helpful mate
Registered User
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- 11
We were refused mortgage by BoI, AIB and a broker. (we got approved by all these but were refused when we went to draw down on mortgage) Reason been I have an apartment that I bought in 2005.
Summary of our situation:
€220K left on mortgage on apartment and it's worth about €200K, this is currently rented and the rent almost covers mortgage repayments. Apartment is rented to Local Authority of there's 2 years left on lease so rent guaranteed for 2 years. In the current market it doesn't make sense to sell it. Anyway is anyone buying one bed apartments?
Single income family of over €50K but this job is secure.
€110K in cash (Keeping €15K of this to cover any unforeseens in relation to apartment). We are regular savers and also have been.
Have no other personal debt, loans, credit card paid off monthly, excellent credit record etc
Looking for mortgage of approximately €200K, we just want to buy our own home. Our rent is currently €1200 and repayments of €200K would be €1000 so we can prove we can repay mortgage.
Is there anywhere we can go to appeal the banks decision? Is there anyone we can turn to? I am so annoyed that we have this much cash and still can't buy! We don't want to continue paying our LandLords mortgage when we could be paying for our own property.
Summary of our situation:
€220K left on mortgage on apartment and it's worth about €200K, this is currently rented and the rent almost covers mortgage repayments. Apartment is rented to Local Authority of there's 2 years left on lease so rent guaranteed for 2 years. In the current market it doesn't make sense to sell it. Anyway is anyone buying one bed apartments?
Single income family of over €50K but this job is secure.
€110K in cash (Keeping €15K of this to cover any unforeseens in relation to apartment). We are regular savers and also have been.
Have no other personal debt, loans, credit card paid off monthly, excellent credit record etc
Looking for mortgage of approximately €200K, we just want to buy our own home. Our rent is currently €1200 and repayments of €200K would be €1000 so we can prove we can repay mortgage.
Is there anywhere we can go to appeal the banks decision? Is there anyone we can turn to? I am so annoyed that we have this much cash and still can't buy! We don't want to continue paying our LandLords mortgage when we could be paying for our own property.