Few developers cater to the market for single people and banks often require higher deposits
For some, this will mean a one-bed apartment, which, while tight on space, will still cost less in monthly repayments than rent on a similar property. According to figures fromrepayments – or €2,000 in rent. In Cork city, the mortgage on that type of property will be about €699 a month, just half of the almost €1,400 you can expect to pay in rent.
However, many lenders continue to treat one-beds more strictly than other types of property. One of the biggest issues lenders see with one-beds is that they offer no flexibility should a borrower get into financial trouble – there is, after all, no extra bedroom to rent out. Other lenders have a more flexible approach, but in practice they are likely to restrict a 90 per cent LTV to well-located city centre apartments.says it will lend up to 90 per cent for owner-occupier apartments, both in Dublin and elsewhere. But it’s not quite as simple as that. A spokesman adds that the 90 per cent LTV for owner-occupier one-beds depends on “value”, and when it comes to outside Dublin it also depends on “location”.
Another downside of opting for a one-bed apartment, even if you can secure a mortgage at 90 per cent LTV, is that if you are looking for a more competitive rate, you may find it tricky to switch unless your LTV has fallen below 80 per cent.
Mortgages Renting Savills Bank-Of-Ireland Avant-Money Nua-Money Ptsb Aib Ebs Haven-Mortgages Central-Bank Help-To-Buy For-You
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