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Mortgage advice..

  • 07-01-2019 6:33am
    #1
    paddles
    Registered Users, Registered Users 2 Posts: 440 ✭✭


    Planning to sell my property this year and buy another house. Any advice re mortgage? Would I have to have sold my house to get approval as the deposit would have to come from the sale or should I look into reapplying with my existing mortgage provider or does being sale agreed count for anything?
    Also we have nearly 20, 000 in savings but have not been consistently saving. We rent currently and have the childcare mortgage so haven't been great at consistently saving but given that we have that amount saved, does that count or do we still have to lodge X amount per month for X amount of time? Mostly how long does that X amount of time need to be? Is there any advantage to having an existing mortgage? That is solely in my name as is .my house but I'm married now and we'd be applying jointly.
    Clueless. Thanks.


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    You'll most likely have to show a pattern of consistent saving for 6 months, and that sum needs to be untouched in that time. The amount you save should be greater than the amount the extra mortgage and life cover will cost.

    Clear your overdrafts (and have them clear for six months) and personal loans , as they have a disproportionately large effect on mortgage applications.


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