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New Mortgage Regulations - Exemptions

05-07-2015 9:14pm

#1

mooreman09

Registered Users, Registered Users 2 Posts: 583 ✭✭✭

Join Date: February 2009

Posts: 564

Hey

I'll be applying the next year or so, so I'm studying up a bit. We are saving away a couple of thousand a month in the hope of raising a large deposit due to the new mortgage regulations. Its tough going, but a worthy cause!

I've noticed a clause in the Central Banks regulations that states that banks can offer more than the 3.5 x salary limit on 20% of their residential loan book per year. I can't find any info on what you can do to gain this exemption. I've learned they can offer 4.25 salary level. I personally think 4x salary is perfect and fair. 3.5 is a bit unfair on FTB's.

Anyways, it'd be great if anyone had any insight or experience on this?

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