How Much Can I Borrow?

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The New Central Bank rules for most mortgages are as follows.

  • Maximum mortgage level 3.5 times your annual gross income
  • Minimum deposit trading up/moving House buyer: 20% of purchase price

Exemptions are available to exceed the income limit or reduce the deposit requirement:

  • You can only get an exemption in one category (either on the income side or the deposit side - not both)
  • Examples of exemptions allowing higher multiples on the income side might be where the full deposit is available and income prospects are very strong (sector prospects, pay scales etc). In these circumstances it may be possible to achieve an income multiple of 4.25 times gross income.
  • Examples on the deposit side might be where the deposit saving is insufficient but high income levels result in applicants income multiple being at or below the 3.5 multiple.