Refused a mortgage?
There are many reasons why a lender may refuse to give you a mortgage and you can find out the reasons from them. It may be because:
- Your income is not sufficient to repay the amount you want to borrow
- You have a bad credit history – this may cause a lender to turn down your mortgage application, even if you can currently afford to repay a mortgage
- You have too many outstanding loans or other commitment
- Your job is not permanent, is at risk or you have only recently started employment
- Your bank statements do not show that you can save or manage your money
- The house you want to buy has not been approved by a valuer – this could happen because the valuer thinks it is over-priced
Your lender will check your credit history before they decide to give you a loan. Most lenders use the Irish Credit Bureau (ICB), which keeps files on individual borrowers. If you are turned down for a mortgage and you have never had problems repaying your loans, you may want to check your credit record.