mortgage agreement in principle then declined

The lender believes the property you want to buy is overvalued.Your bank statements show that you cannot save, manage your money or have excessive gambling habits.You work on contract, are not permanently employed, your job is at risk or you only recently started in a new job.So if you are over 40 years of age and seeking a mortgage with a term of 30 years you may have difficulty getting approval. Lenders have an upper age limit they require a loan to be paid off by, typically between 65 and 70. You have a number of current loans or a lot of financial commitments.It is a good idea to review your credit history before making an application. You have a poor credit history because you missed repayments or didn’t pay off another loan.First time buyers, second and subsequent buyers need to have 10% of the property purchase price and buy-to-let buyers need to have 30%. You don’t have the minimum deposit required under the Central Bank of Ireland’s loan-to-value limits.For more information see the Central Bank of Ireland rules. However, banks have some discretion in relation to this. There is a general lending limit of 4 times your gross annual income if you are a first-time buyer or 3.5 times your gross annual income if you are a second or subsequent buyer.

Your income is not enough to repay the amount you wish to borrow.If you have recently applied for a mortgage but your application was refused, this could be for a number of reasons:

Mortgage agreement in principle then declined