How much can you borrow?
Our typical minimum income to qualify for a mortgage are as follows:
Single applicant €32,500
Joint applicants €50,000
Can I Borrow more than 3.5 times gross income?
New Central Bank guidelines ( imposed to slow down house price growth) place a limit of 3.5 times your gross annual income as your maximum mortgage. In most instances this limit will be applied.
This 3.5 times limit can be exceeded in certain circumstances.
The typical income levels where exceptions would be considered are:
Single applicant Income > €50,000
Joint Applicants Income >€80,000
Subject to demonstration of strong financial management, facilities in the region of 4 times could
Can the minimum deposit rules be exceeded?
Central bank deposit rules are 10% for first time buyers up to a purchase price of €220,000 and 20% on the excess over €220,000
A 20% deposit is required for second time buyers
Facilities up to 90% will be considered where income levels are at the levels below and employment prospects are strong.
Single applicant Income >€50,,000
Joint application> €80,000.
Each lender will offer a different borrowing level!
In calculating your approval level we analyse maximum mortgage facility levels from all our lenders .
Our role is to secure the best mortgage facility for you.Source: www.mortgages.ie