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Mortgage refusal

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  • 26-03-2023 10:25am
    #1
    sweet16
    Registered Users Posts: 11 ✭


    I have been refused a mortgage due to a ccr issue ...its been 3 years since these blips , my broker said he can appeal decision ,has anyone any positive feedback in realation to appeals or are they a waste of time

    Post edited by Spear on


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    #2
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    If you can explain the blips so that the bank is confident you will not renege on payment, you have a chance.


    If the "blip" shows you did not engage with that financial institution at the time, you have no chance.


    They will see how long the "blip" was on the record, so best to be 100% honest and if it matches up and they don't see non engagement, you may be ok



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    #3
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Thank you for reply ..yes I have explained it and advisor was confident about an approval but underwriter refused....he said we can appeal but I can't find anything anywhere online about the success rate of this



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    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,229 Mod ✭✭✭✭Jim2007


    Please verify your email address and complete the registration process after that your post will be moved to the appropriate forum.



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    #5
    sweet16
    Registered Users Posts: 11 ✭sweet16


    I have done



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    #6
    Spear
    Moderators, Computer Games Moderators, Technology & Internet Moderators, Help & Feedback Category Moderators Posts: 25,235 CMod ✭✭✭✭Spear


    Moved to a forum that's actually related to the topic instead.



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    #7
    G_R
    Moderators, Education Moderators Posts: 5,027 Mod ✭✭✭✭G_R


    https://www.boards.ie/discussion/comment/120401889#Comment_120401889

    You're not doing to find this online unfortunately. Every appeal is based on its own merits, every bank has its own criteria and way of looking at an appeal.

    Appeal it, what's the harm.



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    #8
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Thank you! I've guess I've nothing to lose...just anxious as I don't know much about appeals process and it's not very openly discussed...was hoping to hear some positive feedback from someone in a similar situation



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    #9
    G_R
    Moderators, Education Moderators Posts: 5,027 Mod ✭✭✭✭G_R


    https://www.boards.ie/discussion/comment/120403963#Comment_120403963

    There isn't some centralised appeal process to discuss.

    I don't know what lender you applied with, or what their process is, but what will likely happen is that a more senior underwriter will review the first underwriter's decision and see if they agree with it, or if they would be willing to proceed.



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    #10
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,229 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058289796/mortgage-refusal

    When you say you have some blips, what does that actually mean? Have you got a copy of your CCR report? If you have unsettled debt it will remain on your CCR report until such time as it is settled. And it is very unlikely that any loans officer will sign off an a loan in situation where the borrower has unsettled debt and has demonstrated that they do not stick to the terms of the agreements they sign.



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    #11
    sweet16
    Registered Users Posts: 11 ✭sweet16


    I fell behind on 2 loans due to personal circumstances both cleared over 3 years now and my ccr report shows this .



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    #12
    SortingYouOut
    Registered Users Posts: 1,374 ✭✭✭SortingYouOut


    I had a student loan that went into arrears over 10 years ago and I paid it in fullin the end. I got my credit report two years ago and it didn't show anything in relation to this loan but recently I got a call from the solicitor handling the debt collection for it way back saying that there was a final payment outstanding on it. I had received no correspondence from them about it and had originally been told it was all cleared. I'm worried now that me paying that final payment might have reawoken the credit instance but i'm hoping if it does I can appeal as my report was perfect and I did my part in clearing when I did, or so I thought.

    I'd provide as much detail as you can and hopefully you'll be OK.

    Beverly Hills, California



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    #13
    akelly02
    Registered Users Posts: 3,133 ✭✭✭akelly02


    https://www.boards.ie/discussion/comment/120404241#Comment_120404241

    can i ask what bank your broker applied to ?



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    #14
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Haven group



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    #15
    thinkabouit
    Registered Users Posts: 1,609 ✭✭✭thinkabouit


    if the banks won’t help you the council have a mortgage/ loan you can apply for.



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    #16
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Unfortunately I don't qualify for this



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    #17
    akelly02
    Registered Users Posts: 3,133 ✭✭✭akelly02


    https://www.boards.ie/discussion/comment/120413038#Comment_120413038

    and who were the credit issues with ?



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    #18
    frank730
    Registered Users Posts: 131 ✭✭frank730


    completed loan records stay on CCR for 5 years. Try a different lender or get a broker.



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    #19
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Thank you for taking the time to reply...I guess my main question is am I just setting myself up for more heartache or do appeals sometimes work out ..



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    #20
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,229 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/120404241#Comment_120404241

    There is not much more you can do with the report. Are you sure that this is the only issue they refused you on?



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    #21
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,229 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/120406325#Comment_120406325

    The EU directive and the law based on it is being phased in and not all institutions were required to report at the same time, get a new CCR and see if the loan now appears on it or not.



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    #22
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Yes definitely the only reason.



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    #23
    sweet16
    Registered Users Posts: 11 ✭sweet16


    Unfortunately for me it does

    Post edited by sweet16 on


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    #24
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    https://www.boards.ie/discussion/comment/120425372#Comment_120425372

    appeals definitely work if your reasoning is something they can accept.


    If you have any correspondence showing a balance from 3 years ago and an equal payment, then you can ask for the record to be corrected as you'd be able to show that you paid off what they requested.

    And if its a single payment and obvious its a last payment and you can show that, you have a chance. Not sure about Haven, but Bank of Ireland take a more pragmatic approach and look at your current status and how stable your employment and earning power is over the period of the mortgage.



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