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Mortgage Your Future

Buying a house? Here's what you need to be earning under the new rules

The Central Bank has revealed some new guidelines to banks. Here’s how they might affect you.

YOU MAY HAVE heard that the Central Bank has new regulations on what you can borrow for a mortgage.

But, how does this affect househunters?

We examined the housing market around the country and have come up with some examples, based on the Central Bank’s new guidelines.

All of the examples are calculated on the basis that the house is sold to a single person at list price and the deposit is 20%. The earnings are gross.

This assumes that most people will fall outside of the Central Bank’s new rule that only 15% of all home lending can be for loans of over 80% of the value of the home and that lending above 3.5 times earnings be no more than 20% of all loans.

Of course, banks look beyond earnings and deposit when making lending decisions, so this looks purely at the figures in the context of the new regulations.

4 The View, Hunters Run, Clonee, Dublin 15 – €320,000

Deposit: €64,000


For this four bedroom house in west Dublin, you would have to be earning over €73,000.

16 The Orchard, Cloverhill Road, Clondalkin, Dublin 22 – €95,000

Deposit: €19,000


This two-bedroom apartment could be yours if you earn over €21,000.

Apartment 7, Copley Hall, Cotter Street, Cork City Centre – €105,000

Deposit: €21,000


If you earn over €24,000, you can apply for this one-bed apartment.

Villa Sol, Rochestown, Co. Cork – €675,000

Deposit: €135,000

Villa Sol

You can have a look at this six-bed, six-bath home if you earn €154,000 a year.

3 The Gallops, Kilbeggan, Co. Westmeath – €190,000

Deposit: €38,000


For this four bedroom house you need to earn €43,000.

131 Pearse Street, Dublin 2 – €550,000

Deposit: €110,000


Earn €125,000? You’ll have to for this three-bed house in the centre of the capital.

Apt. 81 Winter Garden, Pearse Street, Dublin 2 – €195,000

Deposit: €39,000


You could go down the street, though, where €44,000 is the threshold.

46 Oaklands, Salthill, Co. Galway – €415,000

Deposit: €83,000


In Salthill, the threshold for this four-bed, four-bath home is €93,000

2 Lissanalta Drive, Dooradoyle, Co. Limerick €210,000

Deposit: €42,000


Here in Limerick, €48,000 per year is your required earning.

All pics:, part of the Distilled Media Group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.

Read: Bubble buster: Banks are being hit with tighter controls on high risk mortgages

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