"Outfitting costs" when applying for mortgage

Antilles

I was in Bank of Ireland today talking to them about a mortgage. I've got the deposit saved up, as well as solicitor's fees and professional fees, but they told me they want me to have five thousand euro on top of all that - for outfitting the house.

Has anyone ever heard of that before? I'd never even considered it, since I'm in my second decade renting and already own most of the things in my current house. What business is it of the banks what outfitting my house has??

Victor

Antilles wrote: »

. What business is it of the banks what outfitting my house has??

I presume you want thier money.

While yes, you may have many of the things you will need, you may be experiencing optimism bias. Many people find themselves stuck in the first few months, financially and/or functionally.

McCongo

Antilles wrote: »

Has anyone ever heard of that before? I'd never even considered it, since I'm in my second decade renting and already own most of the things in my current house. What business is it of the banks what outfitting my house has??

When you buy the house you will need furniture, appliances and tools.
The bank doesn't want you buying things on HP or credit card or some other credit arrangement. The reason being that you may come under financial pressure and pay those loans off in preference to the mortgage.
Many people in mortgage arrears would not be if they didn't have to pay for other items bought on credit.