Will a gap in savings affect mortgage approval?

colers

Hi all,

Myself and my partner are considering getting on the property ladder for the first time.
When it comes to getting mortgage approval, I know the bank generally want to see bank statements for the last 6 months. Our finances aren't in too bad shape at the moment - no loans, credit card paid off on time etc. We've both been saving for many years now (him more than me!) but the issue I'm worried about is that my partner stopped saving for 2/3 months earlier in the year while he switched accounts (and also went on holidays!) Will the bank take into account the years of consecutive saving or will they simply say no because there was a gap in our savings in the last 6 months.
Also, if a bank refuse you mortgage approval, does that affect your credit rating? ( no idea about these things!)

Thanks.

spockety

The gap in savings won't go down well, especially if you say it was to fund a holiday (lifestyle purchase).

Refusal doesn't affect credit rating.

spaceHopper

It will make no difference - just tell them why - we all save to go on holidays and that's what he did. No big deal. I don't know why people get so stressed about getting a mortgage we had no problems with AIB and most months I let the cc slide till or pay late -my bad but they didn't look at it. Saying that I had paid it off.

Bateman

If it's only a couple of months break it won't be a deal breaker