Originally Posted by irishfeen
Just wondering should I appeal the refusal for this scheme, they have just issued me with the following reasons on why I was refused -
- Repayment Capacity Not Demonstrated
- (Passed both AIB and BOI capacity with no bother at all, between savings and household contribution I set aside €700 every single month)
- Unsatisfactory Savings Record/Source of Equity
- (I had €25,000 saved at time of application and now have €30,000, how can they not class this as a savings record?)
Very down about being totally refused
.. is it worth appealing?
Thanks in advance.
Of the 30k you have in savings has it been a regular amount each month over a period of time? I think this may be something they look at. So while you have great savings they need to see can you sustain it over time? I know that's what a bank told a friend before, she had to go back nearly a year later to show she could as before it had been sporadic amounts going in.
Also the repayment capacity could be to do with your net income and the amount you applied for. The repayment plus the mortgage protection insurance needs to not be over 1/3 of your net income. I was initially refused because I had applied for the amount the online calculator told me but it doesn't factor in the mpi or your net so it's too high. I ended up appealing after ringing and the council person told me send appeal letter and ask for the maximum amount allowed. Could you try this? Phone them first and see.