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Mortgage deposit

  • 07-06-2018 6:04pm
    #1
    Timlovejoy
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi.
    My wife and I are applying for a mortgage, we have 20,000 deposit that has been gifted and have been paying rent for the last seven years.
    I have spoken to one brokers and they want a record of savings for the deposit whereas we haven't saved the deposit.
    I'm just wondering is this likely to affect our application?


Comments

  • #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    Timlovejoy wrote: »
    Hi.
    My wife and I are applying for a mortgage, we have 20,000 deposit that has been gifted and have been paying rent for the last seven years.
    I have spoken to one brokers and they want a record of savings for the deposit whereas we haven't saved the deposit.
    I'm just wondering is this likely to affect our application?

    Hi there,

    Thanks for getting in touch with us here.

    Our mortgage team would take everything into account when you're applying for a mortgage. You can request a call back from our one of our mortgage specialists through our main website and they'll be happy to take all of your details and confirm what options would be available to you.

    Thanks again,
    Darren.  


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Timlovejoy wrote: »
    Hi.
    My wife and I are applying for a mortgage, we have 20,000 deposit that has been gifted and have been paying rent for the last seven years.
    I have spoken to one brokers and they want a record of savings for the deposit whereas we haven't saved the deposit.
    I'm just wondering is this likely to affect our application?

    If you get a letter from whoever gifted it to say its not repayable and your rent payments are more than your new mortgage payments you should be fine


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