What about cases of a FTB buying with a STB?

Discussion in 'The Central Bank's 2016 review of mortgage limits' started by Brendan Burgess, 24 Aug 2016.

  1. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,844
    From the Central Bank rules:

    "Where a borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first time buyer".

    If an exception is to be made for first time borrowers, why not make it for couples where one of them is a FTB?

    A couple of FTBs both aged 30 can buy a house for €300k with a €30k deposit.

    If one of them had bought a starter apartment for €150k two years ago with a €15k deposit, that could scupper their chances of buying a house together as they would need €60k.

    Brendan
     
  2. uptomyeyesin

    uptomyeyesin Frequent Poster

    Posts:
    49
    Hi all,

    To update on our situation. We had received Approval in Principal for an 83% mortgage.
    However, in the last few weeks as the banks have clamped down on exceptions before we had formal mortgage approval, we now can only secure 80% mortgage maximum.