Hi JTRudd,
As Brendan correctly noted you could remortgage your current home in order to increase the deposit to 20%.
Otherwise, you'll need a loan to value exception - this means the lender will sanction an approval that is above 80% of the value of the new home(the normal rule is, as a second time buyer, you have to have a deposit of 20% as you probably know).
For that to work, your combined gross salaries(gross basics + allowable variable incomes) will need to be 200Ke.
200Ke x 3.5 = 700Ke.
As you have 110Ke then when you take off say 10Ke flor closings fees - your left with 100Ke to put towards the deposit.
Please note you can apply for a loan to value exception or a loan to income exception(i.e. where the lender approves a mortgage that exceeds 3.5 times your combined salaries) but not both.
If you can't qualify for an LTV exception with a lender on the open market - you'll have to release equity to fund the rest of the deposit.
With the exception of Finance Ireland & Dilosk - lenders won't accept any portion of the deposit to come from borrowed sources so you'll have to use one/both of them.
Dilosk would be the better option for the existing property as they lend up to 35 years which usually means people can qualify for higher mortgages(they don't have a fixed rate product in their buy to let suite means you can overpay at will to reduce the cost of interest).
I hope this helps.
justin.griffith@mortgagebrokers.ie