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Large(ish) expenses before applying for mortgage

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  • 14-11-2019 10:02pm
    #1
    ideaburst
    Registered Users 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!


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    #2
    Salary Negotiator
    Closed Accounts Posts: 1,148 ✭✭✭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.


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    #3
    Allinall
    Registered Users Posts: 6,562 ✭✭✭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.


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    #4
    ideaburst
    Registered Users 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.


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


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


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    #6
    ideaburst
    Registered Users 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.


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    #7
    ideaburst
    Registered Users 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".


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