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mortgage question

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  • 24-08-2009 1:03pm
    #1
    waterboy99
    Closed Accounts Posts: 43 ✭


    Hi

    Myself and my partner are about to apply for a mortage but we were wondering see we have about 15000 in savings, but are parents are giving us the deposit for the house. Our question is should we lodge that money into our accounts or can we just say we are getting the deposit from our folks?


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    #2
    Keano
    Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators, Sports Moderators Posts: 12,802 Mod ✭✭✭✭Keano


    When my gf and I went for our mortgage we were asked for bank statements just so the bank could check that we both had regular incomes. It might be no harm to lodge as it can only help with the application.

    If the 15,000 is not in the bank, I hope is somwhere safe :eek:

    Hope you get mortgage.


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    #3
    waterboy99
    Closed Accounts Posts: 43 ✭waterboy99


    Hi

    The €15000 is in the bank, but we have €20000 that isn't in a bank and just would like to know would it be better to put that in the bank?


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    waterboy99 wrote: »
    Hi

    The €15000 is in the bank, but we have €20000 that isn't in a bank and just would like to know would it be better to put that in the bank?

    How do you mean 'not in a bank' is it in a mattress somewhere?? If so, then definitely put it in the bank! If it's in another institution like a credit union or building society, then you'd be grand leaving it where it is, the mortgage provider will probably want to see some sort of statement to prove that you have it there. You could tell the mortgage provider that your parents are giving you the deposit, they might want to see something from your parents stating that this is the case.


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    #5
    patbrady877
    Closed Accounts Posts: 46 ✭patbrady877


    banks dont have a prob with getting gifts from parents- they will look for a 'gift letter' to be signed by them advising that the gift is not repayable and that they have no interest in the property. You are in a good position, show you savings as it proves 'repayment ability' , and tell them where the deposit is coming from


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