Have deposit but didn't save it. This seems a problem

FromADistance

Flashdan wrote: »

Thanks for your replies. We do have 6 months of saving just not the required percentage. They say 5% in savings so that would be 12500 but as I said it was not long notice before I got the money. This is through a broker but these were the people who offered the most potentially. The broker is looking into other options.

Thanks again for your replies

I think I know the bank involved here... Ulster isn't it? I remember when I was looking around, they had this ridiculous rule in place even though I had the funds (via a gift) and was paying rent. I did get assistance from the help to buy scheme but as I've said I was paying rent and could well prove capacity to pay. I'd suggest you find a new broker if they can't get you a mortgage with the hand of cards you have (6 months savings, inheritance of half the price of the house, paying rent).

bilbot79

I couldn't get a mortgage from my bank, with whom I am currently laying a mortgage, because my last six months finances were a bit messy. Got approved with finance ireland though. A broker will get you sorted, they ring around all the lenders to find out which is cool with your type of repayments. I went with mortgage brokers.ie

JustAThought

Reversal wrote: »

Has this not consistently been shown to be false? I've seen multiple banks and brokers put out stuff recently in an effort to bust this myth. I've seen it stated numerous times that there is no impact on a mortgage application, whether you've never availed of a credit facility or not. Unless you've missed repayments of course.

Fairly arrogant statement.

This happened to me - all
my adult working life I lived within my means and paid my way and my rent. I had no loans, no debt, perfect credit history, big savings - refused for a mortgage by both banks I had banked with since a child because I had never demonstrated that I coild repay a regular debt. Even though I had a monthly regular salary going in and considerable savings. I went to Ulster Bank who I had never saved with and didn’t even have an account with and argued that paying a regular monthly set amount to them for postgrad fees was the same as saving - they accepted this on seeing the proof (monthly fee payment schedule from the accounts dept at the uni) and they gave me the mortgage I wanted.

Sometimes urban myths are true. I still am pissed off with ‘my’ banks that they wouldn’t loan to me on principle. AFTER I took out the mortgage I started getting pre-approved loan consents sent out to me in the post - which only pissed me off more.

Apart from half a car loan after I bought my house, which I paid back within the term I Havn’t had a loan since thankfully. No doubt when I want a house upgrade it will go against me again. In the meantime IP has shut down one of my accounts and so my decades of credit history is now lost/deleted. Which I am going to address soon as I am now angry and bored enough.

Banks really piss me off.

AngryLips

JustAThought wrote: »

No doubt when I want a house upgrade it will go against me again. In the meantime IP has shut down one of my accounts and so my decades of credit history is now lost/deleted. Which I am going to address soon as I am now angry and bored enough.

Banks really piss me off.

Well if you move house then your existing mortgage repayments will be viewed as capacity to repay, so it probably won't happen again

JustAThought

AngryLips wrote: »

Well if you move house then your existing mortgage repayments will be viewed as capacity to repay, so it probably won't happen again

thanks : ) That actually does make my day brighter and my little world a better place!!