Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

Large(ish) expenses before applying for mortgage

  • 14-11-2019 10:02PM
    #1
    ideaburst
    Registered Users, Registered Users 2 Posts: 100 ✭✭


    Hey guys,

    Quick one - myself and the girlfriend will most likely be applying for a mortgage soon (over the next few months). I am just wondering about how the banks generally view largeish expenses close to the time of applying.

    Specifically there is a course I'd really love to do that would set me up to embark on a new career if I so wish. There is no major rush as such, but the person holding the course has offered a place and it's not certain how often it will run.

    However, the cost is significant - just over 8 grand. I am wondering if the bank would query that, even if it's obviously an investment and not like it's a big holiday or going towards a flash car, etc!

    All opinions and experiences welcome!


Comments

  • #2
    Salary Negotiator
    Closed Accounts Posts: 1,138 ✭✭✭Salary Negotiator


    Banks will ask but as long as you can state what it was for it won’t make a difference to your application.


  • #3
    Allinall
    Registered Users, Registered Users 2, Paid Member Posts: 7,484 ✭✭✭Allinall


    ideaburst wrote: »
    Hey guys,

    Quick one - myself and the girlfriend will most likely be applying for a mortgage soon (over the next few months). I am just wondering about how the banks generally view largeish expenses close to the time of applying.

    Specifically there is a course I'd really love to do that would set me up to embark on a new career if I so wish. There is no major rush as such, but the person holding the course has offered a place and it's not certain how often it will run.

    However, the cost is significant - just over 8 grand. I am wondering if the bank would query that, even if it's obviously an investment and not like it's a big holiday or going towards a flash car, etc!

    All opinions and experiences welcome!

    Can you afford to pay the 8k and still have enough for your deposit and buying expenses?

    If so, then I couldn’t see a problem.


  • #4
    ideaburst
    Registered Users, Registered Users 2 Posts: 100 ✭✭ideaburst


    Allinall wrote: »
    Can you afford to pay the 8k and still have enough for your deposit and buying expenses?

    If so, then I couldn’t see a problem.

    Thanks for that. I can indeed, and that's why I am comfortable going for it, although aware that it does reduce the overall amount of funds available. But that could be said at any stage.

    I guess the bank mainly care that there are no flippant purchases and that you have the savings, deposit and ability to repay really.


  • #5
    jlm29
    Registered Users, Registered Users 2 Posts: 3,818 ✭✭✭jlm29


    Once you have your deposit etc, and can meet the banks affordability criteria, it shouldn’t be a problem


  • #6
    ideaburst
    Registered Users, Registered Users 2 Posts: 100 ✭✭ideaburst


    jlm29 wrote: »
    Once you have your deposit etc, and can meet the banks affordability criteria, it shouldn’t be a problem

    Yep that's what I reckoned too, and we've almost got the deposit now for what we're going for.


  • Advertisement
  • #7
    ideaburst
    Registered Users, Registered Users 2 Posts: 100 ✭✭ideaburst


    Salary Negotiator wrote: »
    Banks will ask but as long as you can state what it was for it won’t make a difference to your application.

    Cool I do have other amounts but these were investments too in side businesses, which are now giving a nice return. So there will be side business income in addition to the day job salary. I know they factor this in too, although not as "guaranteed income".


Advertisement