Key Post Information Required from posters re Mortgage Application/Refusal topic

Discussion in 'Mortgages and buying and selling homes' started by Dermot, Mar 2, 2013.

  1. Dermot

    Dermot Frequent Poster

    Posts:
    995
    Last edited: Mar 4, 2013
    From reading a lot of threads here I cannot help but notice that a lot of information is left out in the original posting and therefore a lot of effort is wasted by well qualified and helpful posters who are trying to help the original poster. I will try to give a number of headings which I feel need to be addressed in the first posting. This is not intended to be an exhaustive list of guidelines and anyone is free to add what they would see as necessary.

    Is this a single or joint application.
    Type of Property. 2/3 bedroom house/apartment.
    Value of Property
    Amount of Mortgage
    Term of Mortgage.
    Amount of savings and over how many years
    Is there a lump sum from any other source? If so give full details.
    Age of Applicants.
    Employment situation. Public sector/Private sector/Self employed/Contract.
    How long are you in current position and are you permanent.
    Have you any children.
    Have you any court orders or Judgements.
    Have you any other loans and if so full details of amount/period/% rate and repayment amounts.
    Cr. Card situation. Full disclosure.
    Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months?
    Any previous negative Cr. history by either applicant.
    Are your savings and rent clearly visible and identified as such in your bank accounts each month
    Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months?
    If you have been refused a mortgage please give exact reason of why and address why you think you should not have been.
    Did you use a Mortgage broker or are you applying directly?.
    Any other relevant information.
    What reason has the bank given to you for refusing you?
    Have you checked your ICB record to make sure it's clean?*
    Which bank(s) have you applied to?
    Before applying for a mortgage remember you will have a lot of other expenses associated with moving into a house such as furnishing it/repairs/mortgage protection policy/house insurance/property tax/new telecommunications charge/new water charge/possibility a management co charge as well as the usual utilities fees. Also stamp duty, legal fees for a solicitor, bank valuer's fee, engineer's report.
     
    Last edited: Mar 4, 2013
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    30,515
    Hi Dermot

    That is very useful indeed. Thanks for going to the trouble of doing this. Maybe others can add some more questions and you can edit the original post.

    1) Have you checked your ICB record to make sure it's clean?
    2) What reason has the bank given to you for refusing you?
    3) Which bank(s) have you applied to?
    4) Are you applying directly or through a mortgage broker?


    Check out Liam Ferguson's Key Post Preparing for a mortgage application
     
  3. Bronte

    Bronte Frequent Poster

    Posts:
    11,665
    Also stamp duty, legal fees for a solicitor, bank valuer's fee, engineer's report. Not sure if it exists currently but there used to be a bank mortgage application fee
     
  4. LDFerguson

    LDFerguson Frequent Poster

    Posts:
    3,829
    Great post. If people refer to this in future, it should certainly help get meaningful replies.

    I'd suggest a few amendments / additions: -

    • Are your savings and rent clearly visible and identified as such in your bank accounts each month?
    • Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months?
    • Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months?