Mortgage Exemption

K

KMK2019

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Hi there, I am wondering if anybody has any insight on when banks will be issuing mortgages with exemptions again? Looking to apply for a mortgage with an exemption on deposit. We are not first time buyers and will have 10% - 15% deposit. Both working full time and not affected by Covid. Ready to apply to banks for new mortgage and have our own property on the market, Thank you
 
I'm also very interested in this. Also, is it the case that the central bank are stopping exemptions or have the banks just taken a decision to not allow exemptions? We are also a second time buyers and in a strong financial position relative to what we are looking to borrow in terms of LTI and repayment capacity, but 13-17% is the max deposit we'll manage.
 
Where the banks have capacity to offer exemptions, they still are on a case by case basis but at a much reduced volume. There's a better chance of getting an exemption to the 20% 2nd time buyer exemption than the LTI exemption.
Arrange a meeting / call with a mortgage advisor in the bank and see what they say. They might operate a waiting list type system to grant exemptions as they become available. It's no harm to have everything else in place.
 
I am in the process of a mortgage application via a broker and sought a 20% exemption. The response from the broker was that banks were not currently offering them, he attempted with Finance Ireland who were open to it but ultimately said no due to my situation. I didn't press him on whether he checked with the banks but took him on his word as I have used him before.

I am proceeding with the application with no exemption which is API for 6 months, hoping that in 2020 they reopen otherwise I will just have to stick to the 20% deposit requirement.
 
Also hoped to get a LTI exemption - spoke directly to several banks and also a broker but noone seems to have any indication when they might be available again
 
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