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Will we get a mortgage with money that is gifted

  • 08-07-2014 2:38pm
    #1
    Mollcarroll
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi was just wondering if anyone can provide some information.
    Me and my fiancé are looking to buy or build a house. We recently got engaged and my parents have gifted us enough money for a deposit on a house, legal fees, stamp duty ect. We are both in full time employment. Have cleared all our previous loans, have no credit cards. We also have been gifted a site if we want it. We dont however have any saving as we are paying rent of €700 for the last 1yr and half. Will the banks bother with us unless we get some savings together?


Comments

  • #2
    fits
    Registered Users, Registered Users 2 Posts: 13,771 ✭✭✭✭fits


    I think you have to show that you can put aside enough to cover a mortgage over at least a six month period.

    Word on the street is that they are throwing money at people again. Wont do you any harm to apply and see what you need to do anyway.


  • #3
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,708 ✭✭✭✭Atlantic Dawn
    M


    If you have a standing order or direct debit to prove you pay that much rent it will help verify your repayment capacity. If you have no savings whatsoever you may be looking at a maximum mortgage on an affordability level of 550 to 600 a month, whatever mortgage amount that will provide over the required term.


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