To buy a house ? Here’s what you need to earn under the new rules
YOU MAY HAVE heard that the Central Bank has new regulations on what you can borrow for a mortgage.
But how does this affect house hunters?
We looked at the housing market across the country and found a few examples, based on the new Central Bank guidelines.
All examples are calculated on the basis that the house is sold to a single person at the list price and the down payment is 20%. The gains are gross.
This assumes that most people will escape the new Central Bank rule that only 15% of all home loans can be loans over 80% of the home’s value and loans over 3.5 times income should not exceed 20% of all loans.
Of course, banks look beyond profits and deposits when making lending decisions, so it only looks at the numbers in the context of the new regulations.
4 The View, Hunters Run, Clonee, Dublin 15 – € 320,000
Deposit: € 64,000
For this four bedroom house in West Dublin, you should earn over € 73,000.
16 The Orchard, Cloverhill Road, Clondalkin, Dublin 22 – € 95,000
Deposit: € 19,000
This two bedroom apartment could be yours if you win over € 21,000.
Apartment 7, Copley Hall, Cotter Street, Cork City Center – € 105,000
Deposit: € 21,000
If you earn more than € 24,000, you can apply for this one bedroom apartment.
Villa Sol, Rochestown, County Cork – € 675,000
Deposit: € 135,000
You can take a look at this six bed, six bathroom house if you earn 154,000 € per year.
3 Les gallops, Kilbeggan, Co. Westmeath – € 190,000
Deposit: € 38,000
For this four bedroom house, you must earn € 43,000.
131 Pearse Street, Dublin 2 – € 550,000
Deposit: € 110,000
Win 125,000 €? You will need for this three bedroom house in the center of the capital.
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Apt. 81 Winter Garden, Pearse Street, Dublin 2 – € 195,000
Deposit: € 39,000
You can however go down to the street, where 44,000 € is the threshold.
46 Oaklands, Salthill, Co. Galway – € 415,000
Deposit: € 83,000
In Salthill, the threshold for this four bed, four bathroom house is € 93,000
2 Lissanalta Drive, Dooradoyle, County Limerick € 210,000
Deposit: € 42,000
Here in Limerick, € 48,000 per year is your required income.
All photos: Daft.ie
Daft.ie, which is part of the Distilled Media group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.