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trading up concerns on criteria from banks

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  • 01-11-2017 12:24pm
    #1
    StarBright01
    Registered Users Posts: 731 ✭✭✭


    Just wondering if anyone knows the answer to this! We bought our house 5 years ago and are looking to sell our house and move to another area to purchase another. Mortgage wise we would be looking at the same borrowings.

    Are the bank's criteria pretty much the same as a first time buyer with regards to providing statements on accounts going back the past few months, to access if we are able to repay etc?

    I've been going into my overdraft a bit recently so worried that they are still strict on this


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    #2
    commited
    Registered Users Posts: 2,280 ✭✭✭commited


    Are you currently going into your overdraft as you are squirreling away money into a savings account or going into it as you're running out of money each month?

    If it's the latter then I'd say you'll need to rectify this before the banks are happy. You generally need to provide 6 months bank statements and they will stress test the loan at ~2% above offer rate.

    It's tough to advise without knowing your complete financial situation so probably best to talk to bank/broker.


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    #3
    StarBright01
    Registered Users Posts: 731 ✭✭✭StarBright01


    commited wrote: »
    Are you currently going into your overdraft as you are squirreling away money into a savings account or going into it as you're running out of money each month?

    If it's the latter then I'd say you'll need to rectify this before the banks are happy. You generally need to provide 6 months bank statements and they will stress test the loan at ~2% above offer rate.

    It's tough to advise without knowing your complete financial situation so probably best to talk to bank/broker.

    Going into overdraft as only just back from maternity leave, which I presume isn't taken into account. Eeeek better get my act in gear....


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    #4
    OREGATO
    Registered Users Posts: 898 ✭✭✭OREGATO


    StarBright01 wrote: »
    Going into overdraft as only just back from maternity leave, which I presume isn't taken into account. Eeeek better get my act in gear....

    Worth noting that having a dependent will also affect the amount you can borrow.


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