Mortgage question...

unklerosco

Quick question, someone might be able to help...

Went to apply for a mortgage last year with the GF but my credit history n lack of constant income was against me.. I've since gotten a steady income but i feel my credit history is still against me...

If my GF applys for the mortgage herslef is there anyway of getting my income into consideration for the mortgage.. Once my name is on the mortgae my credit history will come into effect but i just think that the bank should take into acount the fact that i'll be living there n contributing to the mortgage.. Im working for a large company now on a fairly good wage( 8k more than my GF) and i also have a decent amount of savings..

Anyone know what the situation is with this??? Is it possible?

shinners007

Best Thing Would Be To Get The Irish Credit Bureau To Sent U Out Your Credit History Report(6euro Charge) Which Will Be Based On The Previous Five Years Then Sit Down With Bank And Explain The Difference From Last Year To This Year. If U Had Arrears The Icb Will Not Amend The Report And Ull Prob Be Rejected For A Mortgage.

Sleipnir

shinners007 wrote:

Best Thing Would Be To Get The Irish Credit Bureau To Sent U Out Your Credit History Report(6euro Charge) Which Will Be Based On The Previous Five Years Then Sit Down With Bank And Explain The Difference From Last Year To This Year. If U Had Arrears The Icb Will Not Amend The Report And Ull Prob Be Rejected For A Mortgage.

Man, you must need to replace your shift key a lot!


OP, just apply for a mortgage again jointly and see what happens, you won't get arrested.
The only way they might consider your income for a mortgage of hers is if she rents a room to you. However, this would leave you in a bad position as you would not have any legal claim on the house. The bank certainly won't consider you as joint owner if your name isn't on the mortgage files.

shinners007

ah if she gets mortgage they can then draw up a legal document together ie new deeds through a solicitor then he would have a share in house ACTUALLY.

also your GF could say you gave her deposit if it isnt a 100% mortgage of course then youd have entitlements op

Sleipnir

shinners007 wrote:

ah if she gets mortgage they can then draw up a legal document together ie new deeds through a solicitor then he would have a share in house ACTUALLY.

Well, seeing as your name doesn't go on to the deeds until the mortgage is paid off, I don't see how this can happen. I know where the deeds for my house are; the EBS have them. The bank OWN the house, it's theirs until you pay them for it in total i.e. when you have paid your mortgage off.
Until then, any changes made to ownership are done with and through the bank. You can't just get a solicitor to change it.

shinners007 wrote:

also your GF could say you gave her deposit if it isnt a 100% mortgage of course then youd have entitlements op

Definately don't do this. They will turn down the application on the grounds that a 3rd party has a financial interest in the house. Well you wouldn't be able to anyway. If you did the bank would insist that you declare the money was a gift and, as a result, you have no financial interest in the property.

e.g., let's say you loan her the money for the deposit and 10 years down the line she stops paying the mortgage and the bank move to repossess. Then you come along and say that the bank owe you money for the deposit!??
If your name is not on the mortgage docs then you have no financial interest in the property.

delly

The only way you can be taken into account is if you make a joint application, but you'll need to sort your credit history first. The whole rent a room thing doesn't count for much, and you'd probably be doing yourself a disservice(sp) if your on good money.

unklerosco

The only prob with my credit history goes back to 2001 when i was 21 n had a credit card n a few small loans.. Was unemployed at the time so it took me an age to clear them... It is possible to get the solicitor to do up a legal document to say i own half the house etc. We talked about it last year to the banks n our solicitor n it is possible.. loads of people do it.

Will be applying for a joint mortgage to see what happens, just wanted a back up plan as i know my credit history will still be dodge till nov/dec this year...

Victor

First, apply to bank in her name only. Get a response.

Then apply jointly. Compare responses.