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How to increase savings to get mortgage?

  • 14-08-2009 4:54pm
    #1
    Registered Users Posts: 352 ✭✭


    Just wondering if anyone can help. A am looking to get a morgage with EBS. They looked at my bank accounts and said if i had another €7000 in savings they would happily give me the loan. I was just wondering if there was "a quick" way to increase your savings - nothing dodgy. I was thinking of getting a credit union loan for €7k and lodging that into my bank account but would EBS find out??? Any help would be appreciated


Comments

  • Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    dave98 wrote: »
    would EBS find out???

    Yes, it'd be on your credit report.

    Just save the money over the next 12 months and buy next year. You'll save yourself a fortune with falling house prices.


  • Registered Users Posts: 352 ✭✭dave98


    but i thought banks didnt have access to credit union accounts..,...


  • Hosted Moderators Posts: 23,031 ✭✭✭✭beertons


    Leave it 12 months man. One big loan is enough to be paying off, let alone 2 of them.


  • Registered Users Posts: 352 ✭✭dave98


    i know ya but the house is really good value at the mo. no patience i suppose


  • Closed Accounts Posts: 4,442 ✭✭✭Firetrap


    dave98 wrote: »
    but i thought banks didn't have access to credit union accounts..,...

    You'd be surprised how many of them are now members of the Irish Credit Bureau (link) No bad thing IMHO.


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  • Registered Users Posts: 1,304 ✭✭✭Oliver1985


    dave98 wrote: »
    Just wondering if anyone can help. A am looking to get a morgage with EBS. They looked at my bank accounts and said if i had another €7000 in savings they would happily give me the loan. I was just wondering if there was "a quick" way to increase your savings - nothing dodgy. I was thinking of getting a credit union loan for €7k and lodging that into my bank account but would EBS find out??? Any help would be appreciated

    How much is the house and how much you have saved already?


  • Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    dave98 wrote: »
    i know ya but the house is really good value at the mo. no patience i suppose

    Good value compared to what?

    Please don't say 2006/2007 prices.


  • Registered Users Posts: 7,065 ✭✭✭Fighting Irish


    AARRRGH wrote: »
    Good value compared to what?

    Please don't say 2006/2007 prices.

    but but but its my dream home /usualresponce


  • Closed Accounts Posts: 3,010 ✭✭✭Tech3


    dave98 wrote: »
    Just wondering if anyone can help. A am looking to get a morgage with EBS. They looked at my bank accounts and said if i had another €7000 in savings they would happily give me the loan. I was just wondering if there was "a quick" way to increase your savings - nothing dodgy. I was thinking of getting a credit union loan for €7k and lodging that into my bank account but would EBS find out??? Any help would be appreciated

    By the sounds of it you don't seem to have enough for a deposit at least. The best idea is to save now and wait for house prices to fall maybe 2 or 3 years time. Then reassess you situation. It will make an unbelievable difference. I would expect average prices outside Dublin for a 3 bed semi d or detached to be in the 100-150K range.

    Other places like Donegal and Longford where little hope for unemployment and poor services will be less maybe from 60K-80K


  • Registered Users Posts: 37,295 ✭✭✭✭the_syco


    dave98 wrote: »
    i know ya but the house is really good value at the mo. no patience i suppose
    Actually, it's not. It's sh|te value. It's only good value when you can afford it...


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