How Much Can I Borrow?

Loading - Please wait

(One moment)

This calculator gives you an estimate of the maximum amount you will be able to borrow based on your income

Calculate how much you can borrow

Enter your details in the calculator to estimate the maximum mortgage you can borrow. After performing the calculation, you can transfer the results to our mortgage comparison calculator where you can compare all the latest mortgage rates.

 

Costs associated with getting a mortgage

Mortgage adviser fees - Here at Mortgages.ie we do not charge brokerage fees to home buyers

Stamp Duty  1% of the purchase price

Legal Fees €2,500 A typical budget including various taxes and duty 

Valuation fees €150

Surveyor fees €400 -Not compulsory but highly recommended 

On going costs after you move in

Your mortgage payment

Property tax .18% of the purchase price

Home insurance €35 per month estimate for new 3 bed houses 

Mortgage Protection click Get a quote for your mortgage protection quote 

The normal maximum borrowing level is 3.5 times your annual gross salary.

September 2018 notice

Please note that at present all lenders have used up their quota of exemptions above this limit.

Exemptions will be available early in the new year for specific identified properties. You may wish to get approval in principle at 3.5 times income now and then if required apply for a exemption early in the new year .

General rules below.

Can I Borrow more than 3.5 times gross income?

In our experience over 90% of applicants borrow at or below the 3.5 times income category. This is important and is indicative of the level of borrowing where most borrowers are comfortable. This 3.5 times limit can be exceeded in certain circumstances.

Exceptions to Central Bank rules

These exceptions tend to be given to applicants with higher income levels where additional repayment capacity is clearly evident, At present most lender exemptions have been used up although we expect a narrow exception window in Autumn when lenders review their issued mortgages.Exceptions will only be given in circumstances where a sale has been agreed.

As a rough guide exemptions are granted when income levels are higher as follows.

  • Single applicant Income > €50,000
  • Joint Applicants Income > €70,000

Each exception application is assessed on its own merits.

Can the minimum deposit rules be exceeded?

Central bank deposit rules require a 10% deposit for first time buyers. With the new help to buy scheme for first time buyers of new houses, a tax rebate of 5% ( subject to an upper limit of €20,000 ) of the purchase price is potentially available on properties costing €500,000 or less.

First time buyers of second hand houses will need to fund the 10% deposit themselves.

A 20% deposit is required for second time buyers.

Exemptions to these rules are available for certain applicants, thus facilitating a lower deposit requirement. The most likely area for exemptions will be for trader up applications where facilities in excess of 80% will be considered.

Once again, exemptions are more likely to be available to individuals with higher levels of income where additional repayment capacity is clearly evident.

Each lender will offer a different borrowing level!