BOI operates minimum mortgage value of 175k for FTB's in Dublin

gurramok

Disgraceful act to prop up a dead market and this bank took billions from the taxpayer.
http://www.tribune.ie/news/article/2009/nov/01/first-time-buyers-offered-loans-but-theres-a-catch/

Just look at the crazy lending terms still out there, all on 35yrs.

Tribune wrote:

The buyer: A 30 year old single first time buyer with a €39,000 annual income working for a private company. Savings of €12,000 and no other debt or dependents, looking for a mortgage over 35 years.

BANK OF IRELAND
Mortgage offered: Up to €195,000
Income multiple: 5
Deposit: 8%
Open for affordable housing: Yes. But operates a 'minimum value'* €175,000 for mortgages on properties in the Dublin region and between €125,000 and €150,000 elsewhere

AIB
Mortgage offered: Up to €222,000
Income multiple: Approx 5.7
Deposit: 8%
Open for affordable housing: No

EBS
Mortgage offered: Up to €220,000
Income multiple: Approx 5.6
Deposit: 8%
Open for affordable housing: Yes, will loan up to 100% of price

PERMANENT TSB
Mortgage offered: Up to €193,000, but given previous savings history this could stretch to €215,000.
Income multiple: Approx 4.9-5.5
Deposit: 10%
Open for affordable housing: No. But if the "clawback" from local council is removed this may be possible.

astrofool

They also offer the lowest amount. BOI has been a non player in the mortgage market for some time now, I remember when getting mortage approval, they would only be willing to lend about 80% of what any other lender would.