Move home and save double the amount or stay renting and keep saving the same amount?

Ursus Horribilis

I don't believe it matters whether you're paying rent or living with your father. If they can see that you're putting away X amount of money every month and not dipping into it, it's a good sign.

bucketybuck

Bigmac1euro wrote: »

Ill probably wake up tomorrow with people asking me what age is my brother and does he have kids.

You can be as passive agressive as you want, but this is both the thread title and the first two lines of the opening post:

Bigmac1euro wrote: »

Move home and save double the amount or stay renting and keep saving the same amount ?

A pretty straightforward question there, with the query about banks only a throwaway comment further down the page.

Good luck getting the answer you want.

Plumbthedepths

Bigmac1euro wrote:

I don't think I understand your question fully.

It wasn't a question, some banks want to see an ability to pay a substantial bill each month as evidence of affordability. As advised check with a broker.

JeffKenna

Bigmac1euro wrote: »

Considering my father lives alone in a 3 bed house after my mother died with no mortgage he would be more than delighted to have me back. On top of this I would take over all bills.
He's actually hinted at it a number of times me coming back while saving. Now can anyone actually try and attempt an answer at the question above.

Your poor dad will be very lonely when you move back out again.

The_Honeybadger

Bigmac1euro wrote: »

I don't think I understand your question fully.

At the moment my rent is
1200 per month
i save 1200 per month.
Have rented for 3 years.
Started saving 1200 per month last July.

If I move home I would not be paying any rent.

I would just be saving 2400 per month.

Banks use a formula where they take your net Salary and then deduct an amount for cost of living (€ 2000 approx for a couple), any loans you have, childcare, and a set amount per child (€250 each).

Whatever is left over is supposedly what you can afford as a mortgage payment and the mortgage they offer will be based on this. It won’t matter where you are living when you apply as long as you can explain your circumstances.

jlm29

Bigmac1euro wrote: »

If someone posted who has done this before that would be helpful too but sure we'll see how it goes.

.

I have several friends who moved home to save, and had no issues getting a mortgage.
I have another friend who went and enquired recently about getting a mortgage, and the person they spoke to in the back actually suggested that they should move home to get a deposit together a bit faster.

Teacher23

Hi there,

I was in your position and my partner and I moved in with my family. It's worked out very well and we are currently applying for mortgages. They had no issue with the moving home part, what they really wanted to know was the amount we could put aside each month for savings; that's what was used to gauge our ability to afford repayments. If you continued to rent, both rent and savings would go towards it. Of course, as you said in your post, moving home would mean your savings would build up much faster. I suppose your main question you had was related to the view the bank would have - it wouldnt cause you any problems in my experience. Best of luck with your saving and your decision �� for me personally it would have taken so so much longer had I not moved home and I wish I had done it sooner.

bluepants

Hey,
Wasn't there an add released by one of the banks maybe a year ago, that portrayed a couple moving home to save for a mortgage (think they got a bit of stick for this at the time). Anyway, I think they half expect it these days, as rent, cost of living etc is so crazy.
Your savings will likely double, they will see this, plus you'll get to your deposit quicker, best of luck with it

Jurgen The German

There is no issue with it, I know many people that did it incl my sister. It's easily explained and readily accepted by the banks so it's a no brainer.