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14-08-2009, 17:54   #1
dave98
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How to increase savings to get mortgage?

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
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14-08-2009, 18:45   #2
AARRRGH
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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.
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14-08-2009, 18:48   #3
dave98
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but i thought banks didnt have access to credit union accounts..,...
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14-08-2009, 18:50   #4
beertons
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Leave it 12 months man. One big loan is enough to be paying off, let alone 2 of them.
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14-08-2009, 18:52   #5
dave98
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i know ya but the house is really good value at the mo. no patience i suppose
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14-08-2009, 19:00   #6
Firetrap
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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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15-08-2009, 00:34   #7
Oliver1985
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Originally Posted by dave98 View Post
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?
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15-08-2009, 00:54   #8
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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.
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15-08-2009, 15:00   #9
Fighting Irish
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Good value compared to what?

Please don't say 2006/2007 prices.
but but but its my dream home /usualresponce
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15-08-2009, 16:44   #10
Tech3
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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
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16-08-2009, 03:27   #11
the_syco
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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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