Mortgage rejection

acdublin

Little Miss Cutie wrote: »

I assume you are joking???

Yes:)

alibab

acdublin wrote: »

Yes:)

Well if it's something you can joke about all well and good , people here are just trying to come up with reasons why someone who seems like a prime candidate for a mortgage was for some reason turned down for no good reason at all pretty straight away which would indicate a big issue . I presume you went and checked your ICB and your wife's .

TheDriver

You may joke but think of simple grand national bet done online or playing bingo online, all somewhat harmless but can catch you out. Banks don't care as they are covering themselves mainly.

acdublin

alibab wrote: »

Well if it's something you can joke about all well and good , people here are just trying to come up with reasons why someone who seems like a prime candidate for a mortgage was for some reason turned down for no good reason at all pretty straight away which would indicate a big issue . I presume you went and checked your ICB and your wife's .

I'm really appreciating the help and comments - it's a whole new world to me. I didn't mean to cause offense by the joke. Neither of us do any gambling.

Jimbloggs

Banks are being overly cautious these days.

I know of a couple that have 4 years left on their mortgage, owe less than 25k and house worth more than 300K. Both working full time for over 20 years.

They wanted to do renovations on the house so asked about extending the term and continuing to pay at the same rate they'd been paying for previous 21 years (with no missed payments)

The amount they were looking for was 25K. The bank turned them down. No issues with savings or gambling that I know of.

Maybe it's the low interest rates? Maybe the banks can't make money on smaller loans so are reluctant to lend? I can't think of any other reasonable reason.

omahaid

The banks are lending though, I'm drawing down a mortgage next week. 1 income + 3 kids, not even as attractive a bet as the OP. Try around is my suggestion...

alibab

acdublin wrote: »

I'm really appreciating the help and comments - it's a whole new world to me. I didn't mean to cause offense by the joke. Neither of us do any gambling.

I am a bit sensitive at the minute and especially when it comes to BOI . They have given me a right run round at this stage with cherry on top this morning if sending me mortgage loan offer with the wrong amount on it .

It's no longer worth the battle for the 1 % so I have thankfully gone back to AIB who I have had no issues with and with who I will be transferring everything to when I am finally settled in my new home .

They are lending i am a single divorced women here with 2 kids earning slightly less that op and looking for the same amount .

I strongly suggest OP get everything together and go sit down with Aib and Ptsb you have everything to gain and nothing to lose .

millionmystery

dar100 wrote: »

I got approved as single applicant, 33,000. Saving for 5 months, have child and hadn't got any rent to pay as I was living at home with parents. I just said I paid 50 euro weekly to them.

I also had two loans running, saying that, I did manage to save 50 percent more than what my monthly mortgage repayments are. And I went for 92 percent mortgage

Hi just wondering what sort of deposit you had? I'm applying but only have 5k though I save regularly, but am getting a gift of 7000. Looking for 100k

dar100

Hi million mystery

If you're going with AIB , you can get a 92 percent mortgage, so if the property is selling for 100k, you should be ok with 8000 deposit.

You will need anthor 3000 or so for solicitor fees, stamp duty.

Once you can show regular saving that's equal or more than the mortgage monthly payments, you should be ok. If you want any other info, feel free to PM me

dar100

If imagine you are now in the prison forum:)

quadrifoglio verde

Jimbloggs wrote: »

Banks are being overly cautious these days.

I know of a couple that have 4 years left on their mortgage, owe less than 25k and house worth more than 300K. Both working full time for over 20 years.

They wanted to do renovations on the house so asked about extending the term and continuing to pay at the same rate they'd been paying for previous 21 years (with no missed payments)

The amount they were looking for was 25K. The bank turned them down. No issues with savings or gambling that I know of.

Maybe it's the low interest rates? Maybe the banks can't make money on smaller loans so are reluctant to lend? I can't think of any other reasonable reason.

The inability to repossess the family home has lead to the banks stopping lending to a couple like this.
They want to lend, but only to people who their stress tests show will 100% pay.

Jimbloggs

quadrifoglio verde wrote: »

The inability to repossess the family home has lead to the banks stopping lending to a couple like this.
They want to lend, but only to people who their stress tests show will 100% pay.

That's interesting.

KindOfIrish

Jimbloggs wrote: »

Banks are being overly cautious these days.

.

My experience is that in banks no human takes decisions any more. It's all about computers. You simply have to tick all the boxes. If you didn't, mortgage will be refused regardless you income and circumstances. For example, computer says rent has to be paid monthly from your current account. You don't pay rent, box is not ticked. Refusal.

alex03

BOI aren't doing you any favours by not formally refusing you, they are just manipulating their figures. Nothing will change with BOI if they are allowed to hide these type of refusals. BOI would have done a recent ICB check so any lender you apply to will be able to see that you have already applied with them, so you gain nothing from their informal refusal. I would call them out and insist on formal refusal as if people do this, it will become obvious what's going on to the Financial Regulator. If you insist on formal refusal, you may be surpised, they may suddenly revise their calculations and approve you anyway!

tomred1

We it be beacuse your wife is due a baby in August and will have no job to go back too and the Bank are seeing your wage supporting 3 people then.

gmisk

In my experience BOI arent lending as much as other people.
Personally I found AIB and EBS very easy to deal with and they offered slightly more money.

I think the key thing is to save, and save regularly, minimum period seems to be 6 months.

In OP you stated "we don't pay rent"
This will definitely count against you, unless you are saving the amount you would normally be paying in rent into a savings account.

millionmystery

omahaid wrote: »

The banks are lending though, I'm drawing down a mortgage next week. 1 income + 3 kids, not even as attractive a bet as the OP. Try around is my suggestion...

Hi omahaid, congradulations. Which bank did you go with? Any advice for anyone trying to get a mortgage?

irishguy1983

acdublin wrote: »

Wife and I got informally turned down for a mortgage today (bank were at least kind enough not to do it formally to keep it from our record). We were absolutely amazed. I earn 50k (in permanent job), she earns 40k (contract ends in September but new 5 year one begins in December). We have 45k as deposit. We were looking for 125-150k mortgage. We have no debts, we don't pay rent, credit history is impeccable and I've been with bank for more than 20 years. We have a baby on the way in August. Was I very naive to be surprised we were turned down? This is our first foray into looking for a mortgage. It was Bank of Ireland. Any advice happily received!

What hope do the rest of us have??! Shocked.

Hope it gets sorted

DulchieLaois

I have similar case where my wife and I were rejected for a removal of brothers name and adding of my wifes name to an existing mortgage which my wife and I have been paying for 7 years.

I have been asked by the branch advisor (who has been useless) to submit a letter of appeal which should state Affordability / Repayment Capacity and any other information you feel will help turnaround the decision.

Bank is BOI - anyone have suggestions please

Bang_Bang

We were rejected by BOI, AIB ( which I'm a customer for the last 18 years). EBS were the only ones that gave use a mortgage, we had 40k in savings, but we had to prove we could save at least €600 per month for 1 year. After we proved that that, they gave us the mortgage. That was in 2010, I don't know what the requirements are now.

nilsonmickey

acdublin wrote: »

Wife and I got informally turned down for a mortgage today (bank were at least kind enough not to do it formally to keep it from our record). We were absolutely amazed. I earn 50k (in permanent job), she earns 40k (contract ends in September but new 5 year one begins in December). We have 45k as deposit. We were looking for 125-150k mortgage. We have no debts, we don't pay rent, credit history is impeccable and I've been with bank for more than 20 years. We have a baby on the way in August. Was I very naive to be surprised we were turned down? This is our first foray into looking for a mortgage. It was Bank of Ireland. Any advice happily received!

Your wife's salary is probably a little on the low side. Having said that the loan is very small.

Frank Lee Midere

The problem with the original posters is that they do have fairly large outgoings. If you live at home, pay little or no rent and earn 90k only saving 1k a month might cause alarm bells.