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MORTGAGE - DEPOSIT - LOAN

  • 27-06-2010 10:01pm
    #1
    chucknorris
    Registered Users, Registered Users 2 Posts: 1,633 ✭✭✭


    I'm looking for advice on norms related to the title please.

    By the end of the year or very early next year I will be buying a house. The prices are close, but not just at the bottom yet.

    I have close to €25000 saved in the credit union as a deposit.

    I woukd rather leave that money there and borrow €25000 on the strength of my shares - if at-all possible and more importantly, advisable.

    for the record, I wouldn't have an issue in paying back both - it's just nice to have your savings still sitting there.

    Is this the norm or would most recommend I take it out and throw off the house? leaving me with no savings?:confused:
    Tagged:


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,927 Admin ✭✭✭✭✭Toots


    It wouldn't be the norm, and I wouldn't recommend it. If you have a loan of €25k, you'll have to declare it on your mortgage application, and it would significantly affect the amount you'd be able to borrow.


  • #3
    scudzilla
    Registered Users, Registered Users 2 Posts: 11,945 ✭✭✭✭scudzilla


    And if ya took out a Credit Union Loan then you wouldn't be able to touch your savings.


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