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| 100% Mortgages in Ireland |
A 100% mortgage allows you to borrow the full purchase price of a property. The amount you can borrow still depends on your borrowing power & your payment capacity.
The main advantage of this typw of mortgage is you do not have to raise a deposit, which is normally up to 10% of the purchase. For example, if the purchase price is 360,000 euros you wwould have to come up with 36,000 euros, which could difficult. Ity is not surprising therefore, that the 100% mortgage is very appealing, especially to the first time buyer market.
Up until July 2005 100% mortgages were only available to a limited number of qualified professionals. Recent changes in lending practice by a number of lenders has resulted in 100% mortgages now being made available to all occupations with certain specific conditions attaching to the non professional packages.
Before you dash off to obtain a 100% mortgage, there are certain conditions to bear in mind:
100% Mortgages - Non Professional Packages
Specific conditions include:
1 Continuous employment for a minimum of 3 years. In the case of a joint application this condition attaches to both parties. (Note: It is not necessary to have employment with the same employer)
2 Not available for one bedroom apartments or studios.
3 Not available for self builds or site purchase.
4 Guarantors may not be taken into account when assessing borrowing capacity.
5 Certain interest rates are not available for 100% mortgages ie 1 year fixed and discountable variable rates.
100% Mortgages - Proffessional Packages
100% facilities without the above mentioned restrictions are available to graduates qualified as Doctors, Lawyers, Accountants, Dentists, Vets, Opticians, Physiotherapists & Pharmacists
Normal Lending Terms & Conditions
Your repayment capacity is paramount in determining how much money the bank will allow you to borrow.Lenders will generally lend you almost 5 times your salary or an ammount that will not exceed 40% of your net monthly income in loan repayments The standard documentation required for obtaining both a 92% and a 100% mortgage is as follows and applies to all lenders.
*Salary Certificate stamped by your employer
*Self employed applicants are required to have 2 years accounts
*Most recent P.60
*3 recent pay slips
*3 months current account bank stements
*12 month statements of any loans you may have
*Photo ID and address verification
With up to at least 6 lenders now offering 100% mortgages, it appears very appealing to potential borrowers, but be careful - there are pitfalls
Irish Property Market.com
Irish Property Market.com
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