Savings Advice

laura28

Registered User
Messages
101
Hello,

Can I please ask from a savings perspective what is best regarded or necessary from a Bank's perspective?

As an example we are currently in a position to save in the region of €2.5-3K per month. However this can vary from month to month - e.g. this month for xmas it will be €2k, last month it was €3k, etc. I transfer money in bulk to our savings account. Would I be better placed to set up a standing order for €2k and then add more on a monthly basis when I can?

Which is better - regular same savings amounts or a higher amount albeit not guaranteed each month?

Thanks
 
Regular savings is what they look for.

At least 2k going in each month and not coming back out for 6 months would suffice if that shows you can afford how much you're looking for.
 
Thanks Chris - so better to have say a regular amount of €2k, that we regularly top up, rather than an amount of €3k that occasionally varies below that amount?

I am a little concerned that if we say €2k when we regularly can afford more, it will affect the calculations of how much we can borrow for our mortgage application.
 
Thanks Chris - so better to have say a regular amount of €2k, that we regularly top up, rather than an amount of €3k that occasionally varies below that amount?

I am a little concerned that if we say €2k when we regularly can afford more, it will affect the calculations of how much we can borrow for our mortgage application.

Ideally you should have a standing order at the start of the month for amount X and this never varies. At the end of the month, if you can save more on top of that, great. However, dont lower the standing order.
 
Thanks Chris - so better to have say a regular amount of €2k, that we regularly top up, rather than an amount of €3k that occasionally varies below that amount?

I am a little concerned that if we say €2k when we regularly can afford more, it will affect the calculations of how much we can borrow for our mortgage application.

If i was saving nothing i would be concerned. If i was saving at least 2k a month i would be far from concerned.

No one is ever going to say "You saved 3k for Jan, Feb and Mar but only saved 2k in Apr so we cant give you a Mortgage".

Savings is just one of the conditions also. I assume you have the income if you are saving.
I also assume you also realise that you cant have anything silly like Large Amounts being transferred to Paddy Power every week.

In fairness you are doing very well by having a good job and the ability and willpower to save 2-3k a month.

You're worrying over nothing i would say.

Another bit of advice or tip i would give is to use the Online banking or Mobile app for your account to make transfers. You can just have the 2k going in as a standing order on payday and then manually transfer whatever extra you have left next payday.
 
Thanks for all the replies. We are in the fortunate position of being able to save as I have recently gotten a promotion at work and thanks to the retirement of a grandparent we have a reduction in our childcare costs.
We are a family of 4 living in a 2 bed Celtic Tiger apartment who have just come out of negative equity and absolutely desperate to move. We have some savings and are hoping to move next year - finally!!! We are going to knuckle down for the next 6 months until we get approval and I am so scared of doing something silly wrong that will affect our application process. We have no gambling accounts or anything like that!
 
Thanks for all the replies. We are in the fortunate position of being able to save as I have recently gotten a promotion at work and thanks to the retirement of a grandparent we have a reduction in our childcare costs.
We are a family of 4 living in a 2 bed Celtic Tiger apartment who have just come out of negative equity and absolutely desperate to move. We have some savings and are hoping to move next year - finally!!! We are going to knuckle down for the next 6 months until we get approval and I am so scared of doing something silly wrong that will affect our application process. We have no gambling accounts or anything like that!

Ill tell you what would settle your nerves a lot is a 10 minute meeting with an EBS advisor.

Just fill in their form for a mortgage quote then there's another form that you enter your phone and name to setup a mortgage meeting. They ring you and you just go into an office with someone for a 10 minute chat. They will tell you what they are looking for.

It's quite informal and just a chat. They just take your details and throw them into an excel sheet and the number at the end is how much you should be able to borrow.

Well worth it for you i would say.
 
Thanks Chris. We are currently with AIB and have a tracker mortgage that we are keen to keep. I doubt we would be of much interest from a business perspective? I have gotten figures etc from AIB but as we are a tracker and quite specific I haven't found their mortgage advisors great!
 
Thanks Chris. We are currently with AIB and have a tracker mortgage that we are keen to keep. I doubt we would be of much interest from a business perspective? I have gotten figures etc from AIB but as we are a tracker and quite specific I haven't found their mortgage advisors great!
Then AIB is your first port of call. Regarding the savings, it's nice for underwriters to see a standing order to a savings account every month, but they will also calculate a simple average increase in your accounts over 6 months to work out your demonstrated repayment capacity. As long as there is even some slight amount of consistency there, and as long as the build-up is all coming from earned income, then I wouldn't worry about it.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl (LinkedIn profile and client testimonials)
 
Hi Bronte, yes that's the plan. We are on a great rate & our apartment is in a great rental area but seems like far too much hassle! Why do u ask?
 
If you get your new Mortgage with AIB you will be able to keep your Tracker rate plus 1% for the amount of the outstanding mortgage on the apartment for the length of time left on the original mortgage!!
 
Thanks for all the replies. We are in the fortunate position of being able to save as I have recently gotten a promotion at work and thanks to the retirement of a grandparent we have a reduction in our childcare costs.
We are a family of 4 living in a 2 bed Celtic Tiger apartment who have just come out of negative equity and absolutely desperate to move. We have some savings and are hoping to move next year - finally!!! We are going to knuckle down for the next 6 months until we get approval and I am so scared of doing something silly wrong that will affect our application process. We have no gambling accounts or anything like that!


No harm to keep that grandparent very happy every now and then with a little voucher for a comfortable stay somewhere nice. They might not say it to you, but i'll guarantee you they'll appreciate it.
 
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