+1 - I thought they had gone to the other extreme.....??What I find amazing is that any bank is lending that kind of money at the moment
What are your thoughts please?
Myself and my partner are in the middle of purchasing a house, combined gross income €44k. The most the bank would give us was €110k. We had 20k in savings so I find it hard to believe he has actually being approved for that.
There is something not right about all of this. I am totally surprised at this multiple as I would imagine the Financial Regulator would be. There has to be some mistake somewhere. Will he give you all the paperwork details when you are talking to him. They are giving almost 93% of the purchase price and 8 times his salary over 30 years at what rate. The rates will go up in the medium time. What is it valued at?. This will certainly end in disaster for all concerned if it is allowed. I still cannot believe it and I have more than a passing interest in property. Good luck to you when talking to your son
That really only leaves AIB as all the others have been lowering the percentages they will lend out.
Still at 8 times gross there is either something the lender knows that we don't, or they are trying to approve stupidly large mortgages to hit their targets. That amount of mortgage lending they promises was based on approvals, not drawdowns.
I would be amazed if it was AIB. I got a mortgage with them last year and had to jump through near-impossible hoops.
In the past, AIB have lend much lower multiples of salaries than other lenders.
I hadn't heard that they had relaxed these criteria.
I suspect that the son might not be telling his mother/father the full story.
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