Refused mortgage because bank thinks we will rent it out

AdrianC

davidmcn said:

Quite a common suspicion if buying somewhere remote from where the borrower currently is.

Not necessarily that "remote". Dublin centre is only 100km from the border.

davidmcn

AdrianC said:

davidmcn said:

Quite a common suspicion if buying somewhere remote from where the borrower currently is.

Not necessarily that "remote". Dublin centre is only 100km from the border.

Probably a fair bit further than the border before you hit any studenty areas. If you're beyond plausible commuting distance and the property is in a very landlord-popular locale then it's only going to raise suspicion.

scottishblondie

They can refuse to lend money as they please, and I can see why they're concerned.  A lot of lenders have this suspicion if you're trying to buy far away from where you're currently located.  Add that to the fact that it's currently a rental property and from their point of view it's not really a leap to think that she's trying to get a BTL by the back door.  A broker may have better luck finding a lender.  Or if she still has family in the area she could consider moving preemptively and WFH while living with them.

Thrugelmir

What's the commuting time between the office and the the property?  

megaman_200x

Thanks for all the comments folks, I was looking to see if the bank might have been breaking any rules which from the response on here I gather they are not. House is 145 miles from Dublin, we will try a broker and may have to consider her moving back to her family home for a while. 

Comms69

megaman_200x said:

Thanks for all the comments folks, I was looking to see if the bank might have been breaking any rules which from the response on here I gather they are not. House is 145 miles from Dublin, we will try a broker and may have to consider her moving back to her family home for a while. 

The general rule of any contract you enter into, is it's totally voluntary. So in effect they can set whatever conditions they so choose, or simply refuse to contract with you. 

There's no entitlement to a loan.

Crashy_Time

D.L said:

It doesn't seem like a illegal discriminatory reason to refuse your girlfriend. You can try and convince them otherwise but you ultimately cannot force them to lend you their money.

Strange how times change......

csgohan4

Crashy_Time said:

D.L said:

It doesn't seem like a illegal discriminatory reason to refuse your girlfriend. You can try and convince them otherwise but you ultimately cannot force them to lend you their money.

Strange how times change......

I don't recall one could force lenders to lend in the past? They could of course self declare their income in the past but certainly not the same

Thrugelmir

megaman_200x said:

Thanks for all the comments folks, I was looking to see if the bank might have been breaking any rules which from the response on here I gather they are not. House is 145 miles from Dublin, we will try a broker and may have to consider her moving back to her family home for a while. 

Lenders operate at the macro level. There'll have broad policies to cover such eventualities. Simply not possible to underwrite at the micro level. As humans being what they are, can be very economical with the truth. 

Crashy_Time

csgohan4 said:

Crashy_Time said:

D.L said:

It doesn't seem like a illegal discriminatory reason to refuse your girlfriend. You can try and convince them otherwise but you ultimately cannot force them to lend you their money.

Strange how times change......

I don't recall one could force lenders to lend in the past? They could of course self declare their income in the past but certainly not the same

The point was that even the suggestion that you might need to force them is bizarre considering their previous lending practices.