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Posted by jj on July 23, 2004 at 14:38:40:
In Reply to: Re: 4.5x main income and 2x other income ????? posted by really on July 23, 2004 at 14:04:50:
But lending levels he stated are only guidlines. The bank can make a judgement on what level they are willing to offer. i.e. the regulator is more concerned with misselling than multiples they operate to.
Of the two major banks in the Irish sector, one of them had 4.5x and 2x partners salary was the guidline.
The regulator does not control the level of financing financial institutions offer. I agree a bank consistently in breach of their license would get it revoked. But nowhere is level of mortgage borrowing controlled.
You can get 110% mortgages, upto 7x your annual salary, no personal recourse etc.
Ireland is a open free economy, where markets determine the norm. It is banks aversion to risk that sets the limits