What If I Have Applied But Have Been Refused A Mortgage?

You could be refused a mortgage for a number of reasons, including:

• A poor credit record (bad credit history)
• Your type of job
• Insufficient savings
• Other outstanding loans and financial commitments
• Your proposed property is over-priced
• Too low an income

The majority of lenders will carry out a credit check with the Irish Credit Bureau and make any offer based on the result. That is a credit agency that maintains records on borrower's history over the past 5 years, and will record whether you have missed payments, or even defaulted on loans, credit cards and mail order. Missed payments could affect your credit rating and also your ability to get a mortgage.

The lender has no obligation to tell you why you are turned down, but you can pay a small fee to Irish Credit Bureau for a copy of your credit record. You can have any inaccurate information corrected and inform the lender of the situation, though they do not have to recheck or offer you a mortgage.