We currently have a mortgage with AIB. We badly need to move; the location doesn't suit at all.
We applied for a new mortgage with AIB and they said we were well within their lending criteria for the amount we were applying for, which would leave us with a monthly payment €400 a month smaller than our current one. We got approval in principal. They sent the application on to their senior people to finalise it, and they refused, on the basis that we have too much debt.
We do have a couple of loans and a hefty credit card balance, but we've never missed a payment. And I would have thought that the fact that we're trying to shrink our mortgage repayment to have more money available to pay off the debt would go in our favour, but apparently it's not in the best interests of the bank, so it's a non-runner. They didn't refuse our application, just said it was premature and to come back when we have paid off some of the debt.
Is there any point in going to a mortgage broker with a problem like this?
We applied for a new mortgage with AIB and they said we were well within their lending criteria for the amount we were applying for, which would leave us with a monthly payment €400 a month smaller than our current one. We got approval in principal. They sent the application on to their senior people to finalise it, and they refused, on the basis that we have too much debt.
We do have a couple of loans and a hefty credit card balance, but we've never missed a payment. And I would have thought that the fact that we're trying to shrink our mortgage repayment to have more money available to pay off the debt would go in our favour, but apparently it's not in the best interests of the bank, so it's a non-runner. They didn't refuse our application, just said it was premature and to come back when we have paid off some of the debt.
Is there any point in going to a mortgage broker with a problem like this?