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Paying rent in cash - where to apply for mortgage?

  • 25-04-2017 6:28pm
    #1
    UneJolieFemme
    Registered Users, Registered Users 2 Posts: 22 ✭


    Hi,

    I am planning to buy a house and I am a first-time buyer. My earnings are good, allowing me to borrow more than I want, I save regularly, my disposable income that I would be left with after the monthly mortgage repayments is higher than the banks require (by approx. €300). There is just one problem - the rent I am paying is not traceable as I pay it in cash (and can't change that unfortunately). I withdraw the rent money from ATM on the same day every month and I have a letter from the landlord stating how much rent I am paying.

    The rent amount is the same as the mortgage monthly repayments would be, while my monthly savings are about 80% of that amount.

    Will any bank accept the letter from landlord or even the rent book as proof of paying the rent?
    Tagged:


Comments

  • #2
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Not entirely sure they're bothered about rent but a letter/receipts from the LL are perfectly fine.


  • #3
    James Bond Junior
    Registered Users, Registered Users 2 Posts: 5,140 ✭✭✭James Bond Junior


    Samuel T. Cogley wrote: »
    Not entirely sure they're bothered about rent but a letter/receipts from the LL are perfectly fine.

    Once you can show a record of consistent payments you should be fine. I was anyway.


  • #4
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    My friends had to move elsewhere for six months and pay rent by dd before they could get a mortgage. Talk to the banks to be sure, you'll always get mixed experiences on an online forum


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