Selling Apartment - How likely to get Central Bank Exemption for 90% mortgage?

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briany

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Hey everyone, hopefully you can help!

I'm 31, Single, €69k annual salary (10% bonus annually) and own an apartment since 2009. There's about 145 left on the apartment mortgage - just went sale agreed so taking the profit from it after clearing off loans etc (be about 26k left) to buy a house.

Have my eye on one at 260k so I have the 10% deposit - my question is how likely is it that I'll be able to secure a central bank exemption and get approved for a 90% mortgage since I won't be a first time buyer anymore?

This is the only unknown in all of the due diligence I've done so any help is hugely appreciated.

Thanks!
 
I think you’ve a decent chance, assuming you’re in a secure enough sector (e.g. you don’t run a DVD store).
 
Many thanks for the replies!

Yeah so I work in the tech sector the last 3 years, full time well paying job.

Is the exception something I apply for now? Or is it done when I'm applying for the mortgage and the lender requests CB approval?
 
It's the lender that grants the approval, but there is a limit on the number they can grant (as a percentage of total new lending).
You'll need to apply for it when applying for the Mortgage - you should apply for approval in principle, and the bank will let you know if they would consider an exemption.
 
It’s probably an advert for using a broker; they tend to know who has exemptions left. The system is a shambles at present as banks have no way of managing the exemptions with any degree of accuracy.
 
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