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Stress Test

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  • 04-08-2018 8:30am
    #1
    Plasandrunt
    Registered Users Posts: 858 ✭✭✭


    I'm 31, single and no dependants, no loans and earn 33k per year. Bought an appartment 2 years ago with cash but looking to buy a house.

    The appartment is valued at 200k and according the various Mortgage calculators I'd be eligable for around €115k mortgage at approx €550 p/m over 30 years. Been saving €800 p/m for a few months now but want to wait before approaching a broker or a bank.

    One thing i'm not clued in with the stress test, how are they generally calculated? Would my level of savings be enough at present or would I need to increase it?


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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Stress test is simply a 2% increase in the current interest rates.


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    #3
    Cash_Q
    Registered Users Posts: 1,920 ✭✭✭Cash_Q


    Plasandrunt wrote:
    want to wait before approaching a broker or a bank.


    Can I ask why you want to wait?

    People tend to wait until they feel they have all their ducks in a row, only for the bank/broker to send them off to gather x evidence for a few months or whatever. If you're unsure if you're saving enough, the bank/broker will be the best to tell you. They can also tell you whatever else you need to do to be in the best position to be granted approval; why wait?


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