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mortgage savings

  • 03-05-2015 5:51pm
    #1
    tomhain
    Registered Users, Registered Users 2 Posts: 36 ✭


    I had 9000 saved in end of December. I applied for the mortgage with 10% deposit 8000 but needed money for solicitor. So my sister gave me 3000 to my savings account.

    All was ok and I got final approval, but the seller decided not to sell (after valuation and all that). I decided to repay the money back to my sister since I did not buy the house (it was gift for the house, but since no house ..) so in February, March and April I send her back 1000 - instead taking all those 3000 from savings account I just gave her 1000 from my wages.

    Now I guess that wasn't very clever since it looks like I haven't saved anything in those 3 months. However I want to apply again and so basically I had 9000 in savings in January, added 3000 and nothing else for few months. I did add another 800 euro recently.

    The 10% is only 8200 and I have almost 13000 in savings, however no stable savings for last 3 months.

    Could that be a problem ?


Comments

  • #2
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    could be we had an application turned down as we didnt have a consistent 6 months savings, they were happy with all other aspects of the application


  • #3
    Little Bubbles
    Registered Users, Registered Users 2 Posts: 268 ✭✭Little Bubbles


    Do banks want to see where every cent of savings come from.


  • #4
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    Yep statements showing all savings! You can get a gift from your parents etc but depending on the amount you have to get a letter declaring they have no interest in the property witnessed by an independent solicitor


  • #5
    Little Bubbles
    Registered Users, Registered Users 2 Posts: 268 ✭✭Little Bubbles


    Jen44 wrote:
    Yep statements showing all savings! You can get a gift from your parents etc but depending on the amount you have to get a letter declaring they have no interest in the property witnessed by an independent solicitor


    What if the gift was from 18 months ago.


  • #6
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    Little Bubbles wrote: »
    What if the gift was from 18 months ago.

    I wouldn't imagine it would be a problem so long as you can show where it's coming from by means of statements etc and if it's over 20 k (depending on the bank) the letter declaring they have no interest in the property


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  • #7
    Little Bubbles
    Registered Users, Registered Users 2 Posts: 268 ✭✭Little Bubbles


    Jen44 wrote:
    I wouldn't imagine it would be a problem so long as you can show where it's coming from by means of statements etc and if it's over 20 k (depending on the bank) the letter declaring they have no interest in the property


    It was 5k. Can't show other person statements.


  • #8
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    Little Bubbles wrote: »
    It was 5k. Can't show other person statements.

    Say it to the bank as soon as you are applying! You just have to show it coming into your account so you shouldn't have to show the other persons statements 5 k is not a huge amount in terms of a gift so you should be ok


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