Sunday, 16 September 2012

One in three people who apply for mortgages are turned down

MORE THAN ONE third of mortgage applications were rejected by Irish banks last year.
The figures, revealed for the first time in a letter from Finance Minister Michael Noonan, show that there were over 28,500 mortgage applications to four Irish lenders last year.
Of these, around 17,700 applications  were approved. More than 10,000 applications – 38 per cent – were rejected.
The four lenders involved – AIB, Bank of Ireland, EBS and Permanent TSB –  are among the biggest mortgage lenders in the State.
The figures were revealed in a letter to Fianna Fáil finance spokesperson Michael McGrath after he asked a parlimentary question about the issue some months ago.
McGrath pointed out the figures do not include the large number of people who do not proceed with formal mortgage applications after making informal inquiries with their bank.

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