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Life after bad credit?

  • 13-01-2016 8:21pm
    #1
    Confused2016
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi all,

    I would appreciate anyone's opinion on our chances of securing a new mortgage. I lost my job in 2012 and had some issues with a mortgage that is now resolved and the property sold. That property was in my own name. My ppr is in my husbands own name and we have 150k equity in same now.

    We would like to move to a location closer to home and would require a mortgage of 250k, we would be selling our home and using the 150k towards new property. Based on income we would qualify for 400k mortgage but obviously our main concern is my credit history and I was unsure if any bank would consider lending now that our situation is much better and has been for 3 years or is it a simple and straight forward NO for five years?

    Thanks for any advice/comments.
     


Comments

  • #2
    matt70iu
    Registered Users, Registered Users 2 Posts: 415 ✭✭matt70iu


    Hi Confused2016

    i was in a similar position to you in 2009 when I lost my job and credit rating shot as a result.

    I applied for my ICB report in 2014 and it wasn't pretty. The silver lining was that all those delinquent accounts were due to come off my credit history in mid 2015.

    I waited till then and reapplied for my ICB report. It came back no data found which meant my slate was clean.

    I was recently successful in getting finance from VW for a car.

    So yes, there is life after bad credit, but I would suggest you wait it out if you can, rather then applying with a poor record.

    If you have a poor record currently, I would say you are unlikely to get a mortgage from most reputable lenders.

    If you can, wait till 2018 and then get a copy of your ICB report to confirm it's clear before doing anything. Last thing, make sure when you do apply, that the lender in question has no connection to the bank/finance company you previously had bad credit with.

    I heard of a guy who applied for credit with BOI 13 years after having defaulted and he was declined on that basis, so start as a new customer, with clean slate somewhere else.

    Best of Luck:)


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