Rent evidence

Stu24

Registered User
Messages
8
Hi Folks,

Just a quick question if you don't mind. I currently live at home and my girlfriend also lives at home with her parents. We have a site that was gifted to me with full planning permission. We're currently saving, hope to have 20% deposit for 150,000 mortgage for self build. We both pay board at home, 300 each per month. I know we could rent for that amount where we live but we'd rather remain at home instead of renting.

My question is will the banks still treat the 600 as rent and what proof would they require from us? We pay our board and transfer our savings at the beginning of each month so would they accept bank statement as evidence?

Thanks in advance for any help.

Stu
 
from my experience with same, ideally the bank likes to see that a standing order has been set up for rent/board. This shows that same amount is being paid out at same time every month and is traceable.
In my case, I had no record at all of my payments (paying gf's parents who only wanted cash) until I started looking into mortgage, then set up a direct debit for the 2-3 months while process was ongoing and had to write up a rent book for the past year as evidence I had been paying rent.
The banks were still awkward about accepting and aknowledging this as demonstrated repayments.

So, advice would be to set up standing order if you haven't already done so.
Good luck with it all!
 
Thanks DavyD_83, we'll set up standing orders which should hopefully help our application.

Thanks again.
 
From my very recent experience

AIB want evidence
BOI take your word

But we didnt live at home so Im not sure what theyll think
 
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