Does monthly savings affect mortgage application.

K

Kluivert

Registered User
Messages
131
Just a quick question.

If I was to set up a savings account and make substantial payments into it each month say 500e would this go against my mortgage aplication because it is reducing the amount of money I have for repayments.
 
In a word - no. If it was a loan or other commitment you were obliged to pay then yes, it would reduce your borrowing capacity. But it's something you can stop at any time and it will go in your favour both towards the deposit and your ability to save/budget.

Sarah

www.rea.ie
 
Sarah

Do you work for Rea.ie

I was just going to ring them this afternoon for some information on mortgage application in the very near future.

Am an accountant - what a stupid question to ask. It just popped into my head as soon as I posted the above thats its commented expenditure and savings that are taken into account.

Takes for confirming it anyway

Clive
 
No problem! Yes, I work for REA - if you call 1850 663663 you'll be directed to the closest branch with our super-duper new telephone system! :D

Sarah

www.rea.ie
 
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