Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage question?

Options
  • 14-11-2015 8:13pm
    #1
    newhouse2016
    Registered Users Posts: 2 ✭


    Hi,

    I have recently been approved for a 10k car loan and wondered if it is possible to use this 10k for a mortgage deposit on a house instead? I only have 50% of the mortgage deposit as the moment so this is why I'm asking. Will this be a red flag during a credit check when it comes to apply for the mortgage?

    Thanks. :-)


Comments

  • Options
    #2
    sozbox
    Registered Users Posts: 1,399 ✭✭✭sozbox


    They'll ask where the money came from. If you say it's a loan then it will impact your repayment ability and hence a decision.


  • Options
    #3
    NinjaTruncs
    Registered Users Posts: 2,498 ✭✭✭NinjaTruncs


    sozbox wrote: »
    They'll ask where the money came from. If you say it's a loan then it will impact your repayment ability and hence a decision.

    Regardless of what the loan is used for having an outstanding loan is going to impact the size of mortgage you will get.

    4.3kWp South facing PV System. South Dublin



  • Options
    #4
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The banks are all members of the Irish Credit Bureau. They will know about the loan and will know where the money came from. They will also reduce the size of the amount they are willing to lend based on the outgoings to pay off the loan not being available to pay the mortgage. better not to have a car at all.


  • Options
    #5
    womandriver
    Closed Accounts Posts: 543 ✭✭✭womandriver


    newhouse2016 wrote: »
    Hi,

    I have recently been approved for a 10k car loan and wondered if it is possible to use this 10k for a mortgage deposit on a house instead? I only have 50% of the mortgage deposit as the moment so this is why I'm asking. Will this be a red flag during a credit check when it comes to apply for the mortgage?

    Thanks. :-)

    It's very worrying that people are asking these kind of questions. Thank god for the Central Bank rules.


  • Options
    #6
    CollyFlower
    Registered Users Posts: 6,077 ✭✭✭CollyFlower


    You're not going to get around it, your PRSI No: will tell all!


  • Advertisement
  • Options
    #7
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    The boom is back with this kind of carry on.


  • Options
    #8
    Sound Bite
    Closed Accounts Posts: 788 ✭✭✭Sound Bite


    Are you serious?

    You cannot have what you cannot afford.

    Either wait until you can afford it or cut your cloth accordingly.

    Please read up on the mortgage crisis, arrears levels etc as you seem very detached from reality.


  • Options
    #9
    newhouse2016
    Registered Users Posts: 2 ✭newhouse2016


    Ok, cheers. I'm buyiing a car anyway so won't be using it towards a mortgage just wanted to ask the question.


  • Options
    #10
    NewApproach
    Registered Users Posts: 2,188 ✭✭✭NewApproach


    If you're trying to save for a deposit, is buying a car with borrowed money wise?


  • Options
    #11
    Quorom
    Registered Users Posts: 28 ✭Quorom


    If you get the car loan, depending on your earnings, it will impact negatively, the max mortgage amount that you can borrow.


  • Advertisement
  • Options
    #12
    Ri_Nollaig
    Registered Users Posts: 2,297 ✭✭✭Ri_Nollaig


    newhouse2016 wrote: »
    Hi,

    I have recently been approved for a 10k car loan and wondered if it is possible to use this 10k for a mortgage deposit on a house instead? I only have 50% of the mortgage deposit as the moment so this is why I'm asking. Will this be a red flag during a credit check when it comes to apply for the mortgage?

    Thanks. :-)
    If you are planning on buying a house in 2016, you really shouldn't be taking out a car loan. Either keep your current car/get a much cheaper one and save the money for your house deposit.

    It was common back in the day for people to borrow money from a credit union to use as their 'deposit'. Those loop holes are closed I'm afraid and the banks can now check or will ask for a signed letter confirming its a gift if you received it from a parent/etc.


Advertisement