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Mortgage deposit query

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  • 05-04-2011 4:26pm
    #1
    greeno
    Registered Users Posts: 454 ✭✭


    Ok, so my folks have built a second smaller home and are selling their current home for a retirement fund. Bad time to be doing it I know.

    Anyway they want to give me the opportunity to buy it.
    I do have a bit of money put away but not enough for a deposit.

    I earn a good salary and would be well able to meet the repayments. If hypothetically the house was valued at 250k and I wanted to borrow 200k to buy it as that is all my parents would be looking for. Would the banks lend?

    The question basically is when banks say 90% mortgages does the 10% have to be a deposit or can one borrow less than the house is worth?


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    #2
    Stephen_Red
    Registered Users Posts: 5 ✭Stephen_Red


    If you meet the following criteria then any good mortgage broker should be able to help you out,
    1. in full time permanent employment
    2. salary = or > 40,000
    3. repayment capacity of >€1,000 per month, ie 6 month history of rent and or savings of more than €1,000 per month
    4. no outstanding debts
    5. borrowing less than 85% of real value of the property
    You will not qualify with all mortgage lenders but some will treat the equity in the house as a gift from your parents and so you will not need a deposit.


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