Mortgage Rejection

DulchieLaois

I currently co-own a house with my brother.

He wants out and wants me to take on the mortgage with my wife which we want to do as both her and I live in the property.

My wife and I went to mortgage advisor in a branch who gave us bad information and advice and very useless in her approach.

We were rejected and were advised to appeal which we did and got rejected again.

The Banks are relucant to provide any details as to their reasoning behind rejection.

My wife has excellent credit history.
I on the other hand, have poor credit history due to loss of job and failure to repay loans a couple of years ago so I have a good feeling this is where the issue lies with rejection.

However, both wife and I are in a good place now, having substantial jobs and in full time employment.

My brother is desperate to get out as he has his own reasons and I am keen to take on the mortgage.

I am in no mans land as i dont know what to do next - Brother wants out and Banks not telling us what we need to do next in order to be successful.

If i knew what i could possible do in rectify the problem, this will help in my planning rather than wondering and pondering.

Any help/advice or similar experience ?

NewCorkLad

Find a good mortgage broker in your area to deal with. They will be able to apply to a few banks for you and advise you further should you be rejected again.

Zebrano

DulchieLaois wrote: »

I currently co-own a house with my brother.

He wants out and wants me to take on the mortgage with my wife which we want to do as both her and I live in the property.

My wife and I went to mortgage advisor in a branch who gave us bad information and advice and very useless in her approach.

We were rejected and were advised to appeal which we did and got rejected again.

The Banks are relucant to provide any details as to their reasoning behind rejection.

My wife has excellent credit history.
I on the other hand, have poor credit history due to loss of job and failure to repay loans a couple of years ago so I have a good feeling this is where the issue lies with rejection.

However, both wife and I are in a good place now, having substantial jobs and in full time employment.

My brother is desperate to get out as he has his own reasons and I am keen to take on the mortgage.

I am in no mans land as i dont know what to do next - Brother wants out and Banks not telling us what we need to do next in order to be successful.

If i knew what i could possible do in rectify the problem, this will help in my planning rather than wondering and pondering.

Any help/advice or similar experience ?

There is a chap on here in the mortgage forum called killer1 i think who is a mortgage broker who will apply to a number of banks for you and as far as i know he will know if u get rejected why.
Also do a credit history check

moans3536

Work in banking for past 20 years and I would say you were declined because of your bad credit history. Contact Icb.ie and request copy of icb report they charge six euro .
Could your wife/partner apply for mortgage in her sole name would het income be enough to apply for the mortgage to buy out brother . The house can still be registered / title deeds in both your names .

DulchieLaois

Dont worry, I did the whole ICB.ie thing and it makes no different.

One of the loans that I had a few years ago was passed over to Bad Debt management company by the bank.
I made an agreement with that bad debt company that I will pay an amount every month to pay off the debt which is going fine and I mentioned that in my application because they can see the money being debit from my account.

It will be a few years before it will be fully paid off.
I reckon that is something to do with it.

But surely i can move on with my life if that happens

chris85

moans3536 wrote: »

Work in banking for past 20 years and I would say you were declined because of your bad credit history. Contact Icb.ie and request copy of icb report they charge six euro .
Could your wife/partner apply for mortgage in her sole name would het income be enough to apply for the mortgage to buy out brother . The house can still be registered / title deeds in both your names .

Working in banking 20 years you should know that if married would need to both be on the application for primary residence. Hypothetically if they did have one only the wife apply why would they let the husband on the deeds and have a claim to the house when the mortgage is in one name.

OP, essentially you are applying for a new mortgage to pay old mortgage off so you will need to be assessed as a new application and meet the criteria for this. Is their negative equity in the house?

SBarrett

Your bad credit rating is the reason you didn't get the mortgage. At the moment, banks won't talk to people who have a bad credit rating.

The demand for money is so great now that they can afford to pick and choose who they give money to and those with a bad ICB record are excluded.


Steven

DulchieLaois

chris85 wrote: »

Is their negative equity in the house?

No, the house is in a good place and in a very good area that rent is high and property is increasing as it is city center