Deposit for apartment

[Edev1981]

Want to purchase an apartment for 95k . Have a deposit of 12k. First time buyer
Will any bank consider a deposit of 10% ??

 

[NiallSparky]

Generally it depends on where the apartment is located.

When I was buying an apartment a couple of years ago, Bank of Ireland basically said that Dublin post codes with single digits would need 10% deposits, everywhere else would be 20% I think. This probably differs between banks and I'm not sure what the situation would be outside of Dublin.

 

[odyssey06]

First time buyers only need 10% deposit under Central Bank lending rules.

 

[RedOnion]

Is it a 1 bed apartment?

 

[Edev1981]

Is it a 1 bed apartment?

Yes

 

[RedOnion]

Yes

For 1 bed, I'd suggest giving Finance Ireland a call and ask them. Their criteria is a bit more flexible than the main banks.

I've seen up to 85% LTV with the banks, but in specific locations.

 

[Edev1981]

What do you mean by 85% LTV so does that mean you might only require a depoist of 15%

 

[RedOnion]

What do you mean by 85% LTV so does that mean you might only require a depoist of 15%

Yes, exactly. But they can be picky about location.

It's up to each banks lending criteria, so you'd need to contact them and ask.

 

[SiobhanK]

I was able to get a mortgage from KBC for a one bed apartment in Dublin with a 10% deposit as a first time buyer - all other banks required 20% deposit for one bed apartments - that was 3 years ago now though so things may have changed.