Used savings

U

usteb1

Registered User
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37
HI,we got AIP six month's ago and we couldn't find the house we are looking for,so during that six months we used our savings for several times. And now we have to get again AIP to reapply so now there is no continued savings to show. So now can the bank refuse the mortgage?
 
ClubMan said:
No we took money several times,but we still put on savings every week,and we still have enough for deposit. I just thinking that when you put on the savings and you can't touch them to prove your liability.
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Am I right in saying 6 months ago your were able to show you had both the level of savings (stock of savings) for a loan but also the capacity to repay the loan (regular flow of savings). More recently You've dipped into your stock of savings and the flow of savings have only seen enough to bring the level break to where it was?

If that is the case the only issue is what did you spent the money on?

If it's one off things, a holiday, a new(er) most lenders will be pragmatic and look beyond these little blips and will be more focused on what is typical.

If it's more of a general increase in your cost of living it may be seen by your lender as something that impacts your capacity to repay.
 
So one more question came up,if we find the house last week till aproval will finish,do we have to do reapply for new?
 
07/02/22 finish our AIP so if we find the house on 01/02/22 so do we have to reapply for new mortgage or it will be fine and bank wouldn't ask us to reapply
 
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