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No previous loans and mortgage

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  • 14-09-2014 9:38am
    #1
    Jim Simmental
    Registered Users Posts: 170 ✭✭


    When applying for a mortgage, if someone never had a loan in their life before but had S/O's going into savings accounts.

    Would the fact that the person never had a loan before affect their chances of getting a mortgage ?


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    #2
    bee06
    Registered Users Posts: 4,514 ✭✭✭bee06


    If you can show regular savings then not having a loan doesn't matter. I never had a smaller loan before I was approved for my mortgage.


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    #3
    Jim Simmental
    Registered Users Posts: 170 ✭✭Jim Simmental


    Thanks bee06 that's good to know.

    No need for me to take out a pointless loan so.


    Anyone else in the same boat?


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    #4
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    It can be useful to show a history of being responsible with credit, but it isn't essential :)


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    #5
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    If you never had a loan before, you won't show up on the Irish Credit Bureau. Ireland isn't like the US where they have credit ratings. You are only marked down if you have a bad credit history.

    You need to show a regular savings pattern with an ability to repay the stressed tested mortgage rates (rent is allowed here) and a certain amount of net disposable income after the mortgage is paid.

    You do also need your deposit and other costs as well.



    Steven


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