Here’s a sobering insight into the state of the Irish ec0nomy;
“Up to eight out of every 10 applications for a mortgage are being turned down.
The lack of lending is one of the main reasons the property market continues to crash, economists have said. A survey of mortgage brokers, who are members of the Professional Insurance Brokers Association (PIBA), found that the situation is worse than it was last year for people seeking home loans.
A majority of brokers reported that between six and eight out of every 10 mortgage applications were declined in the second quarter of this year, PIBA’s survey found.
The main reason that applications are being refused is because of concerns over job security.
Lenders are turning down potential new buyers because the applicant has not been in current employment for sufficient time or their employment is a fixed contract rather than permanent.”
This failure to lend can be seen as lenders being prudent but it undoubtedly must have an impact on the property Market, the construction Trade and all affiliated service sectors. The Irish economy has so many structural stresses within it and you have to feel sorry for anyone seeking to get on with their lives. Of course with the circus for the role of Irish President filling the media headlines, I wonder will this even be noticed?