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First time mortgage application

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  • 04-12-2019 9:45pm
    #1
    me123x
    Registered Users Posts: 4 ✭


    And first time posting here so hope its right!

    Ok so me and my husband have 2 kids combined income of 50k he works part time so there is no childcare costs. We recently found a property we would like to buy 135k and I used our savings to pay of all our loans/overdrafts. I then closed my credit union account and transferred the remaining 3k to a new joint savings account for us and we have a gift deposit of 40k from my father in law.. I guess my question is I used up a good chunk of our savings to tidy things up and I'm wondering now if i have hindered our chances of being accepted on the basis the savings was dipped into? They also weren't very regular so would I be better to wait 6 months and apply and hope the house will still be available or should I chance my luck? Any advice welcome


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    #2
    Tomspud
    Registered Users Posts: 6 ✭Tomspud


    Use a good broker. They know what'll hurt your chances and will be able to give good advice even if it means waiting a few months.

    Ulster bank only required 3 months of bank statements which suited my application so that might help.

    Lastly sounds like your mortgage will be quite low and obviously repayments would then be too. Risk is probably lower to the bank so possibly better chance even if everything is not up to their standards.

    Again the brokers can give really good advice so would advise to discuss with them


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    #3
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi there,

    Thanks for reaching out to us here, we hope you're keeping well.

    We have lots of articles on our website that may be of interest to you regarding tips for saving for a deposit, being mortgage ready and tips for first time buyers. Please see the link below for information on this.

    https://personalbanking.bankofireland.com/borrow/mortgages/articles/

    We would be happy to arrange a call to you to discuss your circumstances. You don't need to apply today, our mortgage team will offer advice and discuss an application if you'd like. If this would interest you, please send us a private message with your contact number and we will be happy to arrange this.

    Many thanks,
    Kat


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