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Buying second house /apartment

  • 07-10-2020 02:04PM
    #1
    stingz
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi we are thinking to buy apartment but we don't have enough money for deposit. Anyone tried to take loan for like 20000 to cover deposit? Is it possible. When bank is checking your credit history?


Comments

  • #2
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,794 ✭✭✭Nuttzz


    stingz wrote: »
    Hi we are thinking to buy apartment but we don't have enough money for deposit. Anyone tried to take loan for like 20000 to cover deposit? Is it possible. When bank is checking your credit history?

    They check before giving you approval, I thought I'd closed my bank of Ireland account, but I hadn't and it was 75 quid overdrawn which I didn't realise and they asked for 6 months statements, so any debt you have will come up


  • #3
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 7,061 ✭✭✭Claw Hammer


    stingz wrote: »
    Hi we are thinking to buy apartment but we don't have enough money for deposit. Anyone tried to take loan for like 20000 to cover deposit? Is it possible. When bank is checking your credit history?

    The bank will want to know where you got the deposit. They will want to see the money moving through your accounts. €20,000 does not appear in somebody's account by chance. Furthermore you will have to demonstrate some kind of a savings record to show that you can afford the repayments and have the financial discipline to keep up the repayments.


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