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2nd time buyer small amount savings

  • 11-01-2018 9:39pm
    #1
    jc11
    Registered Users, Registered Users 2 Posts: 175 ✭✭


    Hi there,

    Selling up this year and will be fortunate enough to have money in our pocket left over from the sale. Will be looking for another mortgage of approx 100,000.

    We have small amount of savings (5000) and will be saving 500 per month untill we are ready to apply for new mortgage, with proceeds of sale being our deposit for same. Loan to value approx. 33% (think I have that right!) .

    With the deposit there from sale, will the banks frown upon our relatively low monthly savings? I'm sure our monthly mortgage payments will be factored into this too? Or will the low LTV etc make it easier for us to get approval?

    Thanks in advance 😊


Comments

  • #2
    tusk
    Registered Users, Registered Users 2 Posts: 5,893 ✭✭✭tusk


    Bank just wants to verify your ability to repay, not your ability to save. If youre paying your mortgage now and the new one will be less I don't see why there would be a problem.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You need to prove to the bank that you can afford the mortgage and need to show savings/mortgage repayments/rent equal to what your stressed monthly repayments will be over a 6 month period.

    Once you redeem your existing mortgage you need to save what you were paying on the mortgage.


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