Is there an acceptable level of cash savings for a mortgage

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shigllgetcha

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Hi

Is there an acceptable level of a mortgage to have in cash savings? Im taking out a mortgage

I have 50% as a parental gift
25% from a savings account and CU account accumulated in the last6/7 months
alittle less that 25% was savings in cash

I had the last 25% in cash savings and moved it into AIB, then through my own ignorance of the process I moved money from AIB to BOI because I didnt realise I paid my deposit to my solicitor and not my bank.

The branch staff have accepted that this is okay but I am worried that the rug could be pulled out from under me at the last minute.

I have signed the offer and its says they need evidence of the source of money that constitutes our deposit.
 
Its really not very clear what you are asking, Canyou clarify ?

shigllgetcha said:
Hi

Is there an acceptable level of a mortgage to have in cash savings? Im taking out a mortgage

I have 50% as a parental gift
25% from a savings account and CU account accumulated in the last6/7 months
alittle less that 25% was savings in cash.
Click to expand...

Is this the breakdown of your deposit ?
What percentage of the purchase price do you have as a deposit ?
What do you mean by cash ? Is this bank notes under the bed ?

I had the last 25% in cash savings and moved it into AIB, then through my own ignorance of the process I moved money from AIB to BOI because I didnt realise I paid my deposit to my solicitor and not my bank.

The branch staff have accepted that this is okay but I am worried that the rug could be pulled out from under me at the last minute.

I have signed the offer and its says they need evidence of the source of money that constitutes our deposit.
Click to expand...

Why does it matter what bank this money is deposited in?
Where was it before it was in the AIB ?

If it is savings that you accumulated over time, you tell them this,

I understand that you are worried and its a stressful time, but I cant see that you have an problem.
 
yeh it was cash I had saved, some was change/coin and some money I had left over from a couple of years ago with the intention of buying a car that never materialized in the end and I just put bits to it every now and again.

my deposit is about 14% of house price and the cash is a bit under 25% of that.

I think im making a bigger deal of it than I should really

Is it reasonable from their perspective to save in cash?

I think it will be okay though as its a small portion of my deposit
 
Should know tomorrow if itll be a problem or not, the more I think about it and based on the staff in the branch I think im okay
 
Doesnt seem like it has been a problem, we got a letter saying we have satisfied the special criteria (the line I was worried about was in the special criteria) and that we just need our insurances to draw down. happy days
 
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