As far as I’ve been told, the main Irish banks are still, even now, not carrying out the required checks to determine whether or not an applicant is qualified.
Previously, to the detriment of the whole country, banks pretty much said yes to anyone who came to them looking for money – without doing any proper checking.
And today, I’m told, they’re not doing any checking on applications either – though this time they’re saying no to pretty much any applicant – still to the detriment of the country.
I have been told of one mortgage applicant who has thousands of euros in savings available for a deposit to purchase a house that they won’t be getting a mortgage because they have “no savings history”.
It seems, at least according to one Irish banking “pillar” that even though having significant savings isn’t proof enough of a savings history – evidence is required of those savings being accumulated.
So, if you’ve been diligently saving for 10 years with a particular financial institution, built yourself up a nice nest egg, and then decide to transfer that balance to another institution to avail of a better interest rate, this banking pillar won’t accept proof of lodgement and a current statement from that new institution as proof of a history of savings.
It’s a ridiculous no-win situation when dealing with banks in Ireland at the moment. It’s almost as ridiculous as the the banks universal desire to move clients onto paperless banking, but then not accepting online banking printouts and statements as documentary evidence when processing any credit applications.