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Aib mortgage refused.

  • 19-05-2018 10:38pm
    #1
    Teddyisbold
    Registered Users Posts: 6 ✭


    Was refused a mortgage,said I couldn't afford the repayments, but was then offered a personal loan at more than double the monthly repayment and double the interest rate.


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 83,104 ✭✭✭✭Atlantic Dawn
    M


    I take it the loan amount required was different to the mortgage amount?


  • #3
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    If you want people to help, you need to share more information.

    What age are you
    Was this a single or joint application
    What type of house were you looking at
    Where is the house
    How much of a mortgage did you want
    How long did you want to pay back the mortgage
    What is your job
    How long are you in the job
    Did you ever not pay back a loan before, or go into arrears ever
    Have you any children
    How much of a savings history have you, 6 months, 12 months, etc


  • #4
    Teddyisbold
    Registered Users Posts: 6 ✭Teddyisbold


    Atlantic Dawn wrote: »
    I take it the loan amount required was different to the mortgage amount?

    Hi,I looked for 70k as a mortgage,over 15 years,this was refused,but I was then offered 50k as a personal loan over 5 years.


  • #5
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Make a formal complaint to them and get it on record. If its a case of misselling then Id imagine the mortage will be approved quick sharpish.


  • #6
    Teddyisbold
    Registered Users Posts: 6 ✭Teddyisbold


    368100 wrote: »
    Make a formal complaint to them and get it on record. If its a case of misselling then Id imagine the mortage will be approved quick sharpish.

    I complained to the branch manager,he said"well I wasn't in the room so I don't know what was said".
    As if I used my savings to pay off these loans without being advised to.
    The funny thing is,when I built my original house,1999,AIB did the exact same thing,refused me a mortgage@ 4% and local branch offered me a personal loan at 8%.
    I see a pattern emerging.Can it be just a coincidence.


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  • #7
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Teddyisbold wrote: »
    I complained to the branch manager,he said"well I wasn't in the room so I don't know what was said".
    As if I used my savings to pay off these loans without being advised to.
    The funny thing is,when I built my original house,1999,AIB did the exact same thing,refused me a mortgage@ 4% and local branch offered me a personal loan at 8%.
    I see a pattern emerging.Can it be just a coincidence.

    Did he record a formal complaint? He's obliged to, and issue you a letter with final response. Im guessing not. Id write a letter of complaint to their complaints team in head office, thats shocking goings on if its to do with targets etc.

    Did they say there was a problem with the property rather than repayment capacity? One possible explanation if they cant/wont take security over it.


  • #8
    Teddyisbold
    Registered Users Posts: 6 ✭Teddyisbold


    368100 wrote: »
    Did he record a formal complaint? He's obliged to, and issue you a letter with final response. Im guessing not. Id write a letter of complaint to their complaints team in head office, thats shocking goings on if its to do with targets etc.

    Did they say there was a problem with the property rather than repayment capacity? One possible explanation if they cant/wont take security over it.

    No problem with the property.They said it was repayment capacity issue,while offering me a loan at more than double the monthly repayment.


  • #9
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Teddyisbold wrote: »
    No problem with the property.They said it was repayment capacity issue,while offering me a loan at more than double the monthly repayment.

    Complaint into head office so....if its not resolved then onwards to the financial ombudsman. Only way to deal with what sounds like misselling


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