Taking break from saving-Credit History

Discussion in 'Banking, credit cards, etc' started by EvenStevens, Dec 30, 2016.

  1. EvenStevens

    EvenStevens Registered User

    I have a deposit account with KBC into which I pay an amount every month. The terms of the account say that I can take two breaks from saving if needed within 12 months. I'm just wondering if I were to do that would it have serious implications on my credit history down the line if i was looking for a mortgage. Thanks.
  2. rob oyle

    rob oyle Frequent Poster

    Savings history and credit history are not the same thing - you could almost say they are opposites. Your credit history relates to your borrowings (defaults, missed payments etc.).
  3. EvenStevens

    EvenStevens Registered User

    Thanks for that.
    I suppose it's more of a Savings History question then. I was wondering from the perspective of applying for a mortgage . If they look at your ability to save every month to get an idea of what you could afford to pay back as a mortgage would taking a break like that affect things.
  4. Markel

    Markel Registered User

    Yes - it shows a smaller per month savings amount when averaged over the period.
  5. Gerry Canning

    Gerry Canning Frequent Poster

    Would be looked at more on a year by year issue .
    eg if you saved 4800 on average over each year , its fair to say you are good on that alone for mortgage 400 per month.
    there can be months when nought goes in . sickness. holiday etc. or month when more goes in eg bonus.

    for your own view , have a check and see what mortgage your savings would cover , so as to see how you are progressing , and good luck.