Borrow up to five times your income? No probs!

From Saturday’s Indo, and there were some more rumblings about it on morning Ireland…but breakfast/kids/school mean I really only 1/2 hear stuff. Apologies if already discussed, I did look

independent.ie/business/personal-finance/borrow-up-to-five-times-your-income-no-probs-30619278.html

I know a singleton, child bearing age, chronic illness, smoker, just got 5 times

And there in lies (one of) the problem. it would have been a good time to introduce caps 6 years ago. Those who do not learn from history are destined to repeat it

So RonanL and Karl are anti-cash (cash buyers) but pro-cash (big deposit). Methinks the Indo may be missing something in their selective quotations.

It all seems very confused and light on substance. A good topic to cover but somewhat lacking in execution

The journalist got quotes for a mortgage not mortgage approvals. I would assume her technique was to go to a website such as this and plug in numbers.

mortgage.aib.ie/mortgageform/mo … calculator

It makes sense for these to be generous compared to what a person will actually be approved for, a bank doesn’t want a web page to turn down a customer who can meet the affordability criteria.

Last year at least the banks I went to were disregarding the income multiple even as a rule of thumb once real approval was sought.

Exactly, has anyone actually drawn down 5x their salary in the last five years? Anyone??

+1
The issue isn’t loan approval, it’s getting the cold hard cash in the end.

I’ll keep you posted (see my first post),sale agreed and running through the system at the moment, outlook favourable