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Mortgage

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  • 03-06-2014 8:22pm
    #1
    198321
    Closed Accounts Posts: 501 ✭✭✭


    We applied for very low mortgage (50k) and for that we need 5000. I said I have 5000 in savings and now they want proof. I have around 3k in savings account and 2k cash. Would that be ok to just deposit it in my savings account now and bring statement or would they think it is suspicious ?

    Also they want contract I have with landlord and that I am paying rent, but I have no contract as I am renting from my friends parents (500pm) but I can get letter confirming that I am paying rent for x property at address y, is that enough ? Thanks


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    #2
    Little Bubbles
    Registered Users Posts: 268 ✭✭Little Bubbles


    198321 wrote: »
    We applied for very low mortgage (50k) and for that we need 5000. I said I have 5000 in savings and now they want proof. I have around 3k in savings account and 2k cash. Would that be ok to just deposit it in my savings account now and bring statement or would they think it is suspicious ?

    Also they want contract I have with landlord and that I am paying rent, but I have no contract as I am renting from my friends parents (500pm) but I can get letter confirming that I am paying rent for x property at address y, is that enough ? Thanks

    Why have you not put the cash into your account. Is the cash from a different source. Not sure would the banks question it. Someone else might answer that.
    50000 might be very small of a mortgage to ask for.


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    #3
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Banks usually look for a paper trail for your savings i.e monthly standing order from current account to savings or a transfer from one account to another. They also look for evidence of payment of rent same as above. They need to see affordability to repay mortgage by regular savings and rent.

    198321 wrote: »
    We applied for very low mortgage (50k) and for that we need 5000. I said I have 5000 in savings and now they want proof. I have around 3k in savings account and 2k cash. Would that be ok to just deposit it in my savings account now and bring statement or would they think it is suspicious ?

    Also they want contract I have with landlord and that I am paying rent, but I have no contract as I am renting from my friends parents (500pm) but I can get letter confirming that I am paying rent for x property at address y, is that enough ? Thanks


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    #4
    28064212
    Registered Users Posts: 10,632 ✭✭✭✭28064212


    Can you show that the €2000 is actually yours? i.e. That you didn't just get a loan from a friend, deposit the cash to make it look like you have more savings than you claim, and you're going to give it back to your friend as soon as you have the mortgage?

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    #5
    198321
    Closed Accounts Posts: 501 ✭✭✭198321


    28064212 wrote: »
    Can you show that the €2000 is actually yours? i.e. That you didn't just get a loan from a friend, deposit the cash to make it look like you have more savings than you claim, and you're going to give it back to your friend as soon as you have the mortgage?

    i said I have 5000 which goes toward the mortgage (me 5000, bank 45000 = 50 000) so I assume they take those 5000 before giving me letter that mortgage is approved?


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