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Mortgage amount

  • 26-02-2018 3:05pm
    #1
    Registered Users Posts: 26


    Hi all
    Sorry if this is a stupid question but I’m very confused.

    From talking to the bank and doing the calcs with our salaries it looks like we can get a mortgage of up to 290k, so max property value of 322k.

    We really don’t want to go close to our limit and are thinking of buying a property worth max 270k.

    Therefore can we apply for a mortgage with just 27k deposit or 33k deposit? Naturally we will continue saving regardless if we reach either limit. We would rather get approval sooner than later in case the right property comes along sooner than later

    TIA


Comments

  • Registered Users Posts: 9 PUDDINHEAD


    If the property costs €270,000 then €27,000 is 10% and this is all you need to bring to the table.


  • Registered Users Posts: 920 ✭✭✭Ron Burgundy II


    Do you not need to show you can cover legal costs, stamp duty etc.


  • Registered Users Posts: 26 clarkej5


    Do you not need to show you can cover legal costs, stamp duty etc.

    We are taking that as a given Ron but the difference in 5k means we can go to the bank sooner

    Thanks for the replies


  • Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    If you're First time Buyers you just need 10% deposit plus 1% stamp duty and legal fees of approx. €2200/€2500. Need to prove Repayment Capacity to the lender of savings/rent over past 6 month = stressed monthly repayments. Example if stressed repayments are €1200 pm - then you need to show monthly savings or a combination of savings and rent over last 6 months.


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