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Preparing for a Mortgage Application

  • 05-12-2019 2:11pm
    #1
    ZonarySonic
    Registered Users Posts: 128 ✭✭


    Hello,

    I was just wondering if people could shed some light on a question I have.

    Myself and my fiance are beginning to look at mortgage options and have our first mortgage meeting with a bank in a number of weeks, mainly for informational purposes.

    However I was wondering if booking holidays impacts your risk assessment. There is a last minute, family event upcoming that we would really like to attend but are worried that booking may look impulsive.

    We both have the money to cover the holiday and spending without use of credit card or using our mortgage savings but was wondering if anyone had come across this scenario or could help with Information.

    Thanks
    Jason


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,737 Mod ✭✭✭✭Henry Ford III


    That'll make no difference.


  • #3
    ZonarySonic
    Registered Users Posts: 128 ✭✭ZonarySonic


    Henry Ford III wrote: »
    That'll make no difference.

    Thank you so much, has eased my mind


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Bank will have no issue with booking a holiday however it's important to continue to save as you will have to show evidence of saving the equivalent of your monthly stressed repayment over a 6 months period. If you are paying rent this can be included once it is reflected in your bank statements.


  • #5
    ZonarySonic
    Registered Users Posts: 128 ✭✭ZonarySonic


    Trish56 wrote: »
    Bank will have no issue with booking a holiday however it's important to continue to save as you will have to show evidence of saving the equivalent of your monthly stressed repayment over a 6 months period. If you are paying rent this can be included once it is reflected in your bank statements.

    Oh yes if course. I have my savings going into a seperate account via Direct debit each month and would never stop that. We have been renting in Dublin for the last 5 years or so and have been told to speak with the landlord for a rent book to prove payments always made on time? Is this the kind of thing the banks will require


  • #6
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I've never seen a lender ask for a rent book to prove rent paid on time. They just need to see the rent going out of your current account monthly for the past 6 months.

    ZonarySonic wrote: »
    Oh yes if course. I have my savings going into a seperate account via Direct debit each month and would never stop that. We have been renting in Dublin for the last 5 years or so and have been told to speak with the landlord for a rent book to prove payments always made on time? Is this the kind of thing the banks will require


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  • #7
    John_Mc
    Registered Users, Registered Users 2 Posts: 2,791 ✭✭✭John_Mc


    They will look for rent payments going out. It's better if both of you have the payment narrative saying "Rent" so they can see it in your statements.

    We just got the keys to our first house 2 months ago and it really is a financial strip search. Make sure there's no payments going to gambling companies and be prepared to explain what larger payments are.


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