Providing appropriate evidence of savings for Mortgage application

C

coloc

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Hi

I may be looking for a mortgage in about 1-2 years time.
I have a current account with AIB which my wages is paid into.
I've have been taking out the money I need per month, and leaving the balance of wages there every month, to build up money towards deposit.

My questions are:
1. Will a mortgage provider accept my growing current account balance as evidence of savings?
(In that a certain amount is lodged by job, and I only spend a percentage of it, thus effectively saving rest)

2. Or will they expect me to have a dedicated seperate savings account. If this is the case, could I be refused for mortage even though I have deposit, but haven't got a "savings account" record.

It's something that has dawned on me, and it is concerning me a lot at this stage! ... so would love people's advice on it.

Thanks very much
 
Savings are savings, whether they are in your current account or else where

BUT

Open another account --

1. you'll probably get a better interest rate
2. you'll get the feel good factor of lodging to it every month
3 it clearly shows a build up of savings over time

as you are with AIB just open get there Regular Saver Account - think the interest rate is about 3% up to 10K
 
As was said above,but also if you have a lump sum built up already, AIB have an online 7 day notice account which I believe pays 3.5% on sums up to 10k.

You may as well make the money work a bit towards that deposit.
 
WindUp said:
Savings are savings, whether they are in your current account or else where

BUT

Open another account --

1. you'll probably get a better interest rate
2. you'll get the feel good factor of lodging to it every month
3 it clearly shows a build up of savings over time

as you are with AIB just open get there Regular Saver Account - think the interest rate is about 3% up to 10K
Click to expand...

Thank you, glad to hear it would be considered a savings record.
But think I'll take your advice on the savings accounts and perhaps open up a few.

My situation:
I have approx 30K lump sum saved which I'd be happy to put into a savings account(s) of some type.
I plan to regularly save approx 1200 per month on top of this.

Can anyone advise my best combinations of savings/deposits/others accounts to best maximise my money over the next 12-18 months?

Appreciate your help, thanks!
 
j26 said:
As was said above,but also if you have a lump sum built up already, AIB have an online 7 day notice account which I believe pays 3.5% on sums up to 10k.

You may as well make the money work a bit towards that deposit.
Click to expand...

Thanks, yes I'm going to consider a deposit account as well as some kind of regular savings.

As mentioned in post above, I've prob approx 30K I can live without access to for 1 year.
I see the above only mentions 10K.
Does this mean I'd put the 10k straight in when opening account, and then just withdraw at end of year?
I don't/can't add to it?
Is it possible to open multiple ones, to put 3 x 10K in or something?
 
You can add as much as you want, but the interest rate on amounts over 10k is much lower. It's a 7 day account, so you can withdraw the money on 7 days notice, but the other side is it's an open ended account, so you can leave it in as long as you want.
 
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