Mortgage approval without proof of regular savings?

Hello. My partner and move to Ireland and bought a derelict property for €100,000 in cash about a year ago. We're now looking to obtain mortgage financing of around €100,000 to renovate the property (new roof, extension, etc) but only now have realised that lenders require that you show at least 6 months of regular savings as proof you can afford the mortgage. This isn't a requirement in our native UK so we didn't even think about ensuring we have made provision for this. Being new to Ireland, we haven't been saving as all of our income goes towards restoring the property (we live onsite) and traveling around Ireland (as blowins do). We also haven't been renting (no requirement to) so can't use this in leu of saving.

My question is, is there a way around this savings requirement? Our income is more than enough to cover the 3.5 time income ratio for a €100,000 mortgage and the loan amount would secured against the property anyway.

Any advice would be really helpful. We're wondering if we may need to go down a non-mortgage route such as personal loans, etc.

Citrus_8

https://www.boards.ie/discussion/2058295842/mortgage-approval-without-proof-of-regular-savings

Savings show your financial discipline and how comfortably you will repay if interest rates increases (especially relevant at this time). You may loose a part of the income, rates can get nasty etc. Banks want to assess a risk.

covidcustomer

I was going to suggest a personal loan, maybe join a local credit union too to build up your credit history (repayments on smaller loans first etc...).

Did you have savings/credit history in the UK? Something that you could provide maybe?

The money you're putting towards into your house would count as savings. Try a good broker