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Remortgaging Advise

  • 10-09-2009 10:32pm
    #1
    Mr.888
    Closed Accounts Posts: 8 ✭


    I bought my first house 5 years ago. The house cost €250k, I took out a loan of $180k with Irish Nationwide, their rate is high.
    During peak rate I was paying €1025 per month, now only paying €800 per month.
    My mate bought an apartment three months ago, got a loan of €230k and only paying €800 a month.

    I thought that was unfair, we are both paying the same amount per month but he got €50k extra!

    So I went to a mortgage broker to try get a remortgage, either cheaper monthly payments or €50k equity release and still pay €800 per month.

    The problem is, the broker wouldnt even pass on my application because of a few missed payments on my statements, slightly late on some but loans are all up to date, no payments are in arrears.

    So judging from my equity value in my house and can continue to afford payments, are my chances slim in getting a remortgage based on my statements. should I even bother trying?

    Any stories on your friends or family getting mortgages even with bad credit?


Comments

  • #2
    Lexus1976
    Closed Accounts Posts: 702 ✭✭✭Lexus1976


    Unfortunately sub prime mortgages are practically extinct in Ireland at the moment. You will need to build up a good credit history before applying again. This may take up to 3-5 years depending.


  • #3
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    Mr.888 wrote: »
    I bought my first house 5 years ago. The house cost €250k, I took out a loan of $180k with Irish Nationwide, their rate is high.
    During peak rate I was paying €1025 per month, now only paying €800 per month.
    My mate bought an apartment three months ago, got a loan of €230k and only paying €800 a month.

    Excatly, this was during high interest rates and a good property market.

    Mr.888 wrote: »
    I thought that was unfair, we are both paying the same amount per month but he got €50k extra!

    So I went to a mortgage broker to try get a remortgage, either cheaper monthly payments or €50k equity release and still pay €800 per month.

    Do you know what term its over compaired to yours? If its an extra ten-fifteen years it might explain it. Also what rate you have fixed or variable.
    Mr.888 wrote: »
    The problem is, the broker wouldnt even pass on my application because of a few missed payments on my statements, slightly late on some but loans are all up to date, no payments are in arrears.

    So judging from my equity value in my house and can continue to afford payments, are my chances slim in getting a remortgage based on my statements. should I even bother trying?

    Any stories on your friends or family getting mortgages even with bad credit?

    Unfortunately not and looking at the majority of threads here it does not look good.


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