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Debt vs. Savings (mortgage application)

  • 14-11-2010 7:34pm
    #1
    johnnyjb
    Registered Users, Registered Users 2 Posts: 366 ✭✭


    Hi all, im just wondering would my debt in the credit union matter if i was applying for a mortgage, even if the savings could cancel it out.

    Eu 3000 debt
    Eu 3100 savings

    Thanks in advance.


Comments

  • #2
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    Yes it will, they take all loans into account.

    Without meaning to be rude, 3100 eur probably won't be considered as much of a deposit - obviously depending on what you're looking to buy.

    However, at the end of the day, all you can do is ask. So in answer to your question - yes, they will take your loan into account, as it's money out of your account every week/month to pay it off, and therefore less money available towards a mortgage.


  • #3
    johnnyjb
    Registered Users, Registered Users 2 Posts: 366 ✭✭johnnyjb


    dan_d wrote: »
    Yes it will, they take all loans into account.

    Without meaning to be rude, 3100 eur probably won't be considered as much of a deposit - obviously depending on what you're looking to buy.

    However, at the end of the day, all you can do is ask. So in answer to your question - yes, they will take your loan into account, as it's money out of your account every week/month to pay it off, and therefore less money available towards a mortgage.

    Thanks but i must of confused you, the 3100 is savings in the credit union but is not the deposit amount. I will have the required 10% or whatever the bank deems neccassary.

    This question was intended to be seperate to a mortgage deposit. Thanks


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,490 ✭✭✭✭Victor


    As the savings cancel the loan, then it shouldn't be a problem. However, the bank will look more favourably at you having a good credit history, over someone who doesn't have a credit history.


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