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Mortgage deposit

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  • 07-08-2014 11:06pm
    #1
    millionmystery
    Registered Users Posts: 53 ✭✭


    Hi, just wondering if anyone here got a loan approval with just a small deposit (5k) but with a gift of 7, permanent position with regular savings
    Is the deposit a big deal to AIB? I know it is with Bank of Ireland


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    millionmystery wrote: »
    Hi, just wondering if anyone here got a loan approval with just a small deposit (5k) but with a gift of 7, permanent position with regular savings
    Is the deposit a big deal to AIB? I know it is with Bank of Ireland

    Big deal to them all. utlimately you will need to show the bank that you can cover stressed repayents on the mortgage. Most times this is shown by people paying rent and saving so the amount of these together monthly should be enough to cover the stressed repayment.

    Really depends also how much you are looking for.


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    #3
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    Stress test showed I had nearly 400 left after. Monthly Savings altogether so plus rent cover the monthly morgage repayment. Just wondering if anyone has applied and (been approved )for a morgage with a similar situation!


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    #4
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    Banks allow gifts for deposits, usually with a declaration signed by the giftor. They also want too see that you have enough funds to cover the associated costs like solicitor and stamp duty.

    Is that €400 a month left after stress test? If it is, you are nowhere near the required level of disposable income required. If weekly, you have enough.

    Steven


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    #5
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    SBarrett wrote: »
    Banks allow gifts for deposits, usually with a declaration signed by the giftor. They also want too see that you have enough funds to cover the associated costs like solicitor and stamp duty.

    Is that €400 a month left after stress test? If it is, you are nowhere near the required level of disposable income required. If weekly, you have enough.

    Steven


    To anyone reading this in a similar situation (as I was) I did get mortgage approval!!! Just keep your savings regular and make sure your rent plus savings will more than cover your repayments. Leave money in your account at the end of the month also.


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    #6
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    Congratulations. Best of luck with your new home :D


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