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Mortgage Advice

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  • 14-04-2015 12:40pm
    #1
    jkiamasnake
    Registered Users Posts: 44 ✭


    Hi Folks,

    I had been approved in principle for €162,500 mortgage. I have cash funds of €25,000 saved. I recently agreed to buy an apartment in Dublin for €165k.

    As it is under the €220k threshold, I presumed I would just need 10% ie €16,500 and secure a mortgage for €148,500 and thereby have enough to pay legal fees etc

    However, I have phoned my bank to tell them I had found the property and after they found out it is a one bed apartment they suddenly want a 75% mortgage ie 123k...is this allowed? Will other banks be the same?


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    #2
    Flatzie_poo
    Registered Users Posts: 562 ✭✭✭Flatzie_poo


    Short answer, yes, for a 1 bed apt.

    75% is the LTV any bank who I ever dealt with would seek.

    If this was a 2/3 bed, they'd look for 10%


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    #3
    Seany
    Registered Users Posts: 462 ✭✭Seany


    Yes this is the case with most (all?) lenders. They will allow 90% mortgage on a property with 2 or more bedrooms though so your existing approval will still be valid in that case.


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