Second time Mortgage Saver

LifeBegins

Registered User
Messages
17
I have been saving into my credit union account with a view to applying for a mortgage in the coming months. I am a second time purchaser. The credit union have informed me that as of yesterday they have reduced their maximum saving amount and, having exceeded this maximum, I can no longer lodge money to my account.

This morning I applied to open a BOI Mortgage Saver account. Although I understand the benefits of this account are largely payable to first time buyers. My current account is also with BOI, which made it a convenient option.

I’m now wondering if there would be a better option for me? Due to the current Coronavirus situation and the unsettled state of our property market, I imagine it will be a further 6 to 12 months before I apply for mortgage approval. My job is secure thankfully.

Any advice on where I should save my money during this time? Many thanks in advance.
 
Messages
4,912
Have you had a read of the best buys?

Are you looking to save a fixed amount each month? If so, the KBC Extra Regular Saver account offers to highest regular saver rate at the moment.
 

LifeBegins

Registered User
Messages
17
Thank you @Ciaran T, I’m going to settle in and give that a read now. To be honest, as I intend to use this money in the short term, I don’t think there’s much difference in any of them. Just looking for a safe holding place for now.
 

Ryan

Frequent Poster
Messages
114
If you open this account and do not draw down a mortgage within the specified time what happens? Would hope to within the next 3 years but that depends on certain factors which may or may not change in that time
 
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