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Mortgage restrictions on one bed apartments?

  • 15-06-2015 9:12pm
    #1
    VonLuck
    Registered Users, Registered Users 2 Posts: 2,361 ✭✭✭


    I am looking at getting a first time buyer mortgage for a one bed apartment in Dublin, but I am struggling to find a mortgage provider.

    Many of them refuse to give mortgages for one bed apartments, whilst others require a LTV of 75%, which I cannot afford.

    I have a deposit saved and would be able to follow the new central bank restrictions of 10% deposit and 3.5 times your salary, but banks seem have applied additional restrictions. Can someone explain why?

    Is it possible to get a mortgage for a one bed apartment with less than 25% deposit?


Comments

  • #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    One bedroom apartments struggle to retain their value, hence the banks reluctance to lend on them. You may have more success using a broker than by dealing directly with individual banks.


  • #3
    salmocab
    Registered Users, Registered Users 2 Posts: 11,467 ✭✭✭✭salmocab


    maybe the banks do a bit of profiling? maybe they think that someone of a certain age isn't likely to stay in a 1 bed for too long and might be selling before it has gained any equity.


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