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regular monthly savings for a house?

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  • 04-05-2021 7:28pm
    #1
    GoldenSlumbers
    Registered Users Posts: 50 ✭✭


    hey guys. do you know if the bank cares about your regular monthly savings when you want to buy a house? I'm thinking of just saving 200 a month, but am wondering if the amount is too low. I have a good amount saved already, but that wasn't like regular savings. And I'm scared to regularly save more than 200 a month, I prefer just adding lump sums to my account when suits.


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,525 ✭✭✭✭Atlantic Dawn
    M


    They would like to see a record of saving and rent combined that would be more than what the mortgage repayments will be, if not they will question your affordability to repay.


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    #3
    Geuze
    Registered Users Posts: 13,384 ✭✭✭✭Geuze


    If you are saving for a deposit, and looking to get a mortgage, any bank will want to see a history of either regular rent being paid, and/or regular savings.


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    #4
    deisedevil
    Registered Users Posts: 3,252 ✭✭✭deisedevil


    Years back when I applied for a mortgage, even though we were saving large amounts the bank asked us to save money and pay rent on the exact same date for 4 months to prove we could pay a certain amount on a specific date rather than ad hoc like we had been doing. Your better off to have a track record of doing so in advance.


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    #5
    GoldenSlumbers
    Registered Users Posts: 50 ✭✭GoldenSlumbers


    thank you so much guys!


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    #6
    rn
    Registered Users Posts: 1,071 ✭✭✭rn


    Adding lump sums means you're earning more than you're spending most months, you're just not recording it explicitly by saving more. I'd strongly advise you to budget and explicitly save the extra per month.

    I've bought two houses in my lifetime. On both occasions I've aggressively saved for 18-24 months before buying. I'd have saved approx 30k the first time back in 2007 and 50k for last purchase in 2020. Again I find when you're in, the first year is very expensive. Then you can take the foot off the saving accelerator and live a little after the first 12 months.

    Best of luck on the hunt.


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    #7
    Bank of Ireland: Megan
    Closed Accounts Posts: 265 ✭✭Bank of Ireland: Megan


    GoldenSlumbers wrote: »
    hey guys. do you know if the bank cares about your regular monthly savings when you want to buy a house? I'm thinking of just saving 200 a month, but am wondering if the amount is too low. I have a good amount saved already, but that wasn't like regular savings. And I'm scared to regularly save more than 200 a month, I prefer just adding lump sums to my account when suits.
    Good morning GoldenSlumbers,

    Thanks for getting in touch with us here on Boards.ie.

    If you would like any further Mortgage advice, our Mortgage Specialists are available on 016113333 from 9am-5pm Monday-Friday. They will be happy to help with any questions you might have in relation to your savings and mortgage application.

    I hope this information helps.

    Have a nice day and take care!

    Many thanks,
    Megan


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