20% deposit required - Indo

This isn’t new news, is it? I thought it had become bank policy months ago…

independent.ie/national-news … 44130.html

Locked since this has already been posted. Do a search for “KBC” to find the original thread.

MI Insurance has been around for near enough 20 years at least , possibly even longer . It has been hidden from us in Ireland for years but of course it NEVER went away .

mortgagesorter.co.uk/home_mo … rance.html

Once it was paid by the person taking out the mortgage and was an upfront insurance on amounts over 70% LTV or 75%

Then the banks started to absorb the cost and it is possible that the insurance was only required on 80%+ LTV

I feel that Austin is still paying insurance on 80% LTV mortgages but only on the portion between 70% and 80% of the LTV .

Therfe were some rumbling earlier this year that the banks, acting as a price fixing cartel, were all bringing Mortgage Indemnity back as an explicit upfront charge .

My memory of it was that in the 1990s it cost IR£350 to buy Insurance on only about IR£15,000 of difference between 70% LTV and 90% LTV on an IE£75k gaff , 2.5% of the differential upfront or so .

**If you borrowed less than 70% LTV No Insurance was payable . I am a bit confused about 80% . I reckon IIB areinsuring some of the risk themselves somehow .
Earlier discussion of Mortgage Indemnity this year in this thread below


Detailed Explanation here

mortgagesorter.co.uk/mortgag … orked.html

Obviously it affects FTBs more than trader uppers who are getting a second mortgage below 70% or 75% LTV .