Credit criteria ???

R

rsbb66

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Would like to know views on this situation.

I moved to Ireland in November 2009 and am in same full time job since then (net salary 3800 per month) paid to AIB. Have been saving cash in drawer at home for purchase of holiday home next month for 25k euro but am 5k short. Asked AIB to help either with overdraft, loan etc.They denied either. Have checked with ICB and my report only records some enquiries when I opened my account in November. Have contacted several institutions who all said they don't provide credit to people not customers less than 12 months or living in Ireland for less than 12 months. Seems a crazy situation. Any ideas / opinions ?
 
Don't save large amounts of cash in a drawer

Save it in a bank so that your savings record is more transparent

Don't buy a holiday home anyway as you will lose your status as a first time buyer if you do choose to buy a home here at some time in the future. (This would not apply if you are not currently a first time buyer)
 
Thanks Brendan. But even if I had left the saved cash in the bank it would have given me no benefit given AIB's and other institutions' responses. As for first time buyer status that is no problem as the overseas property will be in my partner's name if I can complete the financing !
 
Somewhere off the beaten track in Eastern Europe whence hails my partner....
 
rsbb66 said:
.But even if I had left the saved cash in the bank it would have given me no benefit given AIB's and other institutions' responses.
Click to expand...
If a bank is broken into your money is still yours. If your house is broken into it's not. For security reasons alone you should really lodge it into some sort of financial institution for safe keeping.
 
The banks hsve been sting by people from off the beaten track in Eastern Europe returning home with unpaid loans and mortages.
 
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