3.5 time basic salary mortgage

mark085

Is there any way of borrowing more than the 3.5 limit I'm finding hard to find anywhere in price range about 165k currently living in South Dublin

Sono

There are exceptions to the rule alright, just need to ask the bank you've applied to and see if they will maybe make it 4 times your salary.

bmwguy

mark085 wrote: »

Is there any way of borrowing more than the 3.5 limit I'm finding hard to find anywhere in price range about 165k currently living in South Dublin

You can get an exemption from the 90% LTV or the 3.5 times salary in some circumstances but not both.
The banks can only do this is in a small percentage of cases and they choose the strongest applications to do this with.
What are you looking to buy? You haven't a hope of an exemption on an apartment and I don't think you will get a house for anywhere near 165k in Dublin.

dublinguy123

Assuming you are a first time buyer.

20% of borrowers can borrow more than 3.5 times your income. This means you could potentially borrow up to 4.5 times your income. Although you would have to be in a strong financial eg have a large deposit/very good career prospects.

Full details of the updated regulations are available here:

https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures

mark085

bmwguy wrote: »

You can get an exemption from the 90% LTV or the 3.5 times salary in some circumstances but not both.
The banks can only do this is in a small percentage of cases and they choose the strongest applications to do this with.
What are you looking to buy? You haven't a hope of an exemption on an apartment and I don't think you will get a house for anywhere near 165k in Dublin.

I'm just looking to get a one bed apartment if I could just get 4 times basic salary I would be Happy not have I got a Hope of getting a house my area
thanks for replies

bmwguy

mark085 wrote: »

I'm just looking to get a one bed apartment if I could just get 4 times basic salary I would be Happy not have I got a Hope of getting a house my area
thanks for replies

You will probably need more than a 10% deposit for a 1 bed apartment too. Banks don't really like lending for them as much as houses.

Hani Kosti

There is a chance provided you have a good amount of savings. We got approved in principle 3.85times without any bother, that said we had 15% of house purchase price saved and both in permanent employment with long established businesses.