Tuesday September 22, 2020

How to get in shape for a mortgage application in 2016

The rules have become increasingly strict for mortgage applicants

3rd January, 2016
The Central Bank introduced new lending rules for mortgage applicants in February 2015

The Central Bank introduced new lending rules for mortgage applicants in February 2015. These rules are a very blunt instrument. Mortgages are capped by the following:

1: 3.5 times gross salary.

2: 90 per cent loan to value (LTV) maximum lending up to a purchase price of €220,000 and 80 per cent of the difference above this figure. On a purchase price of €300,000, €262,000 is the maximum borrowing, 87 per cent LTV. For non-first buyers, an 80 per cent LTV limit applies.

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