Anywhere left to turn? Mortgage Denied.

Hi,

I will try to keep this short and to the point.

Wife and I got married in Jan 14. We Started a small business in Oct 13. We have no mort on current property and are looking to move.

We found a nice place. I spoke with our Biz bank ( AIB ). they looked over everything and told me that it should be okay for what we need. After weeks of more docs and the application is in a queue it was discovered that the application was sitting on underwritters desk with nothing done. Eventually came back declined.

I had already placed my current house on market and agreed a price on place we wanted by this time.

I spoke to a broker who looked at everything and said he could get us what we needed. Went thru process and provided lots of paperwork and follow up paper work but eventually came back declined because Aib had already declined and apartently nobody else wanted it.

Then i spoke with my bank. Ulster. They said ok, thats a very clean application, should be no problem. provided eveything again, waited weeks and eventually because the business for the wife is only 1 year old they would only approve to 82k which isnt enough for what we need.

House wanted to buy 219k

Outstanding P loan 23k

House selling 151,000 ( Buying waiting )

Fees etc 10k

Savings 7k


So for around a 50% mortgage nobody will touch us. The Business is boxed off and pays for itself, no debt on it whatsoever. I am in same full time employement for just under 10years. P60's so 47k a year with OT and guarenteed shift.

Is there anywhere else we can turn? Had my wife been on the dole it would have been approved months ago.

We got married outside of Ireland and didn't register in Ireland yet. Can we be classed as single??

I can't believe the this is how the banks work now. I would love to be in a position to sell up and leave.


Sorry That was as short as i could keep it.

Quite difficult to understand but this is my take on finances:
- You own current PPR which is worth 151k
- You have 7k savings
- You owe 23k personal loan
Total net worth 135k

You want to buy a property for 219k and need 10k for fees etc, ie total 229k

Therefore you need a mortgage for 229k - 135k = 94k

You've already been approved for 82k but are implying this is nowhere near enough?? Can family/friends/other help with remaining 12k? Can you save the 12k and then reapply?

I too have been shot down with no where to go. My reason was Earnings and having two kids. Only conclusion I have come to is Save Save Save and save again. Save as much as you can and hope things improve . They are denying the wrong people approval if you ask me.

Goingforgold. Yeah that sums it up. folks are retired with enough to keep them going, nobody else i can turn to. Its the Bank or nothing at this stage. Also I am at risk of losing the buyer for my own place and at this stage will be looking at solicitor fees for work they have done to date.

Is there another way to attack the bank. It seems so black and white these days. I would have thought my bank would look at it and say, well you want to get rid of your personal loan and taking a mortgage which works out an extra 100 euro a month. Overall payment less than 1 week wage. okay.

Instead they seem to be applying way too much control to it,

Build up a sound savings history, I'd say.
7k seems very small for someone with no mortgage.

Liger

For the self employed, you need at least 2 years full accounts before the banks will take that income into consideration. With the variation in earnings for self employed, you find everyone does that.

Steven
www.bluewaterfp.ie

Okay, What way are the banks connected?

Aib = Ebs = Haven All one Umbrella

BOI ?

Ulster Bank?

Kbc?

PTSB?

Are the rest of them one and the same?

Does any bank actually talk with customers or do they all just have button monkeys that fill in the blanks on the computer screen?