CREAMYBEAMY
Registered User
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Hi all, we are currently looking at trading up to a bigger house (new baby) and would like to buy. I have a mortgage on our current residence which is negative equity, the mortgage with Ulster Bank stands at 210k , house is worth approx 140k. Both my husband and I are in good financial standing and have savings of 35k with no outstanding loans other than the mortgage and a car repayment of 460euro per month. We save roughly 1800euro a month and have a good saving record. We approached the bank of Ireland about 2 months ago and a broker and we were advised that we would be restricted in the size of the mortgage we would be given due to the cap brought in for non first time buyers. Ulster Bank have come back to us and offered max 225k or 80% whichever is greatest. We would really need 90% as we do not want to use all of our savings and want to keep an amount built up. We are looking to purchase a house around 250k so are left coming up with approx 50k of our own money. My question is has anyone been given a mortgage greater than the 80 % or what is the circumstances which the banks are considering. By rights I see the banks are allowed offer 20 % of their mortgages greater than the allowed 80% but what are the cases that are considered in order to qualify for the special case?