Mortgage Application Query

[Wanttobuy]

Hi,

Would anyone here be able to advise (broker, banker) me on a house purchase. I have been offered a property from a family member, but currently do not have the min 10% deposit required (at this time, I am due a payment that would more than cover it in 12 months) She is willing to let it go until then, (or I could borrow it now from my brother now) . Can I just advise the bank I am giving it to her directly? So for example house value €300,000. I request loan of €270,000 and deposit is paid directly to the owner.

Would a bank approve that, is there any need for them to see the deposit transaction happen now? as their equity is covered with the €300,000 which is probably slightly lower than market value as any independent valuation by the bank will show.

My savings (c.15k)will cover legals stamp duty and rainy days etc etc.

Our incomes more than cover the repayments on the 270k loan, and on the AIB and KBC calculators it has advised we could borrow up to €470k with our incomes and outgoings.

Any advise appreciated

 

[ryaner]

The banks want to see the deposit saved up. Most advisers I've spoken to aren't overly concerned with the amount, but how the amount was built. They'll look more favorably on someone with a 20k deposit built up regularly over the previous two years, than someone with a 30k deposit gifted to them.