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16-11-2018, 18:40   #16
Rew
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Didn’t know that, being a FTB is good for something again!
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17-11-2018, 20:05   #17
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if they're a first time buyer then 10% is fine, no?
Yes, 10% as others have said.

I think what the poster was referring to was BANK rules if you want an exemption. It's all up to the bank if they want to give you an exemption. Some applications don't even get 3.5 times income which isn't mentioned here that often. So an exemption is extra. Where you do get an exemption you can get 3.75 times basic income, sometimes 4.00, and rarely 4.50.

To get the exemption, ballpark you need 90-100k family income, and a 20% deposit, and looking at a specific house. 3 beds are better than 4. Easier to flip. Etc.

The exemption is usually on basic income, not overtime, bonuses etc. On bonuses and overtime, if they are consistent you can get 3.5 times on them as long as the bonus is no more than 15% of your base.
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18-11-2018, 10:40   #18
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Ulster bank gave me approval for 5 times my salary in 2016 or 2017.
I do have a large deposit though
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19-11-2018, 10:14   #19
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I got 4.5x in 2015 from BOI. Again I had a large deposit, circa 40% and also my income multiplier was on my basic salary only, but in reality I earn up to 40% on top on an average year, more if I have a good year, so I guess I was a good bet in the round. I also had (have ) no dependents.

Exceptions are just that, and they're limited. You have to have something going for you over and above the norm, or the bank is unlikely to chose you for this scarce resource.
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11-12-2019, 15:03   #20
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Hiya, I'm a curious hopefully-soon-to-be first time buyer and am interested to hear whether others not meeting the specific criteria listed above have managed to get the 4.5 exception? I'm going through a mortgage broker and will apply in January but I'm keen to see if others have been successful. I'm a single FTB, no dependants, with 10% deposit only, just over 61,000 annual gross salary. I'm in a permanent job in the public sector but I recognise that I am not likely to appear as strong of a candidate as a couple with higher savings or etc. I'd love to hear others' experiences and if there's anything I can do to strengthen my case. Cheers!
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11-12-2019, 15:05   #21
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Yes, 10% as others have said.

I think what the poster was referring to was BANK rules if you want an exemption. It's all up to the bank if they want to give you an exemption. Some applications don't even get 3.5 times income which isn't mentioned here that often. So an exemption is extra. Where you do get an exemption you can get 3.75 times basic income, sometimes 4.00, and rarely 4.50.

To get the exemption, ballpark you need 90-100k family income, and a 20% deposit, and looking at a specific house. 3 beds are better than 4. Easier to flip. Etc.

The exemption is usually on basic income, not overtime, bonuses etc. On bonuses and overtime, if they are consistent you can get 3.5 times on them as long as the bonus is no more than 15% of your base.
Does the bank get to use the excess delta between the approved amount and 3.5, to allow further exemptions?
I've never borrowed near 3.5 times.
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11-12-2019, 18:19   #22
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Quote:
Originally Posted by lir6777 View Post
Hiya, I'm a curious hopefully-soon-to-be first time buyer and am interested to hear whether others not meeting the specific criteria listed above have managed to get the 4.5 exception? I'm going through a mortgage broker and will apply in January but I'm keen to see if others have been successful. I'm a single FTB, no dependants, with 10% deposit only, just over 61,000 annual gross salary. I'm in a permanent job in the public sector but I recognise that I am not likely to appear as strong of a candidate as a couple with higher savings or etc. I'd love to hear others' experiences and if there's anything I can do to strengthen my case. Cheers!

+1 on this, I'm in the same situation and wondering if single people can get exemptions. Even 4x would make a massive difference to me.
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11-12-2019, 18:26   #23
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I’ve heard it’s harder for single applicants to get the exemptions. My brother was a single applicant was getting HTB but it mortgage was 69% of the purchase price. To be eligible for HTB he had to borrow 70%. In reality that was an extra 2k he needed for the bank to hit 70% and he would get 12k back from HTB. Bank refused to give him an exemption of the 2k as he was a sole applicant whereas a couple on the same income between would have gotten it. I agree with the rules in general but some decisions like that don’t make sense.

It’s not impossible but I say it’s a bit harder.
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11-12-2019, 21:04   #24
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Originally Posted by Dolbhad View Post
I’ve heard it’s harder for single applicants to get the exemptions. My brother was a single applicant was getting HTB but it mortgage was 69% of the purchase price. To be eligible for HTB he had to borrow 70%. In reality that was an extra 2k he needed for the bank to hit 70% and he would get 12k back from HTB. Bank refused to give him an exemption of the 2k as he was a sole applicant whereas a couple on the same income between would have gotten it. I agree with the rules in general but some decisions like that don’t make sense.

It’s not impossible but I say it’s a bit harder.
God that seems mad! Thanks for your thoughts; it does seem to leave single buyers in a position where (without a big deposit, which is very difficult to accrue while paying high rents) they will be unable to get a sufficient mortgage to buy a home in most cities. You'd hope for some flexibility but sounds like your brother didn't get any!
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12-12-2019, 00:08   #25
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I'm a single buyer and got an exception of 4x LTI. Have a chunky deposit (40%) which is more than likely what swung it for me. Very difficult to save for the deposit if paying high rents of course. I'm lucky enough to be living at home so didn't have to worry about that.
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12-12-2019, 09:43   #26
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Originally Posted by lir6777 View Post
God that seems mad! Thanks for your thoughts; it does seem to leave single buyers in a position where (without a big deposit, which is very difficult to accrue while paying high rents) they will be unable to get a sufficient mortgage to buy a home in most cities. You'd hope for some flexibility but sounds like your brother didn't get any!
That’s it - considering a small amount of money meant he was going to get more money back didn’t make sense. In the end he bought a slightly cheaper new build to bring him within the value of 70%. So I think you need to be earning a more than average wage and a nice deposit behind you as banks seem to be more cautious that if you lose your job, they don’t have a second person to come after.

Whereas myself and my partner have received an exemption of 4* times off more than one bank and I have a similar job to my brother.
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13-12-2019, 13:26   #27
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I'm a single buyer and got an exception of 4x LTI. Have a chunky deposit (40%) which is more than likely what swung it for me. Very difficult to save for the deposit if paying high rents of course. I'm lucky enough to be living at home so didn't have to worry about that.
Thanks for that. The rents really are crucifying people at the moment!! Even if I wait another year and save hard, because of rent and the rate of tax I pay I would struggle to put away much more than another 5-8% deposit, during which time I'm afraid property prices would only continue to increase anyway..
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13-12-2019, 20:34   #28
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Thanks for that. The rents really are crucifying people at the moment!! Even if I wait another year and save hard, because of rent and the rate of tax I pay I would struggle to put away much more than another 5-8% deposit, during which time I'm afraid property prices would only continue to increase anyway..

Would you be eligible for the Rebuilding Ireland? I think that’s a good avenue to check out if sole applicant.
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13-12-2019, 21:28   #29
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Would you be eligible for the Rebuilding Ireland? I think that’s a good avenue to check out if sole applicant.
Thanks for the suggestion! I just googled it and my income seems to be too high to be eligible- has to be under 50,000. Looks like a great scheme though,I didn't know about it!
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