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Mortgage Deposit simple clarification

  • 27-07-2016 9:17pm
    #1
    flashforward
    Registered Users, Registered Users 2 Posts: 325 ✭✭


    Scenario:
    First Time Buyers
    House Price = €350k

    Deposit:
    @ 10% for the 1st €220k = €22k
    @ 20% for the remainder = €26k
    Total Deposit needed = €48k

    1st Question: Do I get a mortgage from the bank for €350k or €302k?
    2nd Question: If the answer to Q1 is €302 then is the 3.5x salary multiplier based on the house price or the mortgage amount?


Comments

  • #2
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    3.5x is based on the mortgage amount. The mortgage is for the remainder after the deposit. Your calculations look correct.

    That said that's the CB rules satisfied but banks will have their own criteria in addition and will look at savings and stress testing in regard to income, any loans etc. and your record of saving.


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