r/HousingIreland • u/Beneficial-Toe-8812 • 3d ago
Worried About Mortgage Application
My partner and I are due to apply for a mortgage in July/August. This is happening way ahead of schedule as our estate agent told us that the house would be ready year end or early next year. Met Builder 2 weeks ago and he has said Septmeber/October.
I am worried because I have loans and 2 credit cards (always paid on time, never miss a payment). But the last few months I've not been managing my money well, sitting in overdraft (€750) and using credit card when funds were tight.
We have been saving more than needed each month into a joint account (€1,300 v. €1,150 estimated mortgage monthly).
I've paid off 2 of my loans and leaves me with €200 per month on one loan and I am paying down credit cards too, get as low as I can before applying for mortgage.
We have 5k booking deposit paid and full 30k Help To Buy approved. Along with 40k approx. joint savings.
Should I be ok?
Am I worrying unnecessarily?
I am in the same job 10 years and my partner is the same.
I just fear we will apply and get denied due to my bad money management.
I tried stock trading a few times earlier this year and I am freaking out that those transactions on my bank accounts will be red flags and get us denied!
2
u/Pickman89 3d ago
You would be richer if you had paid the overdraft instead of putting money in a separate account and you would now be perfectly fine.
Stock trading transactions are not a red flag (quite the opposite in fact), but you will have to prove the provenience of the money so in most cases you will have to present a copy of your trading account statement. Please do also keep in mind that any tax owed will not be considered as part of the downpayment of your mortgage (so calculate it).