12/02/2024
🔥Here's a TOP TIP regarding saving for your mortgage🔥
As most people are aware - the banks like to see regular savings💶
Some people opt to leave a percentage of their wage unotouched each week, and allow a build up (or "accumulation") of money in their current account🤑
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While this is still a valid method of saving - it's not the most practical way in terms of what the banks like to see (when they're assessing your mortgage)❌️
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Your current account tends to have money going in and out quite often, for items such as;
daily bills,
subscriptions,
groceries,
haircuts,
direct debits,
petrol/diesel/tolls,
clothing
etc... 📉
It can be difficult for the bank to identify🔎 exactly how much you can comfortably save each month 🤯while your balance is continuously fluctuating up⏫️ & down⏬️
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So here's what we recommend (in an ideal world)🤩
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A better approach, is to transfer this money OUT of your current account and INTO a seperate account (that you have designated specifically for saving for your mortgage)✅️
(If you prefer to use a Revolut Vault or pocket, that's also fine, once it's seperate to your day to day spending - but just to note that you won't build any interest on savings if you use a Revolut pocket - we'll stick a link down further regarding how to pick a savings account thats right for you)
In this seperate account, try not to withdraw money⛔️
Decide if you will save weekly/monthly/fortnightly, and transfer your savings **on time** every week/month/fortnight into your seperate account.
Consistently build up⬆️ the balance - try not show the balance going down at all in your savings account, if it can be helped❌👎️
Remember: If you take money out, it looks like you are dipping into your savings & that you are reliant on that money🪙💸⚠️
The objective is to show the mortgage lender that you are capable of managing week-to-week without needing that money✅️🙌
If you can do that, it demonstrates your true saving capabilities & looks great to the underwtiers🤩✅️✅️✅️✅️✅️
That's our top tip💡
🔥FOLLOW US FOR MORE PRACTICAL ADVICE, INFORMATION & TIPS🔥
We are also on Instagram
For information on picking a savings account, follow this link:
https://www.ccpc.ie/consumers/money-tools/regular-savings-comparison/
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Our contact details:
Phone☎️.... 01-626 9708
Email📧 .... [email protected]
PM📲......... Facebook messenger
Or drop into us (by appointment only)✅️
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Finance First Planning & Investments Limited trading as Finance First, The Advice Centre is regulated by the Central Bank of Ireland C422375.
Company Registered Number: 657145.
Registered Address: Unit 11B Slade Castle Court, Saggart, Co. Dublin. Registered in Dublin, Ireland.
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