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New mortgage/arrears

  • 11-03-2012 9:11pm
    #1
    deisecelt
    Registered Users, Registered Users 2 Posts: 111 ✭✭


    Hi, just wondering if anyone could offer some advice or answers? Here's my situation. I bought a house in Waterford but after living in it for less than a year i moved elsewhere with work. I am now renting the house but i recently went into arrears. I didn't necessarily have to go into arrears but for whatever reason I did (not by more than a month). Anyway I will be coming out of arrears in Sept for my own reasons. My other half earns approx 25k and i earn approx 40k per anum and 100k mortgage would be no problem. Thats what we would be looking for but given that i have went into arrears would this be out of the question???

    And this would be a second mortgage for me but a 1st for my other half.
    I would appreciate any help/info offered.

    Cheers!!


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    deisecelt wrote: »
    Hi, just wondering if anyone could offer some advice or answers? Here's my situation. I bought a house in Waterford but after living in it for less than a year i moved elsewhere with work. I am now renting the house but i recently went into arrears. I didn't necessarily have to go into arrears but for whatever reason I did (not by more than a month). Anyway I will be coming out of arrears in Sept for my own reasons. My other half earns approx 25k and i earn approx 40k per anum and 100k mortgage would be no problem. Thats what we would be looking for but given that i have went into arrears would this be out of the question???

    And this would be a second mortgage for me but a 1st for my other half.
    I would appreciate any help/info offered.

    Cheers!!

    The arrears would affect your credit history and thus will affect any application for future credit.

    Do you think you can afford another mortgage. And I mean when you stress test your income. Are you permanent? Will pay cuts be coming down the road?

    Is there any equity in the first house? If so you would be best to sell it if there was any equity available. No point in having two mortgages when not needed.

    Personally I think getting a 2nd mortgage when you are struggling with one is just plain stupid but the about info I gave is all relevant so hope gives you some help.


  • #3
    MrThrifty
    Registered Users, Registered Users 2 Posts: 491 ✭✭MrThrifty


    I presume the OP missed a mortgage payment because they accidentally hadn't left enough money in the bank account that it's paid from for one month only. If so, then this does not constitute going into arrears - in fact it happens a lot and shouldn't affect your credit history at all. To be sure, you can just check your own credit history, not sure how but google it.


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    MrThrifty wrote: »
    I presume the OP missed a mortgage payment because they accidentally hadn't left enough money in the bank account that it's paid from for one month only. If so, then this does not constitute going into arrears - in fact it happens a lot and shouldn't affect your credit history at all. To be sure, you can just check your own credit history, not sure how but google it.

    The OP says will be coming out of arrears in September. So presuming will be in arrears till then which is safe to say. Thus will be recorded on ICB.


  • #5
    MrThrifty
    Registered Users, Registered Users 2 Posts: 491 ✭✭MrThrifty


    chris85 wrote: »
    The OP says will be coming out of arrears in September. So presuming will be in arrears till then which is safe to say. Thus will be recorded on ICB.

    Sorry, I'm not following the OP at all so. They said "I didn't necessarily have to go into arrears but for whatever reason I did (not by more than a month)" which was where I took my presumption from. I suspect though that you've grasped what they were trying to say better than me so I'm jumping ship on this thread...


  • #6
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    MrThrifty wrote: »
    Sorry, I'm not following the OP at all so. They said "I didn't necessarily have to go into arrears but for whatever reason I did (not by more than a month)" which was where I took my presumption from. I suspect though that you've grasped what they were trying to say better than me so I'm jumping ship on this thread...

    It isnt 100% clear to be honest.


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