Approval in principle, booking deposit, next steps now

Hi All,

Quick summary: got approved in principle a few months ago. Then all of the sudden, we saw an apartment we liked and went for it. Booking deposit payed and everything.
Sent all the documents (this is our own bank) and the decision was to denied it. Reason: a foreign account I provided as savings. They say they see regular usage on the account so the concern is the capacity for repayments.

On the other side, I've been paying a similar value as what planned for the mortgage on rent the last 18 months. + Car loan. I know the usage of the other account is accessory and after the main expenses (rent, car loan) are all taken care of.

Looking back, I regret ever mentioning that savings account, as to me it won't matter for this.

What would you suggest? My idea is to check with other lenders AIB, Permanent TSB or even with a broker with just my local saving and current accounts. Deposit is not an issue and I can go with more than 20%.

Any other idea would be more than welcome. Thank you in advance!

Hi Luigi

Are you living and working in Ireland?
Are you a citizen here?

What is the purpose of the foreign account?

You say "we"? What is the status of the other person buying with you?

Why are you paying a car loan if you have loads of cash?

You do need to go to a broker who might present your case better to other lenders.

And read this excellent post:

Hi Brendan,

Thank you for your quick reply!sorry I could have been more detailed.

I'm Italian but me and my wife have both been living and working in Ireland for 7+ years. Our daughter was born here. So we're applying for a joint application and this is what I meant by we. The initial application was with my own bank that both my wife and I had for all these 7+ years.

The foreign account is my old account before moving here. I had a large sum in that account and have been using it more than I should have. The car loan is from 2 years ago when buying a car. As for the deposit, it's a relatively large sum that is coming from shares sold to use as deposit for the property.

Does it make a bit more sense now? I've just read that key post and it's super useful, thanks.

My main concern is that we really want to go for that property and I'm looking at the best way to go from here.