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6 month saving rule

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  • 18-01-2022 11:59pm
    #1
    WhiteWalls
    Registered Users Posts: 945 ✭✭✭


    I saved a regular amount in November, in December I didn't save anything and this month I'm back on track. If my savings were consistent for the next 3 months could I count December in the 6 month mortgage application?


    Thanks for an advice



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    #2
    mojesius
    Registered Users Posts: 4,340 ✭✭✭mojesius


    Speaking from personal experience, the two banks I applied with (Ulster and PTSB) needed 6 months of the stress-tested mortgage amount either saved, paid in rent or both. This was one of the very first checks for AIP.

    I remember chatting with a broker prior to having the six months solid savings (before that I was saving mixed amounts each month and missed a month and even had a cumulative higher savings needed) and because of the month gap, the advice was to have the solid six months so I started again.



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    #3
    WhiteWalls
    Registered Users Posts: 945 ✭✭✭WhiteWalls


    Thanks for that mojesius, appreciate it



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