Mortgage Decision Appeal

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Mortgage2012

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Hi there, just looking for advise re procedures involved in mortgage appeal process. Approved in principle by AIB and we want to appeal the decision, has anyone any experience of this?
Thanks :)
 
We were looking for a mortgage with AIB to refurbish a property last year. We were approved in principle. when we went for full approval, we were refused - the report we received was littered with inaccuracies, including our pay, existing savings etc. We appealed, and were refused again on different grounds. When we appealed this, we were approved for a smaller amount, but subject to certain criteria, the main one being to pay more off our home mortgage than we were looking to borrow.

It was a futile exercise, and annoyingly slow. The net result was it delayed getting things started which cost quite a bit.
 
Thank you J26. We want to appeal the mortgage decision as we have been informed by somebody in the business that over 90% of mortgage appeals are approved. We were turned down on the basis that we haven't saved long enough. Not the amount but the period of time we have been saving. 2 of us in Full-time permanent jobs totalling gross annual salary of 60000 looking for 140K. First-time buyers, 16k in savings. We passed stress test with flying colours etc.
 
Mortgage2012 said:
Thank you J26. We want to appeal the mortgage decision as we have been informed by somebody in the business that over 90% of mortgage appeals are approved. We were turned down on the basis that we haven't saved long enough. Not the amount but the period of time we have been saving. 2 of us in Full-time permanent jobs totalling gross annual salary of 60000 looking for 140K. First-time buyers, 16k in savings. We passed stress test with flying colours etc.
Click to expand...

€140,000 x 25 years, stress-tested at 6% interest is about €900 per month. How far back can you show proof of ability to make this repayment (rent and/or savings)?
 
Whatever about an appeal, it it was me I would also start another application with another bank, in case the appeal fails - UB are lending and will only look for 3 months account statements, so if you've passed stress test with flying colours etc.then you should have no problem.
 
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