First-time buyers will only be required to have a deposit of 10 per cent regardless of the value of a property when applying for a mortgage, as a result of a decision by the Central Bank to relax its macro-prudential rules. This is a shift from the current requirement, which puts the ceiling at 90 per cent for loans up to €220,000 but at 80 per cent for the balance of loans above that level.
This means that first-time buyers will be able to borrow up to 90 per cent of a value of a home. The 20 per cent minimum deposit requirement (ie maximum loan-to-value ratio of 80 per cent) continues to apply to second and subsequent buyers. The 3.5 times ceiling on the loan-to-income ratio remains unchanged. Requirements for buy-to-let borrowers and the exemptions for negative equity mortgage borrowers from the measures also remain unchanged.
Read the full details in the Irish Times
If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.
We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.
ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.
In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote