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Good guide on what you need to get in order to apply for a mortgage

  • 21-02-2022 8:42pm
    Registered Users Posts: 345 ✭✭ JimmyCorkhill


    Is there any links to a good overview of what one typically needs to have in order before seeking to get a mortgage? I have read a few articles online but some seem to say different things.

    Betting seems to be a no,no & they now want revolut statements it seems.

    Is investing in shares or buying crypto the same as gambling?



  • Registered Users Posts: 339 ✭✭ Kurooi

    No gambling, no crypto (yes considered gambling). Shares ok in small amounts , but if it were me I'd pause investing further. I presume you understand that your share portfolio will not count towards your savings or a deposit. Correct also on revolut, they are considered proper accounts banks do ask for them. If you're paying rent, you have to show that on your statements, no cash rent payments or whatever.

    Take cash out of an ATM before going out for your drinks and late night escapades so pub names don't show up there. Consistency of saving is important, as is consistency of spending (so for example, time booking a holiday so it's not paid on same month you bought a new washing machine etc. the large dip in your account is a little bit of an eye sore then). If you want to make it dead easy for the bank you can set up a dedicated savings account, it might make it easier for you to see and plan your savings. But it's not a must.

    Keep that going for 6-12 months. If you've got some of the bad stuff in the past statements, see if you can get it to cut off don't provide more history than necessary.

  • Preempt what the bank want and just have 6 months of statements from every deposit, savings and investment accounts you have. They may not require them, but it’s when you don’t have them ready, they look for them. Revoluts handy anyway, one click pdf on their app (I’d say they loved my 30 page statement with hundreds of transactions to loose change and vaults!!)

    ID, Payslips, salary certs (you’ll need these a few times, lenders love saying these are out of date when they delay things!), proof of gifts, funds etc all needed.

    Good few guides and tips on some of the most popular broker pages etc on Instagram & twitter too (not linking but Crazy house prices, the mortgage guy, most brokers) all have their own guides and checklists. Always told gambling’s a no no but small amounts generally don’t raise an eyebrow. If In doubt use cash.

  • Registered Users Posts: 208 ✭✭ SunnySundays

    Banks do not care if you spend it pubs and what you send your discretionary cash on other than gambling. Even if you consider yourself a good gambler and show consistent winnings. It is still a risk.

    Some tips:-

    (1) Don't live in your overdraft, it should be for rare, small occasional use. Not all the time and not every month

    (2) Credit card usage - carrying a large limit is a bad sign. Again occasional usage and reducing balances etc. No cash withdrawals on card, especially if lodging them to current account

    (3) Rent should be marked as rent, same amount, monthly - not withdrawn as cash in varying amounts

    (4) Savings should show a consistent pattern of savings but standing order, direct transfer or direct debit. I.e. €800 amonth at the start of month. Sweeping irregular amounts of what's left at the end of the month is not an organised savings plan. Top it up at the end of the month if you wish but you need to demonstrate a regular, consistent savings pattern.

    (5) Large out of course withdrawals- not really and issue but explanations may be required to confirm same are once offs

    (6) Savings & rental should easily cover stressed mortgage repayments. If not, why not and what will be different in future?

  • Registered Users Posts: 414 ✭✭ Emma2019

    Banks absolutely do not care what you spend in pubs.

    You can pay your rent in cash if you have a rent book. If you don't, take out the same amount at the same time every month.