Head of Credit, at online brokers MyMortgages.ie and author of The Mortgage Coach
- My wife has inherited a home with her 2 siblings. They have made the decision to sell it. We expect to have €200,000 cash in 6-9 months’ time. We have not been saving. She is self-employed and her salary fluctuates, but she has made a minimum of €50,000 the last 3 years. I work as an engineer in a global software company and my salary is €90,000. I also take home €30,000 pa in bonus and shares. Can we use the €200k as our deposit, and still get a mortgage, even though we haven’t been saving?
Yes, absolutely. If you guys have been paying rent, then the monthly rental payments will serve as proof to the ban of your ability to meet monthly mortgage repayments. If you are not paying rent, then you have ample time, between now and when you receive the inheritance funds, to start saving now to be able to show the necessary savings record of 6 months.