A report published recently advises those that are considering the purchase of a new house of the advantages in seeking approval now otherwise double the current minimum deposit level may be required from January 2015.
The article and report published in Irish Times gives commentary on the new criteria set to be introduced shortly in relation to Loan to Value (LTV) and Loan To Income (LTI) limits for Irish mortgage lenders .
Currently the minimum deposit required for a private home purchase is between 8 and 10% of the purchase price, however this may soon jump to a 20% deposit requirement.
If you wish to qualify under the current lending criteria, you need to take action NOW. Now is a good time to review your mortgage rate options especially following the recent announcement of Mortgage Rate reductions from EBS Bank, Haven Mortgages and AIB.
Contact our Financial Advisers for advice in this matter.