what % of a deposit do you need for an 2 bed apartment in Dublin?

[breakingbrian]

First time buyer.

Single, just wondering if banks will give you 90% for a 2 bed apartment in Dublin?

Very early stages, just thinking abouit it, but for some reason I have in my head that banks dont give 90% for apartments.

Any one got any info on this?

Thanks guys

 

[so-crates]

It isn't really anything to do with the size of the apartment or the number of beds. Cost and affordability are the factors you need to consider. And whether or not you are a first time buyer and planning to live in the property yourself. The details are here but the headlines (assuming you are a first time buyer and buying a home) are:

Cost-based criteria:

For first time buyers of properties valued up to €220,000, a maximum LTV of 90 per cent will apply. For first time buyers of properties over €220,000 a 90 per cent limit will apply on the first €220,000 value of a property and an 80 per cent limit will apply on any excess value over this amount.

Affordability criteria:

• PDH mortgage loans are subject to a limit of 3.5 times loan to gross income.
• This limit should not be exceeded by more than 20 per cent of the euro value of all housing loans for PDH purposes during an annual period. (i.e. the bank cannot lend everyone more than 3.5 times their gross income but they can decide to make exceptions)

 

[breakingbrian]

Cool, thanks man. I am comfortably within all the criteria just was unsure about the deposit criteria. If they will give 90% deposit on an apartment , I may not be too far away from been in a position to purchase . I am just really frustrated by the rental Market in Dublin at the minute, and I feel it would be far more economical to buy a decent place, than to rent.

Thanks

 

[trasneoir]

I am just really frustrated by the rental Market in Dublin at the minute, and I feel it would be far more economical to buy a decent place, than to rent.

I'd be interested to see your workings on that.

Most of the buy-to-let situations I see here are pretty bad IMO: the tenant is usually getting the better end of the deal, unless you start making dodgy assumptions about capital appreciation. I'd be interested to see some numbers for a buy-to-occupy situation and see how it compares to renting.