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Mortgage possibilities post-Trust Deed

  • 10-09-2015 2:52pm
    #1
    wicklamucker
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi,
    I am desperately seeking advice. I left Ireland in late 2008 to come to Scotland for work and personal reasons. I know have a good work opportunity 'back home' and am keen to take it. I do now however have family responsibilities (wife and 3 kids) and have to factor in many different things.
    One of the most prominent factors that shall dictate whether or not we move over is in relation to the possibility of getting a mortgage in the next few years.
    Before i left Ireland my first wife and i separated; and subsequently divorced. Following a financial settlement i could not afford to keep my my house (in Ireland) which left me with no choice but to hand back the keys; leaving me with a substantial debt which i was unable to service.
    Being in Scotland I was fortunately able to enter into a 'Protected Trust Deed' which enabled me to, by paying what i could afford, clear my debts. I have been free of the Trust Deed for three years now. After a further two years, in the UK at least, all of that would be struck off of my financial record.
    so, my query is two-fold.
    Firstly, having been away from Ireland for (by the time i might return) 8 years will i have to start my credit rating from scratch; how long will it take to build it up enough for a mortgage.
    and secondly, will my financial records in Ireland be similarly clear (in 2 years) having been 5 years since being discharged out of the trust deed?

    ...really appreciate any advice i can get on this!


Comments

  • #2
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    Hi Wicklamucker,

    The first thing you should do is get an ICB report for yourself in Ireland, this can be done at icb.ie and should include your last two addresses in the country. This will give you an idea of your standing with regards to your credit profile in Ireland.

    When filling out an application for a mortgage with any lender they will ask if you have ever had any arrears, judgements, entered in to any financial arrangements with any lending institution, so you may need to disclose your previous circumstances here and in Scotland.

    With regards to building up a possible profile which would see a lender approving you for mortgage finance, if you do move back to Ireland, I would suggest saving regularly so that any bank will see that you are not spending all the funds you receive from your employer but are putting something away regularly, ideally a direct debit to a savings account would be the best option.

    Thanks,

    PaulM


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