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Is it crazy to book a holiday before finalising financing?

  • 09-04-2022 8:54pm
    Registered Users Posts: 573 ✭✭✭ Snakeweasel

    I am in a fortunate position that I have been gifted a property by my parents (please don't attack me!) It is however a small property with some repairs/renovations needed.

    I am in the process of getting finance to renovate and extend it. The bank have informally told me that they should be able to fund 100% of my costs and I would just have to have a 10% contingency fund saved. I have comfortably above this saved and after 2 years in lockdown I would love to have 2 weeks away in the sun in the summer. However, would the bank have an issue with me doing this? I would be paying for it out of a Revolut vault that I have. I haven't touched my any of my savings accounts or vaults in over a year (this only reason I touched my savings account in the last few years was to pay off the balloon payment on my PCP on my car last year), I have another Revolut vault for legal fees etc.

    I have no debt either, and would not be putting any of the holiday on a credit card. I'm just worried that the bank would have a big issue with me spending potentially over €1000 on a holiday whilst trying to get finance for an extension.

    Am I overthinking it or am I correct in thinking that this would be a stupid thing to do? (I'm a very bad over-thinker)


  • Registered Users Posts: 356 ✭✭ Kurooi

    They can pick at you 'not saving that month' if they see it in your statements.

    But you could choose a hotel that doesn't charge you until closer to your holiday, you can get your finance and the bank wouldn't know any better. I would also advise requesting all statements (including a download of revolut) before you pay that bulk of cost. No harm in having those handy. That way even if you need more cash you have 1-3 months to use them before they go out of date and again, your holiday won't show.