What to do if I have been refused a mortgage?

Lenders may refuse to give you a mortgage because of many reasons. Unfortunately they may also refuse to explain the reason. Some typicall resons include:

• Bad credit history (past trouble with repayments)
• Other commitments or outstanding loans
• Type of job/occupation
• Lack of savings
• House you are planning to buy is inflated

Most lenders will check your credit historywith the Irish Credit Bureau before they make any offers. The agency keeps files on individual borrowers based on loans that they have had within the last 5 years. If you failed to clear a loan or credit card or missed repayments on a mortgage your credit rating may be low. You may want to check your credit record, if you have been turned down for a mortgage, but you have never had problems repaying your loans. Application can be made to the Irish Credit Bureau for a small fee. If the information on you is inaccurate you may have it corrected.