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Mortgage advice

  • 24-05-2016 7:59pm
    #1
    Arsen5
    Registered Users, Registered Users 2 Posts: 53 ✭✭


    Hi, We applied for a mortgage (both good income) out of three banks two refused based on what they said (repayment ability) one asked for a new contract as my current one is nearing it's end (sent them a new one as I'm on rolling contracts for the last 8 years and waiting for their reply shortly). My question is does this two refusals necessarily mean bad credit report from ICB (had few missed direct debits before but very good repayment on a small personal loan for nearly two years)or it's due to something else (bank statement all over the place with a lot of to & fro transfers between me and a couple of few friends) I requested ICB report on my self and hopefully will get it within 3-4 days. If that's the case can I do anything to improve a bad ICB report before 5 years?
    Thanks in advance.


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    The refusals don't give you a bad report as such, it just shows up that 2 banks have already made an inquiry on your account so if you go to a third bank looking for a mortgage then it is pretty clear to them that you were already refused some sort of lending before them.

    That doesn't necessarily make a difference , all banks have their own underwriting rules so just because one refused you that alone won't be a reason to be refused elsewhere. Now bad bank statements and bounced debits is another story!


  • #3
    PaidV
    Registered Users, Registered Users 2 Posts: 71 ✭✭PaidV


    Hi all,

    Wondering could anyone here clarify something for me. I have a mortgage on my house with circa 150k of a balance, the house is valued at circa 350k. I am looking into the feasibility of buying a second home, living in it and letting out my current property, the rental income would more than offset the existing mortgage on my current home.

    Would i be able to remortgage my existing home to pay for the new one or would I have to apply for a second mortgage completely?

    Thanks
    Paidi


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