You have shopped around all the financial institutions and building societies. You have contacted a number of brokers. None of them will give you a mortgage. How can this happen? Refused a mortgage? There are usually a number of reasons that combine to result in mortgage refusal. The bank or building society can simply refuse to lend you the cash and is under no … obligation to give you a reason. Before you go looking for a mortgage, it’s a good idea to do a simple self-credit check.
- Do you have a history of bad credit?
- Do you have a lot of outstanding loans and credit card debts?
- Do you have a permanent job?
- Do you have any savings?
- Have you saved a deposit?
- Can you actually afford to borrow the amount you are looking for?
It”s common sense. If you can’t prove that you have a good credit history, then you can forget about it. If you have been refused a loan and can’t figure out why, then it might be an idea to contact the Irish Credit Bureau to check that they have accurate information.