Mortgage three months before guarantee

[Skyblue2015]

I took out a mortgage with my partner in June 2008 .... Three months before the bank guarantee!

Value of mortgage €260,000
Current value of property €160,000

At the time I was on a good wage in the construction industry and we had a combined wage of €100,000

We were refused a mortgage by all lenders except bank of Ireland with whom I had a current account with for 15 years previous.

Perhaps I should have seen the light when the others refused us, but I thought as I was an existing customer with a good history of paying back my loans that the bank were willing to back me. I now know in hindsight that this was a poor decision by us to take this mortgage.

I do however feel aggrieved that the bank lent to me so close to the bank guarantee when it surely was clearly evident from an insider perspective that there was problems.

Thankfully I have been lucky enough to have had constant work throughout the downturn and have not missed a mortgage payment.

Our issue now is we need to move due to a growing family but cannot because of the crippling negative equity we are in.

I'm man enough to admit that we made a poor decision, and got caught up in our own bubble of wanting to move into our win house and getting married .

I do feel aggrieved that the bank lent to me and others would not even though I met all the required criteria at the time for the mortgage size.


Any point in going to the bank with the above sob story ? We need to move badly have three kids on a small semi

 

[Brendan Burgess]

Check out the following Key Posts


There is no legal defence of reckless lending

Apartment too small for my family - what are our options?

 

[Monbretia]

The bank staff you dealt with in the bank had no insider info on the real condition of the bank other than any personal gut feeling they may have had so I don't think you can blame them, the top brass knew no doubt but were keeping their mouth shut. I was a mortgage adviser with a different financial institution at that time and while I personally felt the whole thing had to come crashing down no one was interested in my opinion and there was nothing within the bank being discussed or rumoured that supported my theory. I gave my opinion to many customers that the houses they were buying were overpriced and the mortgages they were being approved for were too big and too long but they wanted the house not my opinion!

 

[Brendan Burgess]

I gave my opinion to many customers that the houses they were buying were overpriced and the mortgages they were being approved for were too big and too long but they wanted the house not my opinion!

Hi Monbretia

That really sums it up very well.