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Stress test

  • 19-06-2020 01:42PM
    #1
    maxsmum
    Registered Users, Registered Users 2 Posts: 521 ✭✭✭


    Hi, does anyone know the amounts BOI use when stress testing for a new mortgage application - how much income you need left over after (mortgage? utilities? what is counted exactly?) and how much they subtract for a dependant - thanks. I can find info on other banks websites but not BOI. Not going through the hassle of an application until the accounts are in order!


Comments

  • #2
    Boards.ie: Niamh
    Boards.ie Employee, Boards Employee 2, Boards Employee 3 Posts: 12,597 ✭✭✭✭✭Boards.ie: Niamh
    Boards.ie Community Manager


    Moved to Banking forum.

    How can I? User's guide to some features on the new site



  • #3
    pooch90
    Registered Users, Registered Users 2 Posts: 2,437 ✭✭✭pooch90


    maxsmum wrote: »
    Hi, does anyone know the amounts BOI use when stress testing for a new mortgage application - how much income you need left over after (mortgage? utilities? what is counted exactly?) and how much they subtract for a dependant - thanks. I can find info on other banks websites but not BOI. Not going through the hassle of an application until the accounts are in order!

    I'm no help to you I'm afraid, but could you tell me where you found this info for other banks please?


  • #4
    [Deleted User]
    Posts: 17,925 ✭✭✭✭ [Deleted User]


    Stress test is based on +2% interest rate.
    If you fix for the first few (maybe 2 I'm not sure it's not required).
    Generally the amount you can borrow is simply the 3.5 multiple of your income along with demonstrated history of saving (or rent paying) the mortgage amount monthly.


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