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Single wage couple - Mortgage

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    #32
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    I am of the same opinion as other poster's as to why you want to hide both a gift and savings. Firstly when you apply for a mortgage you need to provide your lender with 6 months recent current account statements where they will see all your transactions including the credit union loan. You will also need to provide a 6 month statement on that loan. Secondly the lender will apply for an ICB (credit check) for you and more than likely this will show the Credit Union loan.

    You will be considered for a mortgage based on affordability and repayment capacity. For example If your stressed mortgage repayment was €1000 per month well then you need to show that you have been paying rent and or savings of this amount for the last 6 months. Lender will need to see a paper trail for this so you need to pay rent/save by bank transfer or standing order. You cannot showings savings from a 20k gift however the bank will accept the gift towards the deposit once you have proven that you can repay the mortgage.

    I think at this stage it looks like you are not ready to repay a mortgage so like others advice you need to rent for perhaps 12 months.

    shelby67 wrote: »
    Hi all,

    I am in a bit of a pickle. We are a newly married couple with no children and are looking to try get on the property ladder. We had no real savings but my mother has given us 20K but a friend said the banks will want to see that we can save instead of just being given money.

    I plan on saving money from this 20k each month and then from my own wages I will save money somewhere where the banks wont se it.

    Would you recommend the credit union?

    Also I have a 16k loan from th credit union will the banks be able to see this or do I keep my mouth shut about it?

    I totally understand that I am being dishonest but at this stage I just want a property to live in with my wife and will have no problems paying a mortgage back which will be around 900 per month


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    #33
    ahahah
    Closed Accounts Posts: 79 ✭✭ahahah


    MagicMarker wrote: »
    If only there was another option between buying and living with family. Hmmm.


    Completely agree! I too am newly married and we are currently on a one income salary and we are RENTING! Im sorry but its timefor some people to get real. There is nothing wrong with renting for a few years instead of literally jumping at the first property you see. I too would like a mortgage of 900 a month who wouldnt. OP its time to get real and rent.


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