BOI Reducing Mortgage Amount ?

lisasimpson

Hi all

Last year I got pre approval for a mortgage from BOI at 5 times my salary. A few months later I was told this was reduced to 4.75 times. I haven't bought a house yet but I heard today that BOI have reduced it to less than 4 times your salary. Could anyone confirm if this is true? also does anyone know what rate other banks are offering?
Reason I am asking is im still on a look out but im single and have to go it alone on a mortgage and want to see am I wasting my time killing myself saving like mad

killers1

lisasimpson wrote: »

Hi all

Last year I got pre approval for a mortgage from BOI at 5 times my salary. A few months later I was told this was reduced to 4.75 times. I haven't bought a house yet but I heard today that BOI have reduced it to less than 4 times your salary. Could anyone confirm if this is true? also does anyone know what rate other banks are offering?
Reason I am asking is im still on a look out but im single and have to go it alone on a mortgage and want to see am I wasting my time killing myself saving like mad

BOI did reduce their multiples in the past week or so. The actual multiple they offer depends on the salary level as they have a tiered approach. There are other lenders whose calculators are more generous than BOI and would allow you to borrow a higher amount so long as your salary allows you to qualify and you have proven you can afford the stressed repayments.

lisasimpson

Ya going to ask around alright. any idea what the tierring levels are?

Boardieman

I have had the same problem with BOI. They gave me pre approval about 3 months ago and once I had found a house 2 months later they reduced the amount by a couple of percent. I just told them I was taking my business elsewhere. I don't care to know the in's and out's of it, because for the sake of a couple of grand it was completely ridiculous in my opinion. I was told I had 3 months to find a house at the original rate. I believe permanent TSB are offering the best rates at the moment and are keen to lend again.

GavMan

Website still quoting 4.75 times salary and 90% as a general rule of thumb

pacman1989

I would be very interested in finding out about this too as about 6 months go i was approved for mortgage 4.75 times my salary . If its gone down to 4 thats a joke.