So 2 out of 3 get a mortgage approved, which doesn’t seem bad.

So 2 in 3 ARE getting approval for mortgages. Doesn’t sound too bad to me!

they can have mine if they like!!!

As the years 2003-2007 show, restrictive lending practices are a good thing. People proved they cannot be trusted to borrow sensibly in this period, instead they will take as much as they are offered. Then it’s all the banks fault when they can’t repay it. Now banks won’t give them money unless they meet criteria relating to job stability, a proven record of savings, a healthy and well managed current account. And it’s all the banks fault then too.

Maybe prospective house buyers could do something radical…like saving, and look to borrow a modest amount. That leads to greater financial freedom for the borrower in the longer run.

Remember, the biggest winner out of you securing a mortgage is the bank – not you.

The true number of people who are turned down can’t be counted as most are stopped in their tracks by the bank before they submit the loan application. There are told not to bother as they won’t get the loan

So one in three people who applied for a mortgage were refused.

What are the bets there are another 7 or so who were told by their bank to not even bother applying.

But that’s good, isn’t it?

The banks are being careful and not lending money to everyone regardless of ability to pay it back.

My friend had pre-approval and on the day before closing the sale they were refused – having sold their home – excellent credit/savings – both with good wages – seems like a joke to me

Bailout the banks they said, be grand they said.

This is nothing but Spin. When they say approved, its its great, meeting the terms and conditions is another matter. Offered to people but in such a way that they can’t comply. The Bank are then seen to be doing their bit.

What we really need to know are actual draw downs.

Lots of people in approval limbo, told that they just have to wait another 6 months.

I’m sceptical that two in three are being approved, hasn’t been my experience amongst friends.

Banks need to deleverage so this is good news. Bad news is that they are taking the same approach to business loans.

Bit cheeky of McGrath to be hurling from the ditch on this seeing as it was his party who took the decision to make them into zombie banks in the first place.

This is good news. Do we not recall that the banks lashing out credit for property is what has gotten us into this mess?

I’ve said it before and I’ll say it again, Michael McGrath is a muppet! Fianna Fail still think that property is the be all and end all. Hard to get a word from them when it comes to promoting other areas of the economy. Where’s his pronouncements on things like the Irish manufacturing or the Irish software industry. Haven’t they realised that buying and selling houses to each other at inflated prices with money borrowed from abroad has been a disaster.

Keith, your comment about the economy only makes sense for business lending. And I agree, credit for businesses is probably too hard to come by, though I have no experience of it personally. The “economy” won’t benefit from the comparatively small amount generated by surveyor fees, etc. You may as well point out that Estate Agents get a commission off house sales, so let’s boost EA’s spending in the economy by increasing mortgage lending! Or let’s try and get that boost in sofa sales for IKEA.

This is all reminiscent of the booming Celtic Tiger economy, founded on massive amounts of construction jobs that were not sustainable in the longer term.

Cheap money and loose lending criteria were what got us into this situation. They will not get us out. It was the banking losses (sadly nationalised by an incompetent and morally bankrupt government) run up due to poor lending practices that led to the country’s current woes.

Incidentally, I’ve noted that no one seems to want banks to be able to repossess properties when the borrower stops paying, but everyone wants the banks to lend more. The two issues are closely related, and more people need to see the connection.

We went and were rejected primarily because I own an apartment which the mortgage would be covered almost by rent. We were told specifically that AIB would not lend to anyone who has less that €2000 minimum disposable income after any potential loans, mortgages and bills. They also said they would not take any rental income into account. They said they wouldn’t even process it.

Who in the hell in this country has 2000 disposable income after a mortgage payment? Onto the other banks it is!!

Why are we still so obsessed with getting a mortgage?

The figure of approvals is somewhat misleading as according to what I have read, many applicants are being approved for mortgages below what they sought which is effectively a refusal. And before you ask, I think it was The Irish Times.

66.67% percent of mortgage applications being successful is a good figure in any economy!

62% being approved, thats quiet high.

Spin ..

Why don’t they lend it’s 100% risk free for them all the risk is on the borrower. They approve the mortgages and whether you can pay it off or not down the road is your problem not theirs. they can still sell your house and make you pay the balance regardless or your situation risk free lending can’t go wrong they never take a hit on reckless lending just another BIG BONUS for the crooked bankers.

money is once again going to the big lads who are buying up estates and houses under the hammer,, otherwise known as people getting kicked out of their homes,,, i am one of them on the way, bank has told me they will sell my home, and if there is a difference i am responsible,, i owe 94 so if they sell it to someone for quick sale for 50 or 60 i still owe 30 or 40 thousand,, and i will be homeless with my kid in a car,, if you take unemployment for 170 instead of a wage of 500,, and the way they are taxing us out of homes that was taken into consideration for my repayments and i cant do it,,, so 10 years of paying and 35 down,,, they have nearly got all there money back but i am still paying interest in their eyes,,, i will get a job again when time improve,, but all we have down here is 2nd hand shops and those are same as working for dole,, i need a real job,, 5 days or nites,, will work 7 will do anything to get out of this house,,, i am 50 worked all my life never a day unemployed and here i am now,, on the eviction line,, i have tried,, starved myself , no heat,, dress warm and loads of blankets,, but things go wrong in house and one cannot afford to pay mortgage, when tiles come off roof,, pipes break, electrical gets screwed up,, i should have just paid mortgage and let the water in,,, same thanks at end of day,, i wish jobs would come back to ireland,, i wish i pray just for a job,, will do anything

@Gordon Bernard.Very few people who purchased there house during the”get on the property ladder before its too late”years will ever own there own property before they hit retirement age…..My advise is,live life to the fullest without the burden of massive debt.Leaving bricks & mortar when im dead is not a legacy i care for.

“owns”