I am wondering if anyone has been successful with getting an exemption from the 20% deposit requirement for second time buyers.
Our situation is as follows:
Joint income of 115K, 1 child, no childcare costs. Savings of 38000 ( 10% ). I am Civil Service, Partner is private sector.
I own an apartment I bought by myself 8 years ago for 240k, I'd say I'd get 190k for it now so the preference is to keep it and rent it out. The mortgage is about 1000 adding back in the TRS that's left, and the rent would be about 1300. I am fully aware of all tax obligations etc.
We want to buy a new house for 385,000. We have a deposit on it but the contract is subject to loan approval and drawdown. Since we put our deposit down the same houses have gone up to 420k. I've been told that it is loan to price, and not loan to value that will be considered.
We have been turned down for an exemption for the 20% by Haven, however when I contacted EBS directly the manager in my branch said they would consider it. I'm getting everything ready to submit to them.
KBC and Ulster have turned us down because of a revoked credit card on my partners history. This happened in 2011 and was repaid in full 3 months later. Classic case of head in sand, basically he changed his current account and never changed the direct debit. We have a letter from BOI stating that it was repaid in full quickly, but the broker told us it was an immediate decline from KBC on this basis.
We could possibly borrow the additional 10% from my Dad but I am very reluctant to do this. During the time that we were getting our application ready the broker told me he was very confident we would get an exemption but not we have been declined and are not sure what to do.
Has anyone looked for an exemption and got it? I'd appreciate any advice.
Thanks.
Our situation is as follows:
Joint income of 115K, 1 child, no childcare costs. Savings of 38000 ( 10% ). I am Civil Service, Partner is private sector.
I own an apartment I bought by myself 8 years ago for 240k, I'd say I'd get 190k for it now so the preference is to keep it and rent it out. The mortgage is about 1000 adding back in the TRS that's left, and the rent would be about 1300. I am fully aware of all tax obligations etc.
We want to buy a new house for 385,000. We have a deposit on it but the contract is subject to loan approval and drawdown. Since we put our deposit down the same houses have gone up to 420k. I've been told that it is loan to price, and not loan to value that will be considered.
We have been turned down for an exemption for the 20% by Haven, however when I contacted EBS directly the manager in my branch said they would consider it. I'm getting everything ready to submit to them.
KBC and Ulster have turned us down because of a revoked credit card on my partners history. This happened in 2011 and was repaid in full 3 months later. Classic case of head in sand, basically he changed his current account and never changed the direct debit. We have a letter from BOI stating that it was repaid in full quickly, but the broker told us it was an immediate decline from KBC on this basis.
We could possibly borrow the additional 10% from my Dad but I am very reluctant to do this. During the time that we were getting our application ready the broker told me he was very confident we would get an exemption but not we have been declined and are not sure what to do.
Has anyone looked for an exemption and got it? I'd appreciate any advice.
Thanks.