Can't Get a Morgage

BnA

I set up my own business about 5 years ago. In setting it up I went through about 2 years of not getting paid and during those two years I often went behind on Morgage payments, sometimes by a few months. Two years ago, we sold our house to move to the area that we are currently building in and we obviously paid off the morgage in full. we have been renting since while facking around with planning permission.

Only problem is that, because of my bad history, I now I can't get a morgage. The business I set up 5 years ago is now up and running. I have been getting paid regularly for the last 2 years from it and have no debts. Also, my wife is a teacher.

I was talking to my morgage broker who is a good friend of mine. Our first plan of attack was to apply just in my wife's name. Unfortunately, because our last morgage was a joint one, her credit rating is screwed too. Therefore our only option is to go with one of the sub prime lenders. And the only one still taking new business in Ireland is Start (or Smart...?) morgages. Unfortunately, they don't do self-builds like mine. They only do finished houses.

So now, my only hope is to get temporary money somewhere to get the house to a "livable in" state (Running water, toilets, elec, sink in kitchen) . Then Start will probably give us a morgage for a complete house.

As it stands, the house is up to wall plate level and we will be able to keep going and get the roof on without any loans. (using 60k equity that had built up in the house we sold 2 years ago). My wife would probably be able to get about another €30k from the credit union, which would leave us needing I'd say about another €40k to get the house to the livable standard required to get the morgage.

Anyone any idea where I might get that 40k or even any other route I could go to get a morgage before finishing the house ? The worst of it is, we only want a morgage for about €150k for a house that will be worth an absoloute minimum of €350k (and that's being very conservative)

sydthebeat

its not exact;ly a construction of planning issue.. but i think i can leave ot open for a short while to see what kind of responses you get...

id move it to a more appropriate forum, only i cant find one specificaly for it..

maybe 'accommodation and property' or mayve 'banking'

Borzoi

BnA wrote: »

Anyone any idea where I might get that 40k or even any other route I could go to get a morgage before finishing the house ?

Have you tried your business bank? They know your history after all. TBH Brokers used to be helpful in the days when no one really checked paperwork too carefully, but in the current climate they have little use.

ki

If your/her parents are still alive could they co-sign on the mortgage.
I knowits not ideal but it is one solution.