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  • Eight out of 10 people refused mortgages, insists PIBA survey
Uncategorized
Aug 27, 2012 - 16:45

Eight out of 10 people refused mortgages, insists PIBA survey

The MyHome Newsdesk
By The MyHome Newsdesk
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Eight out of 10 people refused mortgages, insists PIBA survey

A new survey has claimed that as many as eight out of 10 people looking for a mortgage are turned away by banks.

The survey by the Professional Insurance Brokers Association (PIBA) – which represents almost 900 brokers – reveals that lending, or a lack of it, is having a serious impact on the property market.

About a quarter of the brokers polled by PIBA said that 80% of mortgage applications were being turned down, with 60% saying that banks turned down at least 40% of applications.

"The biggest impediment to those wanting to buy a home is the unwillingness of the banks to lend," said Rachel Doyle, chief operations officer with PIBA.

Karl Deeter, compliance manager with the Dublin broker Irish Mortgage Brokers said: "Banks cook up whatever excuse suits them (to refuse a mortgage). Credit policy is subject to change when and where the banks feel like it."

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Over half of those surveyed said AIB was lending the most, followed by Bank of Ireland and its subsidiary ICS.

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<

  • Tags
  • AIB
  • applications
  • bank
  • Bank of Ireland
  • banks
  • brokers
  • credit
  • ICS
  • Irish Mortgage Brokers
  • karl deeter
  • lending
  • mortgage
  • PIBA
  • Professional Insurance
  • Professional Insurance Brokers' Association
  • property market
  • Rachel Doyle
  • survey
The MyHome Newsdesk
By The MyHome Newsdesk
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