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Mortgage Application & Financial Ombudsman

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  • 05-11-2011 6:33pm
    #1
    tommyh1977
    Registered Users Posts: 350 ✭✭


    Hi, I dont know if this is appropriate board but here we go. Applied to one of the big banks approx 6 weeks ago for a mortgage of 160K. I was a customer of the bank at the time and applied in branch but really wasnt expecting to get the money but maybe a lower offer as i was bringing 60K in savings to the table. Long story short they looked at my application and after about 3 weeks from initial form filling the mortgage advisor in branch phoned me up saying the underwriters wanted my 2010 notice of assessment from revenue (Self Employed) and there was a small loan of about 700 euro which i should pay off. They had my perliminary figures signed by my accountant for 2010 but wouldnt accept them only revenue figures. I explained that i would pay off the loan and the revenue if it strengthened my application, which she said it would. You guessed it....next week a phone call saying my application had been turned down as my 2010 figures were not good enough and my lodgements for 2011 were poor. I am furious at this, not because of refusal but because they saw my 2011 lodgements were poor from the off, had poor 2010 figures in their hand that werent going to improve all that much when assessed by the revenue and i needlessly paid off a loan. They could have given me a refusal without making me jump through hoops. Is this something the financial ombudsman would look at or am i better off just walking away now?:mad::mad:


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    #2
    Outkast_IRE
    Registered Users Posts: 7,515 ✭✭✭Outkast_IRE


    I dont think you have a case for complaint .
    1. Paying off an outstanding loan would strengthen any new application for a loan.
    2. Getting the 2010 notice from revenue would also help ya out.

    They gave sound advice they cant help it if some fella apporving loans in HQ still said no


  • Options
    #3
    tommyh1977
    Registered Users Posts: 350 ✭✭tommyh1977


    Outkast_IRE wrote: »
    I dont think you have a case for complaint .
    1. Paying off an outstanding loan would strengthen any new application for a loan.
    2. Getting the 2010 notice from revenue would also help ya out.

    They gave sound advice they cant help it if some fella apporving loans in HQ still said no

    Thats why i quiet happily paid both parties, my annoyance is with them moving the goalposts and saying my 2011 lodgements were weak,they could have just given a refusal and saved me the payouts.


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    #4
    PaulKK
    Registered Users Posts: 2,279 ✭✭✭PaulKK


    Was this BOI by any chance? Had a similar experience recently when looking for mortgage to include building project. They moved the goalposts several times in relation to our finances. They just didnt want to lend for a build but dragged it out over a few weeks instead of just saying no upfront. Changed the application to apply for a different, more expensive finished property and got an offer letter within 4 days. If they dont want to do business i would rather they were upfront about it. Its not the advisors fault but the underwriters obviously have strict criteria these days. Very frustrating nonetheless. Apologies for format, on mobile.


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