you should have at least 6 months of salary in your savings for rainy days.
if you have a tracker mortgage, then i hold to my savings again for next while.
There will be some sort of solution to negative equity in next couple of years in some sort of carry on debt or burden sharing by bank. Also if you wish to sell your house try to find a buyer and go to your bank with offer price and tell you pay 20k on top of selling price and come up with some some way of deal.
My gut tells me that the bigger Z is the better as opposed to the smaller W is.
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I hope in a few years to go to the bank with
W) my mortgage X) the offer on my house Y) the offer I have made on another house and Z) my savings.
My gut tells me that the bigger Z is the better as opposed to the smaller W is. Not sure why though, and clearly my financial gut is pants otherwise I wouldn't have bought this house!!!
I'm baffled as to how you would think this could be classed by anyone - but particularly your bank - as 'frivolous spending'? Surely it could only be classed as 'prudent'?I am mostly concerned that if I pay down the mortgage with my savings that the bank will look on this almost as frivilous spending as opposed to just trying to be smart(er) with my money.
I'm baffled as to how you would think this could be classed by anyone - but particularly your bank - as 'frivolous spending'? Surely it could only be classed as 'prudent'?
How confident are you of this? I'm only taking on board the knowledge that others on AAM have imparted on the subject (as initially I was of the opinion that it could only be as you suggested). However, if what others have suggested is right - then your mortgage stays in euro (as the banks borrowed in euro) but you - as the ordinary joe - have your savings converted to punt nua - and that can only be devalued ...and by inference, your savings get devalued into the bargain.if any chance of converting to punt both savings and loans will be converted, it is pure nonsense to have only savings in punt and loans in euro within same institute. specifically if that is an Irish bank
Well - only a layman's interpretation on my part, but I would think that if you save regularly - and syphon off X amount into an 'on-demand account' - then as funds build up - you transfer repeated lump sums over to the mortgage account - then that can only be construed as savings. Your bank statements will demonstrate that will they not?Leaky1 said:Yes it seems like a strange thing to wonder but I would be concerned that if I pay lumpsums off now that in 2/3 years time a bank would look at my savings history (when submitting a mortgage application) and just see a low deposit. Instead of seeing, as you say, regular savings that were used prudently to pay a mortgage faster.
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