Banks saying no to home loans

TWO out of three banks are declining mortgage applications making it increasing difficult to secure home loans.

Paul Kinnane, deputy president of the Irish Brokers Association said that most mortgage lenders are claiming they are open for business but in his experience they are declining applications because of applicants income or the loan-to-value ratio.

“With the banks taking such a cautious view on property values, it is extremely difficult for anyone trying to buy,” he said.