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Mortgage advice

  • 01-02-2016 11:23am
    #1
    bener
    Registered Users, Registered Users 2 Posts: 91 ✭✭


    Hi,

    I'm looking for a little advice on our chances if getting mortgage approval. There are 2 properties that we are interested in at the moment.

    My fiancé and I are in the process of applying for a mortgage. We currently have 30k savings and are getting a gift of 20k. We after looking for around 180000k. Our combined earnings are 74000k. However, we have not saved consecutively for the last 6 months. I have saved 3k in there last 3 months and she had only started saving 1k this month. We moved back home in October but with getting engaged and whole host of other expenses in November, our savings took a hit. Prior to moving home we rented in Dublin and paid 1250 monthly.

    Basically will the irregular saving pattern over the past few months stand against us???

    Any advice appreciated


Comments

  • #2
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    You're well within the LTV and LTI limits, so they're unlikely to look too closely at how the money was saved recently. You costs will be examined closely though. It really depends what those expenses were and demonstrating your saving from before to the bank.

    You'll only really know when you go to the bank though.


  • #3
    Alkers
    Registered Users, Registered Users 2 Posts: 6,908 ✭✭✭Alkers


    Are you paying rent currently? Any rent payments will demonstrate mortgage repayment capacity.


  • #4
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    How long were you renting for and were your incomes the same at that point?

    Seems to me like you'd be ok, the most they would do would be to ask you to demonstrate your savings a bit longer but fundamentally you seem in good shape.

    But really, the best thing you can do is go talk to the bank (or banks) and also maybe get a recommendation of a good mortgage broker - word of mouth can be a great help with this.


  • #5
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    How long were you renting for and were your incomes the same at that point?

    Seems to me like you'd be ok, the most they would do would be to ask you to demonstrate your savings a bit longer but fundamentally you seem in good shape.

    But really, the best thing you can do is go talk to the bank (or banks) and also maybe get a recommendation of a good mortgage broker - word of mouth can be a great help with this.


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