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Saving for a mortgage

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  • 12-11-2020 6:55pm
    #1
    Michelle Anne
    Registered Users Posts: 1 ✭


    Hi, Myself and my boyfriend are saving for a mortgage. We are putting in 1000 a month between. My question is as follows - some months we might have extra that we want to save. Can we put in the extra or would it look better if our savings account was very consistent, i.e. when you look at the statement, it says clearly 1000 a month. Should we just keep that extra money in our own account? I would love to just transfer over any extra when we have it but don't want to in case it looks like we are not consistent. Many thanks.
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    #2
    ozbackineire
    Registered Users Posts: 95 ✭✭ozbackineire


    The bank will look favorably on any additional money you can saved. Once they can see the consistent €1000 per month that is the main thing. If you wanted to keep it consistent at €100, maybe set up another account for the additonal amount and use that to furnish the house when you buy it?


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    #3
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Put as much as possible away as you will need to prove repayment capacity on stressed repayment which is 2% over the standard variable rate and the stronger the repayment capacity the better your application will look. Also if you are paying rent ensure its paid by bank transfer and not cash.


    Michelle Anne wrote: »
    Hi, Myself and my boyfriend are saving for a mortgage. We are putting in 1000 a month between. My question is as follows - some months we might have extra that we want to save. Can we put in the extra or would it look better if our savings account was very consistent, i.e. when you look at the statement, it says clearly 1000 a month. Should we just keep that extra money in our own account? I would love to just transfer over any extra when we have it but don't want to in case it looks like we are not consistent. Many thanks.


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