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Exemption above 4 x LTI ?

  • 22-04-2016 9:38am
    #1
    Sparky85
    Registered Users, Registered Users 2 Posts: 120 ✭✭


    Has anyone gotten more than 4 x their income from a bank under the exemptions allowed in certain percentage of cases?
    I'm talking maybe 4.3 or 4.5 times..... Has anyone achieved aproval for this?


Comments

  • #2
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    Its possible but you will need a 20% deposit of the higher amount


  • #3
    Sparky85
    Registered Users, Registered Users 2 Posts: 120 ✭✭Sparky85


    Deposit for the amount is in place, that's not an issue.
    It's around the salary multiple being applied.


  • #4
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    Will come down to how financially stable you are, your job stabilty and growth prospect, other outstanding debit. Id get into a bank or broker now and get cracking on it.


  • #5
    Sparky85
    Registered Users, Registered Users 2 Posts: 120 ✭✭Sparky85


    I have a broker looking after my application but spoke to him earlier this week and he was adamant that 4 times is the max multiple anybody can get.... I'm in long term permanent employment with no debts and have proven record of paying way above and beyond what the repayments would be for the amount I requested, basically I'm wondering if this guy is actually fighting my case as well as he could be..... Have 4.3 or 4.5 salary multiple been approved by lenders under the exemption LTI rules?


  • #6
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    http://www.irishtimes.com/business/financial-services/mortgages-how-to-get-around-the-central-bank-s-borrowing-rules-1.2614954

    This suggests it is


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  • #7
    mel123
    Registered Users, Registered Users 2 Posts: 2,240 ✭✭✭mel123


    Hi, I have got 4.5 but I have a second property so this was probably why I got the exception, but for sure its possible.


  • #8
    nagsheader
    Registered Users, Registered Users 2 Posts: 25 ✭nagsheader


    mel123 wrote: »
    Hi, I have got 4.5 but I have a second property so this was probably why I got the exception, but for sure its possible.

    Mel123. I am trying to borrow 4 times my salary and have another property. Im just curious what factors they considered when deciding on your exemption. ie LTV or rental income. Any advice much appreciated.


  • #9
    mel123
    Registered Users, Registered Users 2 Posts: 2,240 ✭✭✭mel123


    nagsheader wrote: »
    Mel123. I am trying to borrow 4 times my salary and have another property. Im just curious what factors they considered when deciding on your exemption. ie LTV or rental income. Any advice much appreciated.
    PM sent


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