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mortgage with bad credit history

  • 23-09-2018 9:45pm
    #1
    ANNIEMARIE27
    Closed Accounts Posts: 11 ✭


    Hi all need some advice, myself and my husband are looking to apply for a mortgage early next year, in 2010 i had 2 credit cards revoked howver i have since paid them back it was 5k in total, i checked my credit report with icb and their no longer on it however they wete placed with cabot for collection, i just got my credit teport from this new central credit register and they appear on that report as due to the fact their was more than 500 owing on the cards as of july 2017. my husband would actually be in the same position however in the last two years he has gotten a car loan and petsonal loan never missed or been late with a payment. he is still paying off what he owes though to the company he defaulted with and this will clearly show on the central credit register report. im actually stressed and at my wits end, does anyone have any thoughts on this, when we defaulted all them yeats ago ot was due to the economy and lsck of jobs, my main priority at that time was keeping a roof over our heads.
    All we want to do is own our own house, were both in stsble well paid jobs now


Comments

  • #2
    mummy5
    Registered Users, Registered Users 2 Posts: 21 ✭mummy5


    Hi I'm in a similar situation my self and from the research I've done and information I have gathered the best plan of action would be to clear all debt and then apply for a mortgage. I spoke to Pepper last week and they told me they would look at my application after 24 solid months of clear credit history. So that's 24 months starting after you clear your debt. Having the likes of the car loan with no missed payments definitely goes in your favour as it shows a better picture of your situation now and ability to repay compared to a few years ago.


  • #3
    ANNIEMARIE27
    Closed Accounts Posts: 11 ✭ANNIEMARIE27


    ANNIEMARIE27 wrote: »
    Hi all need some advice, myself and my husband are looking to apply for a mortgage early next year, in 2010 i had 2 credit cards revoked howver i have since paid them back it was 5k in total, i checked my credit report with icb and their no longer on it however they wete placed with cabot for collection, i just got my credit teport from this new central credit register and they appear on that report as due to the fact their was more than 500 owing on the cards as of july 2017. my husband would actually be in the same position however in the last two years he has gotten a car loan and petsonal loan never missed or been late with a payment. he is still paying off what he owes though to the company he defaulted with and this will clearly show on the central credit register report. im actually stressed and at my wits end, does anyone have any thoughts on this, when we defaulted all them yeats ago ot was due to the economy and lsck of jobs, my main priority at that time was keeping a roof over our heads.
    All we want to do is own our own house, were both in stsble well paid jobs now

    Thanks mummy5, we were hoping to be able to do the htb scheme next year, but maybe not based on wehar pepper told u, i think we still might try next year anyways but through a broker. i spoke to one and he thinks it is sortable. fingers crossed and good luck


  • #4
    mummy5
    Registered Users, Registered Users 2 Posts: 21 ✭mummy5


    I really hope you're approved but try not put too much pressure on yourselves. We're pretty gutted we will miss the help to buy dead line by 3 months but I did read today that the government are bringing in a similar savings scheme that's in the UK. They give €50 for every €250 you save. Im not sure how true it is but would be a great help as I don't thinking the current help to buy scheme should be ending so soon with the current housing demand


  • #5
    ANNIEMARIE27
    Closed Accounts Posts: 11 ✭ANNIEMARIE27


    mummy5 wrote: »
    I really hope you're approved but try not put too much pressure on yourselves. We're pretty gutted we will miss the help to buy dead line by 3 months but I did read today that the government are bringing in a similar savings scheme that's in the UK. They give €50 for every €250 you save. Im not sure how true it is but would be a great help as I don't thinking the current help to buy scheme should be ending so soon with the current housing demand
    i


    I know i hope they can extend it in next weeks budget - would be great if they did even by an extra year or so, they cant build the houses fast enough to keep up with demand for first time buyets and we dont quality for the rebuilding ireland scheme as earn over the threshold, its a shame when you can prove you can pay your rent on time, pay back what you owe and save as well but because of past payment history about 4 years ago ur penalized. Oh well if we cant get a mortgage might just jet off to t h ed carribbean for a lovely holiday with my savings haha


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