Mortgage - how much of a deposit to use?


New Member
Hi all - we are about to drawdown on a mortgage and trying establish how much deposit we should use.
  • House Price: €620k (+ stamp and legal = €630k).
  • Savings: €160k.
  • Single income household so feel we need some level of an emergency fund.
  • House does not need immediate work. C2 BER which is fine. Four Bed which is more than we need right now.
Considering two options

  1. Borrow €485k. Fixed for 4 years. That would leave €25k; €10k for stamp & fees, €15k for furnishings. No savings left.
  2. Borrow €500k. Fixed 4 years. That would leave an additional €15k to above to have as an "emergency fund".
LTV does not impact rates.

My instinct is saying go with option 1, minimise debt, and try to build up some savings again ASAP. Would probably take at least 9 months to get to the €15k.

My concern is we have an unexpected expense (car issues or something of the sort) and zero savings to cover.

What do people think?