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Deposit exemptions

  • 03-10-2019 6:33pm
    #1
    sparkle109
    Registered Users, Registered Users 2 Posts: 176 ✭✭


    Hi,
    I was wondering if anyone knew whether it was possible to get a mortgage for a lower % deposit (I.e not 20% of the amount over 220k) if your combined income is under the 3.5 times buying rule? I’m getting conflicting advice.

    Thanks
    Olivia


Comments

  • #2
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Of course it's possible, but if any credit committee signed off on a policy allowing it is regard them as grossly, grossly incompetent. You need your 10%.


  • #3
    sparkle109
    Registered Users, Registered Users 2 Posts: 176 ✭✭sparkle109


    myshirt wrote: »
    Of course it's possible, but if any credit committee signed off on a policy allowing it is regard them as grossly, grossly incompetent. You need your 10%.

    Apologies I mistyped this. I meant if I had 10% overall, rather than 20% over the first 220k?


  • #4
    JohnnyChimpo
    Registered Users, Registered Users 2 Posts: 1,136 ✭✭✭JohnnyChimpo


    your information is very out of date

    Up to 31 December 2016: For first-time buyers of principal dwelling homes there was a limit of 90% LTV on the first €220,000 of the value of a residential property, so first-time buyers needed a deposit of 10% for a house or apartment costing €220,000 or less.

    A limit of 80% LTV applied on any excess value of the property above €220,000, so first-time buyers needed a deposit of 10% on the first €220,000 and 20% of any balance above €220,000.

    Since 1 January 2017: For first-time buyers of principal dwelling homes the limit of 90% LTV applies on the full value of all residential property, so first-time buyers will need a deposit of 10% for any house or apartment, regardless of price.

    For non-first-time home-buyers, there is a limit of 80% of LTV on new mortgage lending, whatever the price of the property, so they will need a deposit of 20% of the total purchase price.


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