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Borrowing more than 3.5 gross income for a mortgage?

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  • 25-06-2015 11:15am
    #1
    allybabe84
    Registered Users Posts: 87 ✭✭


    Quote from the Internet: "You can now only borrow 3.5 times your gross income (ie joint salary of €100,000=mortgage of €350,000), although this limit can be exceeded in about one in every five applications."

    Does anybody know what it takes to actually have this limit exceeded??
    Thanks


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    #2
    MrWalsh
    Closed Accounts Posts: 2,664 ✭✭✭MrWalsh


    allybabe84 wrote: »
    Quote from the Internet: "You can now only borrow 3.5 times your gross income (ie joint salary of €100,000=mortgage of €350,000), although this limit can be exceeded in about one in every five applications."

    Does anybody know what it takes to actually have this limit exceeded??
    Thanks

    The banks would look at each case individually, there could be a will in probate with a large sum on its way to someone or they could be waiting on another asset to be sold etc..


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    #3
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    People in Jobs with guaranteed increases in salary down the line would also be a reason I'd imagine.


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    #4
    farrerg
    Registered Users Posts: 133 ✭✭farrerg


    Low loan to values I'd imagine, or young professionals like junior doctors, trainee solicitors or actuaries etc


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    #5
    Unearthly
    Registered Users Posts: 8,040 ✭✭✭Unearthly


    I can confirm that having a high deposit and low LTV will get you higher than 3.5 of salary.


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