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Deposit Exemption

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  • 16-12-2016 12:33pm
    #1
    Mitten30
    Registered Users Posts: 18 ✭


    Has anyone successfully gotten an exemption from the 20% deposit for second time buyers?
    We have 10% saved and were going to apply and approval in principal for a negative equity mover mortgage - great! The price of your apartment has gone up in value though so now we are out of negative equity & technically need a 20% deposit, which we don't have.

    Any advice or guidance?


Comments

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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    What would your LTI be? You're more likely to get an exemption if you have a low LTI.


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    #3
    Mitten30
    Registered Users Posts: 18 ✭Mitten30


    What do you mean by that? We are hoping to buy for €350k and have a €35k deposit saved


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    #4
    TimeToShine
    Registered Users Posts: 4,881 ✭✭✭TimeToShine


    Loan to Income ratio, what's your combined salary?


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    #5
    listermint
    Registered Users Posts: 33,972 ✭✭✭✭listermint


    Everyones situation is different. No one in here can really answer it because they do not have access to your combined income wage slips. your credit history. your savings history and so forth.

    The only person who can answer this in full is multiple mortgage brokers.


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    #6
    Ayuntamiento
    Registered Users Posts: 346 ✭✭Ayuntamiento


    Banks tend to reserve exemptions for those customers that they really want on their balance sheet (ie. high income earners who have lots of disposable income left over after their monthly outgoings). We got an exemption but I got the feeling that we were borderline on a refusal despite having a combined income of 150,000 with none of the usual drains on income like kids etc.


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