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Any banks have exemptions left?

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  • 22-08-2018 4:06pm
    #1
    shelly24
    Registered Users Posts: 77 ✭✭


    We have mortgage approval and thought we had an exemption on our income, we have the 20% deposit and thought we had an exemption for our lti, we put a bid and it’s was accepted and now the bank said they’ve ran out of exemptions.
    I’m in a flap, does anywhere else have exemptions?
    Thanks


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    #2
    Q&A
    Registered Users Posts: 556 ✭✭✭Q&A


    The number of exemptions are based on a % of new lending conducted. In the case of FTBs 1/5th of all new lending can be above 3.5 lti (1 in 10 for non-FTBs). In other words for banks to lend more above the rules they have to lend a lot more in line with the rules. It really depends on how much they've overlent already. The more conservative the more likely they might be to be able to lend again this year.

    You could look at it the other way - everyone else is in the same boat so you might be better placed to negotiate a lower price. Are you looking for much more than 3.5x your income? Are the vendors looking for a quick sale?


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    #3
    Humour Me
    Registered Users Posts: 360 ✭✭Humour Me


    Bank of Ireland told me all of their exemptions were gone in May this year.


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    #4
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    I was in Ulster Bank last week and they were offering me one (I didn't take it).


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    #5
    catrionanic
    Registered Users Posts: 2,091 ✭✭✭catrionanic


    Do you mean that you got approval in principle with an exemption, but when it came to getting the loan offer letter for a specific house, they changed their mind? That's very worrying if so. What bank are you with?


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    #6
    metricspaces
    Registered Users Posts: 793 ✭✭✭metricspaces


    Try PTSB

    Also banks will have given out exceptions and people had 6 months approval. Some of these people may not have drawn down a mortgage within the 6 months, leaving the bank with exceptions to hand out in the second half of the year.


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    #7
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    metricspaces wrote: »
    Try PTSB

    Also banks will have given out exceptions and people had 6 months approval. Some of these people may not have drawn down a mortgage within the 6 months, leaving the bank with exceptions to hand out in the second half of the year.

    We got one a couple of weeks ago from PTSB and were speaking to the guy today in the bank and he said they are done with their allocation for the year.


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    #8
    utmbuilder
    Registered Users Posts: 471 ✭✭utmbuilder


    an educational post to read didnt know about this term


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    #9
    shelly24
    Registered Users Posts: 77 ✭✭shelly24


    Ill try Ulster bank as a last ditch attempt.
    I really don’t want to lose out on the house that we went sale agreed on...
    I spoke to someone in tsb yesterday and they explained things well and I don’t think any bank has exemptions left at this stage. There is a review due soon but no timeframe on it


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