Is it possible to get 1 bedroom apartment with a 10% deposit?

antimatterx

Hi

I'm looking to buy an apartment. I can afford a 1 bed for up to 250K if I can get a mortgage with a 10% deposit. From looking at calculators, they seem to want 20%. At least AIB do.

Does anyone know if any bank will give a mortgage for a 1 bed apartment with a 10% deposit?

L1011

Go to a broker - preferably one you pay not one dependent on commission.

1 beds have always had worse mortgage treatment, as they lose value fastest in crashes - take a look at threads here for what a 1 bed in D1 was going for in 2012 for instance.

wylo

I would call the bank, I can see their online calculator forces it at 20% but I was fairly sure that the 10% is a requirement for lending to first time buyers... https://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/paying_for_a_home.html

If you're not a first time buyer then I would say not a hope and that would even apply to multi bedroom apartments or houses.

EDIT: I think I misunderstood the restrictions, that 10% limit is the minimum not the maximum.

https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures

antimatterx

https://www.boards.ie/discussion/comment/120079240#Comment_120079240

I never thought of going through a broker, great shout. Thanks

Yeah I know they don't do well in crashed, but I just struggle to see any sort of crash with the demand we have. (Famous last words I know).

antimatterx

https://www.boards.ie/discussion/comment/120079264#Comment_120079264

10% is correct for FTB (which I am), however some banks treat 1 beds more harshly and want 20%.