Anyone had this experience? We’re trying to get a mortgage for a property in Niigata (currently in Saitama, will relocate).
Have gone through lending assessment with multiple banks, all come back with limits nearly three times the value of the property/loan we need.
Of those we’ve formally applied with they have all declined. Two just outright refused to give reasoning as to why, the third (Mizuho) said they have approved but the insurance company declined, but again can’t give details on why.
This seems slightly strange, and leaves us in an awful situation as we don’t know what needs to change to make it work. Is this normal behaviour? Anyone have tips on how to work around this, aside from just paying cash?
Edit: thanks to everyone for the useful info and advice, really appreciate it. It’s often tough trying to navigate things like this in Japan, and this community does make things easier.
Edit 2: after a LOT of pressure from us the real estate agent has spoken to a couple of local banks, and they’re at least willing to have a conversation. They still seem unsure about us not currently living in Niigata, but at least they’ll talk to us now. Baby steps in the maze, but moving forward. Thanks again for all the support.
Edit 3: mortgage approved after a month of application forms, video calls, and many emails. Ended up using a local bank, and took lots of convincing from us that we weren’t using it as a holiday home and would actually live there.
Have gone through lending assessment with multiple banks, all come back with limits nearly three times the value of the property/loan we need.
Of those we’ve formally applied with they have all declined. Two just outright refused to give reasoning as to why, the third (Mizuho) said they have approved but the insurance company declined, but again can’t give details on why.
This seems slightly strange, and leaves us in an awful situation as we don’t know what needs to change to make it work. Is this normal behaviour? Anyone have tips on how to work around this, aside from just paying cash?
Edit: thanks to everyone for the useful info and advice, really appreciate it. It’s often tough trying to navigate things like this in Japan, and this community does make things easier.
Edit 2: after a LOT of pressure from us the real estate agent has spoken to a couple of local banks, and they’re at least willing to have a conversation. They still seem unsure about us not currently living in Niigata, but at least they’ll talk to us now. Baby steps in the maze, but moving forward. Thanks again for all the support.
Edit 3: mortgage approved after a month of application forms, video calls, and many emails. Ended up using a local bank, and took lots of convincing from us that we weren’t using it as a holiday home and would actually live there.