BOI Mortgage

lryan478

I have just put in an offer on a house after spending months researching locations and properties. The purchase is our main residential home, I have 53% of the purchase price and was looking to borrow the remaining 47% which does not seem to be possible now..

I had been in touch with the BOI throughout the process and they told me I would be ok to borrow this amount taking into account my single income of €26,000 and my good credit rating and also the fact that I had been paying up to €850/month rent..

I am extremely frustrated as I have now been told when I went to draw down the mortgage that they will not be able to give me the full amount I require which makes it almost impossible for me to continue with the Sale..

I would like to know is there anyone else in this situation or is there anyone out there that can help me in any way..

I am a Single mother of 2 and this was my chance to get my-self on the property ladder at long last after years of organising my financial affairs..

Bank of Ireland: Linda

Hi Iryan478,

We understand your frustration regarding this. All mortgage applications are done on a case by case basis. You would be best to speak to the mortgage advisor in your account holding branch or the branch you made the application through.

Thanks
Linda

Tow

Unfortunately cases like yours are the reality on the ground. Despite of what BOI would like us believe in the current marketing campaign. Have you tried some of the other banks, last I heard (on the ground) KBC are still lending. Dispite the been told by one of their mortgage section managers that they have their own fair share "lost causes".

lryan478

This is the reality, I cannot understand why they are spending money on marketing campaigns when they do not have the money to lend their customers..

I am in the process at the moment of processing an application with AIB and Ulster Bank but AIB seem to be in the same predicament. I have heard that Ulster Bank are completing on Mortgage Applications so hopefully I will have more luck there..

I assumed being a BOI customer all of my life with an excellent credit rating that I would have no issues getting what I needed especially as I have a substancial deposit "risk-free"..

Bank of Ireland: Graham

Hi Iryan478,

We're very much open for business for mortgages, however, there are a range of factors taken into consideration for each application. We cannot comment on individual applications here.

Thanks for getting in touch,
Graham

Tow

Bank of Ireland: Graham wrote: »

We're very much open for business for mortgages, however, there are a range of factors taken into consideration for each application.

The Central Bank and various other organisations say otherwise. It is not much consideration to someone who is fully approved, presumably paid over a non refundable deposit and then at the final draw down stage the bank says they will not loan the previously approved amount.

lryan478

Bank of Ireland: Graham wrote: »

Hi Iryan478,

We're very much open for business for mortgages, however, there are a range of factors taken into consideration for each application. We cannot comment on individual applications here.

I do understand that there are a range of factors involved in the application but what chance has someone with a 10% deposit of getting a mortgage when I cannot get one with a 53% deposit and having been seen to be paying rent of €850 for the past 4 years, while my payments would be nearly a 1/3 if the mortgage had been approved..

Not to mention being in the same permanent full-time position for the past 4 years which is scarce on the ground in the current climate while also upskilling..

In reality if anyone took the time to look at the whole picture it is a win-win situation for the Bank as I am putting in a larger stake into the house and it would not be in my interest to not make payments as I have my life savings invested in it..

lryan478

Thank you Tow for your support, I have organised my Mortgage and it has been approved elsewhere...