Mortgage Application Proof of Savings

c6ysaphjvqw41k

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mickuhaha

Will only want 6 months statements. In that 6 months they will see your normal savings, spending and earnings.

mickuhaha

Btw your ment to pay tax on gifts over €16250 at 33% I believe.

c6ysaphjvqw41k

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StupidLikeAFox

mickuhaha wrote: »

Btw your ment to pay tax on gifts over €3000 at 33% I believe.

Fairly sure thats only if it comes from the same person.

mickuhaha

Jamison Defeated Idiot wrote: »

Thought the threshold is 16k? Thanks.

Fixed

myshirt

Jamison Defeated Idiot wrote: »

Thought the threshold is 16k? Thanks.

Nope. It's 3k.

Thereafter there is a lifetime allowance of 16k for that category of gift giver, but first 3k is fine.

If you haven't paid, the interest and penalties grow day by day.

Level of penalties are in three buckets. The voluntary disclosure, the prompted disclosure, and cases where Revenue had to actually investigate it to find out. This is for the 'sher how would they know' people, and is the heaviest of the penalties you could get.

StupidLikeAFox

myshirt wrote: »

Nope. It's 3k.

Thereafter there is a lifetime allowance of 16k for that category of gift giver, but first 3k is fine.

If you haven't paid, the interest and penalties grow day by day.

Level of penalties are in three buckets. The voluntary disclosure, the prompted disclosure, and cases where Revenue had to actually investigate it to find out. This is for the 'sher how would they know' people, and is the heaviest of the penalties you could get.

Anybody can give you 3k per year, every year, tax free. Its a Small Gift Exemption not related to inheritance tax

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/small-gift-exemption/index.aspx

myshirt

StupidLikeAFox wrote: »

Anybody can give you 3k per year, every year, tax free. Its a Small Gift Exemption not related to inheritance tax

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/small-gift-exemption/index.aspx

Your link is not working but yes, agreed.

c6ysaphjvqw41k

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cornflake1

Jamison Defeated Idiot wrote: »

I've been saving the same amount into my bank account every month for the last 8 years towards a house. I've just always been a saver and started putting away for a mortgage when I was 22 even though I had no plans yet.

Between myself and my husband, we will have quite a large deposit. Well over 100k. When we eventually go for a mortgage I know the bank will wonder where this came from and may ask for proof.
I'm just wondering how far back might they want to go with statements if they can see from some of the most recent years that it has been the same amount. Providing 8 years of bank statements will be a bit of a pain and I've also switched bank's in that time with no statements from the previous bank. Would end up having to go look for them from a bank I no longer use.

We also have a few large deposits back in 2017 as wedding gifts. Bank says we might have to prove that with a wedding cert around the same date. We eloped a year previously and eventually had a party almost a year later where everyone gave us gifts. Obviously cant really prove that though. Any chance just saying we eloped and had a party after might appease them? Deposits weren't anything huge, three deposits in a few days and total only comes to about 8.5k

I had savings over 100k when going for a mortgage with ptsb. They only wanted six months statements and asked the source of the savings. They didn't ask for proof.

c6ysaphjvqw41k

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suilegorma

We were in a similar boat as you and had moved deposits so many times chasing best deposit rates. boi made us go back a good few years, like you I'd been saving since 22 so it was a big unraveling and took us a while to appease them with the source of our funds! We had to get copies of statements from banks that had since been taken over. Good news is that once you do draw down switching mortgages thankfully doesn't require all of this !

Sarn

We had 15 years worth of savings and multiple bank accounts and only had to provide 6 months of accounts with BOI. For us the only hassle was getting the statements for every account. Thankfully I had consolidated several of them in advance. One or two large transfers had to be explained but that was it.

We also didn’t bank with BOI beyond a mortgage saver account.

c6ysaphjvqw41k

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Sarn

Jamison Defeated Idiot wrote: »

Thanks for the input. For the few large transfers did you just have to explain them or were you asked for proof?

We just had to explain them, but they were only between our own accounts or to pay for the house deposit.