How Much Can I Borrow?

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Maximum mortgage currently capped at 3.5 times gross Income - No exceptions available above this limit available at present due to Corona related tightening of criteria. 

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. Exceptions above this level are not currently available

 

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 on lending are not available at present - April 2020.

You can arrange approval at standard rules and there may be an opportunity to get an exception at a later date.

 

When exceptions were available they tended to be given to applicants with higher income levels where additional repayment capacity was clearly evident, 

As a rough guide exemptions were 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 apartments and self builds, a tax rebate of 5% ( upper limit of €20,000 ) of the purchase price is potentially available on properties costing €500,000 or less.

First time buyers buying second hand houses cannot avail of this scheme..

A 20% deposit is required for second time buyers.

Exemptions to these rules are available are not available at present- April 2020

When exceptions were available they were generally afforded to individuals with higher levels of income where additional repayment capacity was clearly evident.

Each lender will offer a different borrowing level!