WHICH BANK OFFERS THE MOST?
AIB, KBC, PTSB, BOI, EBS
A recent Irish Independent newspaper article states that Permanent TSB provides the largest mortgage amounts for single people while KBC provides the largest mortgage amounts for couples. Some banks will lend almost five times your income.
Which Lender Offers the Greatest Mortgage
A single person can generally count on a mortage of
up to 4 times their yearly salary, so based
on a salary of €35,000, mortgage amounts can range
between €104,000 and €144,000.
Permanent TSB currently may make
a 30-year mortgage of up to €144,000 available
AIB and EBS offer mortgages amounts up to €139,000.
Bank of Ireland and ICS offer up to €138,000.
KBC brings up the rear with with a mortgage offer to
single people of up to €104,000.
A Couple Without Children
For a couple without children, each of the couple
earns say €35,000. Like the quotes for the single person, we assume the couple have no other loans and are seeking a 30-year mortgage. The couple can expect to borrow between €278,000 and €329,000. KBC offers the couple a maximum mortgage of €329,000, a multiple of 5 times their joint income.
Permanent TSB comes in second place, offering up to €305,000. The least generous lenders are Bank of Ireland, ICS, AIB and EBS. Bank of Ireland and ICS would offer a maximum mortgage of €289,000 while AIB and EBS would lend up to €278,000.
A Couple With No Children
With the financial commitment of two children, the amount mortgage lenders offer will reduce. Net disposable income is the money left after paying for "typical living expenses, with additional deductions for each dependant (linked to age), an allowance for childcare and a contingency for any additional monthly expenses". In this case KBC which would offer up to €316,000. Permanent TSB would offer the couple a maximum mortgage of €305,000. AIB and EBS would lend up to €278,000. Bank of Ireland and ICS offer the couple up to €209,000.
Obtaining A Mortgage
Obviously, the banks have tightened up on mortgage criteria, the most important of which is demonstrating a proven repayment capacity and having a stable occupation. In other words, over six months to a year, you must have either saved or paid rent equivalent to the repayments on the mortgage you are seeking and have evidence (such as bank statements) to prove that. The bank also apply their version of a financial stress test, testing to see if you can afford the repayments should interest rates increase by 2 per cent. If gambling or excessive holiday payments appear on your credit card, this will be viewed negatively by the mortgage lender.
HOUSES FOR SALE | MORTGAGE RATES COMPARED | SAVING & LOAN RATES
Please remember that the mortgage calculator should only be taken as an approximate guide, and may vary from the actual figures quoted by mortgage lenders.
MORTGAGE APPLICATIONS: BE PREPARED FOR THE BANK "INQUISITION"
NATIONAL RESIDENTIAL PROPERTY PRICES INCREASE BY 10.6 %
DUBLIN REGION 22 % | YEAR END MAY 2014
All information supplied by IrishHouse.ie/PropertyRegister.ie is subject to errors & omissions and does not constitute legal, investment or any other form of advice. Always obtain independent professional advice for your own particular situation.
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