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Mortgage-low income but big deposit

  • 04-03-2019 7:16pm
    #1
    WexfordRonald
    Registered Users, Registered Users 2 Posts: 14 ✭


    Hello,

    I am trying to get a mortgage but no bank seems interested. I have a steady job of around 38k a year and I have been gifted a deposit of 100k. However my wife isnt working so the only mortgage I have been offered is for 90k. I cant buy a house for 190K in this area. Is there any way to get around the 3.5 rule on my salary? I have no other loans and have been paying 900 a month in rent for the past 3 years. My bank account has been stable for the past few years although not a lot of savings.
    Tagged:


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    3.5 times income is Central Bank Regulations and while there are exceptions unfortunately you won't qualify as your income is too low. You didn't mention if you have dependents which will also affect how much you can borrow. All lenders have there own credit criteria and policy and have a monthly net disposable income that you must meet.

    If you're a first time buyer have you considered the Rebuilding Ireland Loan which do not have to use the 3.5 times income and offer much lower interest rates.

    Your wife may need to seek permanent employment if you wish to get a higher mortgage.


  • #3
    Cape Clear
    Registered Users, Registered Users 2 Posts: 2,724 ✭✭✭Cape Clear


    WexfordRonald wrote: »
    Hello,

    I am trying to get a mortgage but no bank seems interested. I have a steady job of around 38k a year and I have been gifted a deposit of 100k. However my wife isnt working so the only mortgage I have been offered is for 90k. I cant buy a house for 190K in this area. Is there any way to get around the 3.5 rule on my salary? I have no other loans and have been paying 900 a month in rent for the past 3 years. My bank account has been stable for the past few years although not a lot of savings.

    Have you looked into Rebuilding Ireland fund or local authority.


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