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

how does it work

Options
  • 30-08-2017 7:01pm
    #1
    triple nipple
    Registered Users Posts: 334 ✭✭


    Hi all, stupid question but am sure am not the first

    If i want to buy a house for 150k but im only approved for say 120k from the bank, do i need to pay 10% of 120 or 150????

    TIA


Comments

  • Options
    #2
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    triple nipple wrote: »
    Hi all, stupid question but am sure am not the first

    If i want to buy a house for 150k but im only approved for say 120k from the bank, do i need to pay 10% of 120 or 150????

    TIA

    You need to pay the difference between the selling price and the mortgage i.e. 30k.

    The deposit rule is minimum 10% of the purchase price (if an FTB). But that assumes you can get a mortgage for the other 90%


  • Options
    #3
    Downtime
    Registered Users Posts: 1,537 ✭✭✭Downtime


    The 10% deposit rule means that you will be required to have a deposit worth 10% of the property price, regardless of the cost of the house. So in this case 10% of the €150,000 or €15,000.


  • Options
    #4
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    If the property is €150k and you can only borrow €120k, your deposit will be the €30k difference which just happens to be 20%.


Advertisement