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Mortgage approval: Savings for deposit, into account vs investments

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  • 05-06-2021 7:07pm
    #1
    propertyseeker
    Site Banned Posts: 52 ✭✭


    Good evening,

    We are mortgage approved for 6 months as of last week.
    The past year we have been putting money into account for deposit and was shown during mortgage approval.
    Now that we are approved, if we start putting the same amount of money into investments but need to renew again in 6 months will this change how they view our application vs putting money direct into saving account.
    We want to start putting money into investment to work while we are looking. ( new earnings, not the deposit).

    Do banks view it the same as putting money into savings?


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    #2
    Buddy Bubs
    Registered Users Posts: 3,760 ✭✭✭Buddy Bubs


    Whatever about how the banks view it, I wouldn't do it if you're going for house purchase in short term. House prices may go up further still meaning a bigger deposit is needed to reach the 10% or 20% of whichever deposit you need and also to cover shortfall in mortgage v house price that banks will lend.
    In short, if there's a chance you'll need the cash, don't tie it up in investments.


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