Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage Deposit simple clarification

Options
  • 27-07-2016 10:17pm
    #1
    flashforward
    Registered Users Posts: 314 ✭✭


    Scenario:
    First Time Buyers
    House Price = €350k

    Deposit:
    @ 10% for the 1st €220k = €22k
    @ 20% for the remainder = €26k
    Total Deposit needed = €48k

    1st Question: Do I get a mortgage from the bank for €350k or €302k?
    2nd Question: If the answer to Q1 is €302 then is the 3.5x salary multiplier based on the house price or the mortgage amount?


Comments

  • Options
    #2
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    3.5x is based on the mortgage amount. The mortgage is for the remainder after the deposit. Your calculations look correct.

    That said that's the CB rules satisfied but banks will have their own criteria in addition and will look at savings and stress testing in regard to income, any loans etc. and your record of saving.


Advertisement