dr_octagon
Registered User
- Messages
- 18
Quickish question - my wife and I are considering borrowing from the Credit Union to fund an extension to our house. We are strong savers - over €1000 per month between the two of us, split between Rabo and the CU account.
We both get paid into personal accounts and then transfer money for the mortgage, bills and savings into a joint account. Whatever's left in our personal accounts are ours to use for socialising, paying personal bills (mobile, credit card and so on) and what have you. I have a small overdraft facility - €250 - which I tend to go into each month. It gets cleared every month when I get paid and the interest on it is negligible so I've never really given it a second thought. Effectively what's happened is that I'm 'down' €250 every month so the overdraft is part of my 'salary'. I've done the wise thing though: my Halifax account is closing on June 18th so I've opened a new account with AIB and I resisted the temptation to get another overdraft facility. I'll just have to take the pain for the first month that I'm 'down' €250.
Anyway, the CU account is in my wife's name so technically the loan will be in her name but the CU will want to see statements from my bank account as well as her's and the joint current/savings accounts. I understand that this is so that they can see evidence that we both get paid monthly and that makes sense. Is there any chance that the CU loan committee will view my tendency to go overdrawn in a bad light given that we are strong savers (both within the CU and without)? Will they ignore it or will they see that it is both an agreed facility and that it is cleared every month and not pay it any mind?
AIB gave us a mortgage last year despite my accounts being in the same state so I'm probably worrying about nothing, right?
We both get paid into personal accounts and then transfer money for the mortgage, bills and savings into a joint account. Whatever's left in our personal accounts are ours to use for socialising, paying personal bills (mobile, credit card and so on) and what have you. I have a small overdraft facility - €250 - which I tend to go into each month. It gets cleared every month when I get paid and the interest on it is negligible so I've never really given it a second thought. Effectively what's happened is that I'm 'down' €250 every month so the overdraft is part of my 'salary'. I've done the wise thing though: my Halifax account is closing on June 18th so I've opened a new account with AIB and I resisted the temptation to get another overdraft facility. I'll just have to take the pain for the first month that I'm 'down' €250.
Anyway, the CU account is in my wife's name so technically the loan will be in her name but the CU will want to see statements from my bank account as well as her's and the joint current/savings accounts. I understand that this is so that they can see evidence that we both get paid monthly and that makes sense. Is there any chance that the CU loan committee will view my tendency to go overdrawn in a bad light given that we are strong savers (both within the CU and without)? Will they ignore it or will they see that it is both an agreed facility and that it is cleared every month and not pay it any mind?
AIB gave us a mortgage last year despite my accounts being in the same state so I'm probably worrying about nothing, right?