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3.5 exemption

  • 26-06-2017 10:49pm
    #1
    okeydokeys22
    Registered Users, Registered Users 2 Posts: 57 ✭✭


    Hi

    Myself and my partner both earn 50k combined. Over theast 4 years we have managed to consistently save just over 70k between us and have been gifted 20k, totalling 90k deposit.

    Our problem lies with the 3.5 multiple rule.
    While I appreciate it is put in place to limit excessive borrowing, we are looking for a bank willing to lend us 214,000 to be exact.

    Would BOI be willing in your opinion to consider lending us this amount, or is our salary simply restricting us to a max of 175,000.
    We can demonstrate to you consistent saving patterns, and frugal spending over the past few years. We are both young FTBs and have no dependents or other debt.

    Kind regards
    K.


Comments

  • #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    okeydokeys22 wrote: »
    Hi

    Myself and my partner both earn 50k combined. Over theast 4 years we have managed to consistently save just over 70k between us and have been gifted 20k, totalling 90k deposit.

    Our problem lies with the 3.5 multiple rule.
    While I appreciate it is put in place to limit excessive borrowing, we are looking for a bank willing to lend us 214,000 to be exact.

    Would BOI be willing in your opinion to consider lending us this amount, or is our salary simply restricting us to a max of 175,000.
    We can demonstrate to you consistent saving patterns, and frugal spending over the past few years. We are both young FTBs and have no dependents or other debt.

    Kind regards
    K.
    Hi okeydokeys22,

    Thank you for your message. All mortgage applications are dealt with on a case by case basis so I would ask you to contact our mortgage section and they will be able to go through this with you. I have given a link here.
    This link gives all the ways you can get in contact with our mortgage team or request a call back so they can have a further look into this for you.
    Thanks again for the message.
    Darren.


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