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Mortgage LTI rules and Public Sector Scales/Increments

  • 20-06-2018 9:55am
    #1
    tomfoolery60
    Registered Users, Registered Users 2 Posts: 295 ✭✭


    Hello - Does anyone know how banks treat borrowers on increment scales in the public sector for LTI calculations? Is it only the borrowers current point on the scale or do they have leeway to consider some point higher on the scale without having to get an exemption? Thanks!


Comments

  • #2
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    As far as I know banks only consider what the current salary is.


  • #3
    Poor_old_gill
    Registered Users, Registered Users 2 Posts: 2,895 ✭✭✭Poor_old_gill


    Liam D Ferguson wrote: »
    As far as I know banks only consider what the current salary is.

    Yeah thats right and probably makes sense as your built in increments will prob just about, or maybe not even, keep pace with inflation


  • #4
    tomfoolery60
    Registered Users, Registered Users 2 Posts: 295 ✭✭tomfoolery60


    Poor_old_gill wrote: »
    Yeah thats right and probably makes sense as your built in increments will prob just about, or maybe not even, keep pace with inflation

    Not true for this scale but point taken!


  • #5
    Poor_old_gill
    Registered Users, Registered Users 2 Posts: 2,895 ✭✭✭Poor_old_gill


    tomfoolery60 wrote: »
    Not true for this scale but point taken!

    I'm going through the process myself at the moment and am on a guaranteed increment but they said that it had to go off current salary.

    Places like BOI allow you to over pay (for no charge, well I think anyway) so you could put your increment towards that in a year and reduce your term but you'll be bound by current salary.


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