FTB buying a house - what deposit are the banks looking for

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deedee80

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Hi there, I was just wondering realistically what the norm is now for an ftb buying a house - 10% deposit or more?
 
deedee80 said:
Hi there, I was just wondering realistically what the norm is now for an ftb buying a house - 10% deposit or more?
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If you're a "professional" (lawyer, doctor, lecturer, civil servant), then you can still get a 100% mortgage.

Otherwise the minimum deposit needed will be 8%.
 
A friend made reference to someone she knows buying and the bank looking for 20% deposit. I just thought what ftb would have that amount of money but I guess its a sign of the times. They should scrap 100% mortgages altogether. I had one of these for my first property which I bought at the peak. I was lucky, had a bit of foresight and sold after 7 months. Had I not I would be sitting on min 35k negative equity living miles from family and friends. I shudder when I think about it.
 
Would banks really lend 92% on a valuation which almost certainly wont take into consideration the depreciating impact of the recent 3 months??
 
sfag said:
Would banks really lend 92% on a valuation which almost certainly wont take into consideration the depreciating impact of the recent 3 months??
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I don't really understand your post. A current valuation will take into account depreciation in the last 3 months.
Banks are still lending 92% to first time buyers. 95% for professionals. 100% for strong professionals.
 
What is the difference between a professional and a strong professional? Is that a person with a good salary and a third level qualification versus a solicitor or a solicitor versus a high court judge?
What LTV are banks giving second time buyers, are they looking for 20% deposit?
 
It's the old case by case basis moneygrower, a newly qualified accountant with little history of savings may struggle to get a 100% mortgage whereas an established accountant will get the 100% mortgage. A 3rd level qualification does not make you a professional, you have to be in the lenders defined list of "professionals".
Someone trading up can get a 92% mortgage.
 
I am a 'professional'....qualified for a 100% mortgage 3-4 years ago. In Aug this year, when looking for a new mortgage, was told I now qualify for a 92% mortgage. Now it is 90% (earlier this week) - and 40 000 less than what they were offering in Aug. And this after the lender told me 'you are a professional in a secure job, we will fight to keep you and give you your mortgage'. I don't mind it going down to 90% as I don't want to overextend myself anyway.
 
EBS, AIB and Ulster Bank still giving 92% loans for FTB's. If its a PPR (excluding flats) you should have no problem getting 92% loans as long as the banks valuation for the house is more or equal to the purchase price. Valuations now should include a good reduction from asking prices.
 
NorfBank said:
A 3rd level qualification does not make you a professional, you have to be in the lenders defined list of "professionals".
Someone trading up can get a 92% mortgage.
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So what is actually on the list of professionals? I would like to know just out of interest.
 
Darando said:
So what is actually on the list of professionals? I would like to know just out of interest.
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Typically as below -

Medical - Doctors, Dentists, Vets etc.
Legal - Solicitors, Lawyers, Barristers etc.
Financial and Banking - Accountants, Actuaries, Audit/Tax Managers etc.
Other - Architects, Civil/Structural Engineers
 
PM1234 said:
Typically as below -

Medical - Doctors, Dentists, Vets etc.
Legal - Solicitors, Lawyers, Barristers etc.
Financial and Banking - Accountants, Actuaries, Audit/Tax Managers etc.
Other - Architects, Civil/Structural Engineers
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I think these are no longer given 100% mortgages,
 
Other - Architects, Civil/Structural Engineers
Senna said:
I think these are no longer given 100% mortgages,
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Definitely not, I know 2 engineers and 2 architects who have been laid off in the lest few months.
 
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