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Refused loan

  • 17-07-2017 7:39am
    #1
    sammylad
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi all, just got refused a loan because I've got a split mortgage and was told by my bank that as long as I've got a split mortgage that I'll never get a loan with them. Does anybody have any experience of this? Is this true of every lender? Any advice appreciated.


Comments

  • #2
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    A split mortgage indicates that you are struggling financially and may not be in a good position to keep up with repayments on another loan, so it's not really surprising; that makes you a risk. Was this at the same bank where you hold the mortgage? You might try another bank or a credit union, as they may not be aware of your current mortgage terms (at least for the moment; no idea if it'll be reported as such to the Central Credit Register or visible to other potential lenders in your report when that goes online next year). That said, do not lie about your financial situation to get a loan, of course, and be careful that you don't get in over your head with debt you really can't afford.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    A split mortgage is usually a part of your mortgage is variable and the balance is fixed and would be chosen when you drew down your mortgage. Did you have difficulties repaying your mortgage at any stage and resulted in your lender granting you a split mortgage.

    You need to check your credit rating with www.icb.ie

    If you never had arrears or re negotiated your mortgage a split mortgage should not be a problem in getting a loan and you need to discuss further with your lender.


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