Mortgage Refused

M

mike456

Guest
Hi,

Is it common practice for a leading bank (Top Four) to refuse a mortgage and not give the reason why it was refused and then proceed to recommend a friend of theirs that is a mortgage broker who will without a doubt get the mortgage for you?

Mike
 
Mike did you go through a broker or directly to a bank?
 
Directly to the bank.. Multiples, LTV etc all fine.
 
if the person who recommended their friend had any influence on the decision not to approve you , it is very suspicious. if not, they are probably just trying to do you a good turn.
 
He is the mortgage manager in the Bank. Seems strange he would not discuss the reason...No credit problems or anything
 
ask him again if you were refused completely or if it was just the amount that was too high. if he wont tell you, go over his head and ask to speak to the branch manager. if that does not work, put in a FOI request.
 
Lenders don't have to give a reason for declining a loan but the fact that they've refused outright rather than offering a lower sum suggests to me a problem with your credit history. You can check this with the Irish Credit Bureau for €6.35 (I think).

The referral to a broker sounds very odd to me though. (Not using a broker but being referred directly by a lender).

Sarah

www.rea.ie
 
Credit History

No problem at all with credit history. Never missed a repayment on anything or had any debts registered. Current mortgage fully paid up and never any problems. Would have 20K on deposit with the bank in question.
 
if that does not work, put in a FOI request.
Click to expand...
FOI does not apply to banks, only Govt depts or state bodies. You could submit a data protection request which entitles you to a copy of any information referring to you held on computer.

It does sound slightly iffy - Try applying to another branch of the very same bank with the very same figures & see what happens.
 
You could:

Name the lender here and see what folk think;

Sarahs point on credit history sounds like something you shoukd check. There may well be incorrect data.

You could cold call the CEO. Lose nothing.

If everything stacks up ..there must be someting you are overlooking
 
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