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Mortgage-Bad credit history

  • 19-07-2010 3:35pm
    #1
    lauradryeye
    Registered Users, Registered Users 2 Posts: 50 ✭✭


    Hi all,

    My boyfriend and I are considering buying a house in the next year or so.Unfortunately there is something that we hadn't thought about before and I am very worried now that it might jeopardize the whole thing.

    My boyfriend has had 2 credit cards for years, he has never gone over the credit limit but unfortunately had loads of late payments.This was pure lazyness from him to be honest, he always "forgets" to do it..On the other side, we have been renting for years and never missed a payment.On my side I have a very good credit history, never had a loan or a credit card and even a tiny bit of savings.

    My boyfriend also inherited land and I am wondering if that could be used as collateral and maybe help with the bad credit history issue.

    Does anybody have any idea if we have a chance for mortgage approval? Any suggestions would be greatly appreciated.
    Tagged:


Comments

  • #2
    bills
    Registered Users, Registered Users 2 Posts: 952 ✭✭✭bills


    Well its difficult to know. it depends on whether your jobs are permanent etc., do you have savings etc? you will need more than a little savings, at least a 8% deposit


  • #3
    lauradryeye
    Registered Users, Registered Users 2 Posts: 50 ✭✭lauradryeye


    Hi Bills,

    We both have permanent jobs, I am on 27K and he is on 32K, I have about 4K of savings.We are aware that we would need need a deposit and our parents are willing to lend us the money so that wouldn't be an issue.

    Thanks for your advice on this


  • #4
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    By late payments do you mean he missed the minimum amount payable some months.
    I've done that but it's never had a negative affect on my credit rating.

    My wife however had missed car payments so she was precluded from the mortgage application.
    Best thing that ever happened to us cause we then couldn't afford a €370k house in Naas in 2005.
    Unanswered prayers & all that.


  • #5
    lauradryeye
    Registered Users, Registered Users 2 Posts: 50 ✭✭lauradryeye


    Rabidlamb wrote: »
    By late payments do you mean he missed the minimum amount payable some months.
    I've done that but it's never had a negative affect on my credit rating.

    My wife however had missed car payments so she was precluded from the mortgage application.
    Best thing that ever happened to us cause we then couldn't afford a €370k house in Naas in 2005.
    Unanswered prayers & all that.


    Yes that is what I meant, thanks for that I feel much better!! We will try to arrange an appointment soon with an adviser but I just wanted to get an idea.
    You are right about the house, it's probably worth 250K now! We are thinking of buying in 2011 or 2012, it should be a good time.


  • #6
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    Go to the ICB website and get a copy of each of your credit histories. This will tell you where you stand anyway, and you'll see if there are any black marks against either of you. It only costs €6, and well worth knowing if you're going to apply for large loans.


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