CU refused loan to clear mortgage

[24601]

The fact that a credit check was done will remain on file for five years but nothing to do with what the institution decided on the basis of that check.
Example below is from my CCR request showing a PTSB approach last year.
View attachment 6396
5 years seems a long time to retain this though, for some reason I thought it was only one year.

Not sure why the 5 years is the retention period either to be honest but I don't think it makes much difference. Plenty of people apply for loans and don't take them or apply to multiple providers at the same time if rate shopping, so this footprint shouldn't matter to any lender.

I don't think the ICB even contained data about refusals so not sure where that idea originated.

 

[noproblem]

Plenty of people getting loans from Credit Unions for a variety of different things. I'm pretty certain that Credit Unions in certain counties and towns have their own policy on who gets a loan and for what it's loaned for.

 

[AnTuirse]

"The loan was refused and I was told that credit unions are not permitted to loan for that purpose under Central Bank regulations."

They seem to make their "rules" up as they go along / suit themselves.....

Why is Savvi credit union able to offer mortgages then at 2.95% ???

Mortgages | Quick & Easy Application | Savvi Credit Union

Invest in your future with our mortgage loans today. Find the perfect plan for your dream home. Competitive rates & expert guidance. Get started today!

savvi.ie

 

[Monbretia]

"The loan was refused and I was told that credit unions are not permitted to loan for that purpose under Central Bank regulations."

They seem to make their "rules" up as they go along / suit themselves.....

Why is Savvi credit union able to offer mortgages then at 2.95% ???

Mortgages | Quick & Easy Application | Savvi Credit Union

Invest in your future with our mortgage loans today. Find the perfect plan for your dream home. Competitive rates & expert guidance. Get started today!

savvi.ie

OP was not applying for a mortgage though, they had applied for a personal loan to refinance a mortgage. Assume they were not offering the deeds as security for a new mortgage with CU

 

[PinkLloyd]

OP was not applying for a mortgage though, they had applied for a personal loan

Precisely.