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Mortgage approval with less than 6 months savings

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  • 26-03-2018 4:29pm
    #1
    fireybabey
    Registered Users Posts: 5 ✭


    Hi, I recently went to the bank for approval and the only issue they saw was the less than 6 months savings record. We applied for approval in principle and got that. But now when we rang today to go for the Formal approval the bank manager again mentioned that we did not have the six months record and that it may be an issue. We really didn't expect to find a house so quickly as only got approval in principle last week but we found a good one and now I'm worried we may have to wait the 2 months before we can bid. Has anyone else experience in this?
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    #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    fireybabey wrote: »
    Hi, I recently went to the bank for approval and the only issue they saw was the less than 6 months savings record. We applied for approval in principle and got that. But now when we rang today to go for the Formal approval the bank manager again mentioned that we did not have the six months record and that it may be an issue. We really didn't expect to find a house so quickly as only got approval in principle last week but we found a good one and now I'm worried we may have to wait the 2 months before we can bid. Has anyone else experience in this?

    Its most banks policy to see 6 months....not just about the level of deposit, they want to make sure you can do without the same amount as what the mortgage repayment is. If you were paying rent for over 6 months and the rent is more than your mortage payment you'd have a good case to get full approval now, depending on you having the deposit now.


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