment
    2. salary = or > 40,000
    3. repayment capacity of >€1,000 per month, ie 6 month history of rent and or savings of more than €1,000 per month
    4. no outstanding debts
    5. borrowing less than 85% of real value of the property
    You will not qualify with all mortgage lenders but some will treat the equity in the house as a gift from your parents and so you will not need a deposit.


Advertisement