BOI mortgage deposit savings account

12gauge dave

Hi I'm looking to start saving properly for a mortgage deposit. I already have a 365monthly saver account would I be aswell to close that and open the mortgage deposit saver instead in the sense it might look better on mortgage application?
How much should I be saving a month with them I earn about 450euro a week and live at home.
Thanks in advance

NinjaTruncs

How much are you looking to borrow? The bank will want proof that you can make the repayments on your loan. If you are looking for a mortgage with repayments of 500 the bank will want to see savings of about 600 a month to show you can afford it. For your deposit it doesn't really matter what accounts the money is in the bank just care that you have it. Pick an account with the best interested.

Ursus Horribilis

As the person above me just said, it does not matter what sort of savings account you have. Or indeed what bank. My mortgage is with a bank I've never had an account with. The main thing is that you can show the bank that you are capable of putting a large-ish sum of money aside each month and can continue to live your life without needing to dip into it. Set it up as a direct debit if possible.

When the time comes to look for a mortgage, the bank will be looking for 12 months of saving statements. They will also be looking at your current account statements and credit card bills. If you are somebody who likes to place bets online with the likes of Paddy Power stop doing that immediately. Go into the shop and deal in cash rather than use your credit card. Evidence of gambling can come against you.

12gauge dave

Thanks for advice I will hike up my monthly deposit and keep the head down

Ursus Horribilis

If you go to an online mortgage calculator and type in your details, you should be able to work out how much money you can borrow and what your monthly repayments would be.

wench

As a rough guideline, one of the criteria is net disposable income.
For a single person, the bank require you to have about €1250 to cover all your living expenses. The amount over this can be used for the mortgage payment.
So based on your figures, about €700 would be the max payment you could support, so you should aim to save that much.

Of course, other criteria may reduce the amount you'd be offered, but no harm aiming for the max savings.

Bank of Ireland: Janet

Hi Dave,

Regular savings are important. You can speak to one of our qualified mortgage advisors on 1890 365 005 and you can access our calculator here, it will give you an idea of the deposit and repayments required.

Here's a link to a list of things that we look at when considering a mortgage application.

Here's another link to an article on the importance of regular savings.

We can arrange a call back from one of our guys if you drop us a private message.

Jeff Le bowski

12gauge dave wrote: »

Hi I'm looking to start saving properly for a mortgage deposit. I already have a 365monthly saver account would I be aswell to close that and open the mortgage deposit saver instead in the sense it might look better on mortgage application?
How much should I be saving a month with them I earn about 450euro a week and live at home.
Thanks in advance

Don't get your hopes up,i went to 3 different lenders and each one wanted me to earn more,i earn similar to you btw

25,26 and 28 grand was what the three banks said i needed to be earning for a loan of 75k haha..

What a joke when i pay more in rent than i would if i had got a mortgage with them

Doesn't matter how much you save or have saved they want to see that you have a well paid job,simple as that i'm afraid