Getting a mortgage with a poor credit record

Gafman83

Hi Everyone I'm new to this so forgive me if I'm in the wrong place and repeating something asked already. I am looking into doing a self build. I have the deposit for the amount I wish to borrow. I have had bad credit for last few years with a bank loan which I have recently cleared. My partner was in a mortgage which she has recently had her name taken off. We are both in full time employment and she is permanent. My question is are there any lenders out there who would take us on? I know there used to be a few companies ( In the good auld days!!) that would take people with poor credit. Thanks in Advance

johnnyskeleton

Maybe go to a mortgage broker and see what they say. There are varying degrees of bad credit after all.

Victor

Gafman83 wrote: »

I know there used to be a few companies ( In the good auld days!!) that would take people with poor credit.

Any many of those clients ended up in profound trouble.

Eldarion

Victor wrote: »

Any many of those clients ended up in profound trouble.

The companies too.

greengirl31

If you ended up in The Irish Credit Bureau for late or non payment it might be a problem. You can order a credit check for about €5 or €10 - it's the same one that the banks will get so you'll get some idea of what state your credit is in. But generally speaking, if you don't have 5 years good credit, lenders are reluctant to lend to you

But I think a broker might be your best bet ... They can advise on what you need to do, if anything, to improve your credit

TrishSimon

greengirl31 wrote: »

If you ended up in The Irish Credit Bureau for late or non payment it might be a problem. You can order a credit check for about €5 or €10 - it's the same one that the banks will get so you'll get some idea of what state your credit is in. But generally speaking, if you don't have 5 years good credit, lenders are reluctant to lend to you

But I think a broker might be your best bet ... They can advise on what you need to do, if anything, to improve your credit

Most lenders look at the past 24 months to see what way your credit rating has been missed payments etc going back past 24 months will still come up on the ICB report but some banks depending on how bad your credit history are supposedly not meant to take that into account BUT I can tell you myself and my husband were refused a mortgage by KBC in Nov 2014 because my husband missed one payment back in 2013 he rectified the problem 10 days later when he realised what had happened but we were still refused based on that..
Some banks don't count the ICB as important like AIB didnt mind the report but wanted us to save more money approx. 5k more.

It really depends on how many payments you missed and how often

Gafman83

My issue was a bank loan which fell into arrears due to the down turn in 2010. I then was in a dispute over ppi on the same loan which caused the fall in to further arrears. As I said in my first post its been cleared about two months now for less then the full amount. So I'm thinking my chances a fairly low if any at all.

TrishSimon

Gafman83 wrote: »

My issue was a bank loan which fell into arrears due to the down turn in 2010. I then was in a dispute over ppi on the same loan which caused the fall in to further arrears. As I said in my first post its been cleared about two months now for less then the full amount. So I'm thinking my chances a fairly low if any at all.

You will have to wait for a further 22 months I think before your ICB report will be classed as a clean one ex. My husband missed one payment May 2013 he has to wait until May 2015 before he could apply for another mortgage as the banks have him down as bad credit history so if you only cleared the payments 2 months ago I think as you said your chances are fairly low.
I could be wrong maybe go and get some advice from a broker or your bank.

Niallomalley0

Just been turned down for a mortgage with my wife. My credit history is awful but hers is perfect. Is there any other way of getting a mortgage??

bleary

You could appply for new mortgage scheme through local authority? Bonus is you pay Lower rates than a couple with perfect credit rating. Makes no logical sense but hey this is Ireland

TheIronyMaiden

bleary wrote: »

You could appply for new mortgage scheme through local authority? Bonus is you pay Lower rates than a couple with perfect credit rating. Makes no logical sense but hey this is Ireland

Yeah try this, you need two refusals though.
Probably an experienced broker would be your best bet.

c6ysaphjvqw41k

This post has been deleted.