Stress test

maxsmum

Hi, does anyone know the amounts BOI use when stress testing for a new mortgage application - how much income you need left over after (mortgage? utilities? what is counted exactly?) and how much they subtract for a dependant - thanks. I can find info on other banks websites but not BOI. Not going through the hassle of an application until the accounts are in order!

Boards.ie: Niamh

Moved to Banking forum.

pooch90

maxsmum wrote: »

Hi, does anyone know the amounts BOI use when stress testing for a new mortgage application - how much income you need left over after (mortgage? utilities? what is counted exactly?) and how much they subtract for a dependant - thanks. I can find info on other banks websites but not BOI. Not going through the hassle of an application until the accounts are in order!

I'm no help to you I'm afraid, but could you tell me where you found this info for other banks please?

Stress test is based on +2% interest rate.
If you fix for the first few (maybe 2 I'm not sure it's not required).
Generally the amount you can borrow is simply the 3.5 multiple of your income along with demonstrated history of saving (or rent paying) the mortgage amount monthly.