Finance Ireland Mortgage with previous credit issue

Gally79

Beeabell wrote: »

Hi Gally it didn't. They didn't like the address or the fact I am a Civil Servant, How is everyone else getting on.

Sorry to hear i hope you‘re not giving up. I am also having some previous credit issues, I hope a good broker might be able to get me mortgage ready. If you‘re on Instagram there is a guy called @the_mortgage.guy his videos are great and he is explaining everything in layman’s english. There’s also a group on Facebook called First Time Buyers Ireland.

Beeabell

Gally79 wrote: »

Sorry to hear i hope you‘re not giving up. I am also having some previous credit issues, I hope a good broker might be able to get me mortgage ready. If you‘re on Instagram there is a guy called @the_mortgage.guy his videos are great and he is explaining everything in layman’s english. There’s also a group on Facebook called First Time Buyers Ireland.

Thanks so much. I am nearly ready to sign. I went with me local CU, also look up ask Paul on Instagram he's very helpful

Shadow2019

Gally79 wrote: »

Sorry to hear i hope you‘re not giving up. I am also having some previous credit issues, I hope a good broker might be able to get me mortgage ready. If you‘re on Instagram there is a guy called @the_mortgage.guy his videos are great and he is explaining everything in layman’s english. There’s also a group on Facebook called First Time Buyers Ireland.

What type of credit issues? We have applied to BOI not holding out hope but issues are over 18 months so hoping they may consider. Finance Ireland will review after 2 years clear of arrears.

It’s a hard road with credit issues but you will get there.

Gally79

Had some issues about 18 months ago as well. However it wasn't in relation to a payment to a bank, It was in relation to store credit. I even have a letter from them confirming that it has been paid and cleared in full etc.

JOHNDOG27

I am in the same boat had a revoked student credit that i thought was paid didn't find out till a couple of years later that it was but paid in full and looking to go for a mortgage it will be nearly 3.5 years since paid have had loans for past couple of years no missed payment etc Whats the chances with that

Gally79

JOHNDOG27 wrote: »

I am in the same boat had a revoked student credit that i thought was paid didn't find out till a couple of years later that it was but paid in full and looking to go for a mortgage it will be nearly 3.5 years since paid have had loans for past couple of years no missed payment etc Whats the chances with that

I think you have pretty good chances, there are some lenient lenders out there BOI from what I've heard as well as Finance Ireland. Definitely worth to work with a Mortgage broker.

Shadow2019

Beeabell wrote: »

ah thats great news, who knows . it might work out for you. Fingers crossed. keep me posted.

Utterly shocked but got a call from BOI and they have approved us! Honestly didn’t think we had a hope but they took on board my explanation and have offered us underwriter approval in principle!

Gally79

Shadow2019 wrote: »

Utterly shocked but got a call from BOI and they have approved us! Honestly didn’t think we had a hope but they took on board my explanation and have offered us underwriter approval in principle!

Amazing news ! May I ask you how severe your previous credit issues were ?

Shadow2019

Gally79 wrote: »

Amazing news ! May I ask you how severe your previous credit issues were ?

Bad! I had a really horrible period of time with employment issues / new baby and very little income. I buried my head in the sand and was very naive with my finances If you search by my posts you will see full story -

1 x credit card defaulted to Cabot with a 3.5k balance not paid for 18 months and cleared in March 2019.

1 x revoked credit card with 69 euro balance (this was a card I didn’t cancel and got government charges)

A loan with 2 missed payments from BOI but balance cleared in full.

I was told by numerous brokers and PTSB that there wasn’t a hope until 2 years passed. I got in touch with BOI and explained my situation and was told as it was over 18 months they would consider me. The girl I dealt with was amazing and I sent through a full explanation.

I’m still in shock I was expecting this to take till at least March and to pay a massive interest rate with FI.

If your issues are behind you and you are good to go otherwise I wouldnt hesitate to contact BOI. If you go direct hopefully you will have same experience as me.

Gally79

Shadow2019 wrote: »

Bad! I had a really horrible period of time with employment issues / new baby and very little income. I buried my head in the sand and was very naive with my finances If you search by my posts you will see full story -

1 x credit card defaulted to Cabot with a 3.5k balance not paid for 18 months and cleared in March 2019.

1 x revoked credit card with 69 euro balance (this was a card I didn’t cancel and got government charges)

A loan with 2 missed payments from BOI but balance cleared in full.

I was told by numerous brokers and PTSB that there wasn’t a hope until 2 years passed. I got in touch with BOI and explained my situation and was told as it was over 18 months they would consider me. The girl I dealt with was amazing and I sent through a full explanation.

I’m still in shock I was expecting this to take till at least March and to pay a massive interest rate with FI.

If your issues are behind you and you are good to go otherwise I wouldnt hesitate to contact BOI. If you go direct hopefully you will have same experience as me.

Wow wow wow ! I am delighted for you, not giving up is the main thing. I’ve contacted my local BOI branch as well today, I heard only good things about them. Your success story will give a lot of ppl hope.

Shadow2019

Gally79 wrote: »

Wow wow wow ! I am delighted for you, not giving up is the main thing. I’ve contacted my local BOI branch as well today, I heard only good things about them. Your success story will give a lot of ppl hope.

On paper with my rating I’m a lost cause but by sticking to saving that seemed to help. Keep us posted with how you get on - approval could be closer to than you think! It will happen for you too best of luck with the application ðŸ 

Beeabell

Fantastic news Shadow2019. Delighted to hear all has gone well for you.

Shadow2019

Beeabell wrote: »

Fantastic news Shadow2019. Delighted to hear all has gone well for you.

Thank you Beeabell it still doesn’t seem real! I’m so happy that banks do look at the whole picture and its worked out. Hope your journey is going well?

Beeabell

Shadow2019 wrote: »

Thank you Beeabell it still doesn’t seem real! I’m so happy that banks do look at the whole picture and its worked out. Hope your journey is going well?

Yeah glad some do. some are awful to deal with. I signed contracts Monday so any day now

Shadow2019

Beeabell wrote: »

Yeah glad some do. some are awful to deal with. I signed contracts Monday so any day now

That’s amazing! The very best of luck with everything and enjoy your new home!

Shadow2019

Gally79 wrote: »

Wow wow wow ! I am delighted for you, not giving up is the main thing. I’ve contacted my local BOI branch as well today, I heard only good things about them. Your success story will give a lot of ppl hope.

How did you get on Gally79?

Gally79

Shadow2019 wrote: »

How did you get on Gally79?

Met with both PTSB and BOI, both mortgage advisors had a look at my credit register report and my supporting documentation. Luckily my revoked credit card has been paid off in full back in July 2018 which is over 2 years ago. All in all they said its not ideal however there is not all hope lost and both advisors will help me to build a case in case of any underwriter pushback.



My situation:


revoked credit card - paid in full July 2018
small number of missed payments of store credit/smaller loans - all paid off straight after back in late 2019/early 2020.

Shadow2019

Gally79 wrote: »

Met with both PTSB and BOI, both mortgage advisors had a look at my credit register report and my supporting documentation. Luckily my revoked credit card has been paid off in full back in July 2018 which is over 2 years ago. All in all they said its not ideal however there is not all hope lost and both advisors will help me to build a case in case of any underwriter pushback.



My situation:


revoked credit card - paid in full July 2018
small number of missed payments of store credit/smaller loans - all paid off straight after back in late 2019/early 2020.

Sounds like you have a good case! Keep us posted, it’s only a matter of time for you!

PinkSky19

Hi everyone, sorry to be a late joiner. Noticed this thread and gave me some hope.

Have a similar situation as above, both myself and I full time permanent job past 4 years, renting a number of years, regular savings and all loans paid off. Never missed a payment on any loans, if not they were paid off early (not sure if this is a bad or good thing in the eyes of the bank), one of us are with AIB and the other is with BOI and both have credit unions. All sounds great until I mention the revoked credit card I had back in 2016 but is now cleared and paid off in full for 1 year- finances were not great at the time, moved house, communication with the bank (from both myself and bank were not up to standard between 2016-2019) and put my head in the sand.

Thankfully that is all somewhat behind me now and am just waiting and saving. Spoke with BOI and does not seem to be a huge deal breaker, but I am a bit hesitant in putting in a application as I don't want us to get refused and have another black mark on our credit rating.

Any advise on timing? How do you feel our chances are on your experience? Anyone heard back from FI yet?

Thanks.

Gally79

Im in a pretty similar situation, had a revoked CC which has been paid off in 2018 however still appears on my file (until 2023) in addition to that, i have 3 missed payments on a store credit facility from about 2 years ago which popped up on my CCR, all cleared now with 1 year clean credit history. I went to BOI (as I heard that they are kind of softer when it comes to previous credit issues as long as they have been resolved) and the Mortgage advisor said he could see us getting approved on the back of additional documentation.
We asked our advisor to reach out to an Underwriter to see what they would think if our application would stand a chance and they said its certainly possible depending on repayment capacity, savings history, income, job profile, the usual jazz.

PinkSky19

Gally79 wrote: »

Im in a pretty similar situation, had a revoked CC which has been paid off in 2018 however still appears on my file (until 2023) in addition to that, i have 3 missed payments on a store credit facility from about 2 years ago which popped up on my CCR, all cleared now with 1 year clean credit history. I went to BOI (as I heard that they are kind of softer when it comes to previous credit issues as long as they have been resolved) and the Mortgage advisor said he could see us getting approved on the back of additional documentation.
We asked our advisor to reach out to an Underwriter to see what they would think if our application would stand a chance and they said its certainly possible depending on repayment capacity, savings history, income, job profile, the usual jazz.

Thanks Gally, it would be great to hear how you get on! Do you mind what additional documents were requested by broker? We are hoping to find a suitable broker in next few months but would be nice to have all my ducks in a row before hand. I have a letter which was provided by the credit card provider stating that it was paid off. Also, I'm assuming that you shopped around for a broker? - I spoke with a few and they said 2 years, another said 18 months, while suggesting FI and BOI (that's why I contacted BOI myself - who said 12 months). Thanks again!

Gally79

We didnt go to a broker at all. Just spoke to the mortgage advisor of our local BOI branch. Many brokers wouldnt even entertain you without an immaculate credit history or with at least 2 years of clean slate credit. I will keep you posted how it goes.

Ollyt2020

Congrats to those who have been able to get approval recently.

Just wondering if anyone has been able to get a 10% deposit exemption with their approval?

Not a first time buyer.

Thanks.

ANNIEMARIE27

My husband and myself both had previous repayment issues going back to the recession, both lost jobs had a baby etc etc, left debt get on top of us but now its all been paid back every single cent, its mostly been paid back all over 2 years but thanks to the ccr it shows although its not on the ICB, anyway we met with a broker gave him the background and submitted an application to him, we have good savings record, pay rent and all other loans have been paid back as per the schedule, we cleared our credit cards in full also, He came back and he said his guy in the bank is happy to support the application so were currently waiting on approval, Im hust wondering do you think this is a positive sign and would we get much underwriter pushback at all

Gally79

We finally got approval with Permanent TSB. We decided against a broker and to stick with our bank and it paid dividends. The mortgage advisor of our local PTSB branch couldnt have been more helpful, we even had the branch manager working on our case. The underwriter came back with some more questions in relation to the recent late payments (early 2020) however we were able to explain the situation. All the above wouldnt have been possible with a broker. Hence i'd always suggest to build a good relationship with your bank and explain your situation and work on a solution or together with them.

Oh on a side note: I mentioned I had missed a few payments (store credits, order now pay later stuff). Prior to applying for the mortgage, I've reached out to them, apologizing for the late payments and asked them to confirm in writing that everything has been paid of in full and that I was a good customer and all that jazz. I have then included this letter with our application, this obviously helped our mortgage advisor to build a case.

Don't you ever think of giving up ! There is always a way.

Gally79

It was sufficient for them to see the revoked credit card matter has been paid and closed out in 2018. No further questions have been asked.

PinkSky19

Our application is officially gone in today to Bank of Ireland.

To say I am nervous is a understatement, hopefully we will know within a week. Lots of what it's running through my head.

PinkSky19

We got mortgage approval today 😌 Christmas has come early!

PhilTorres

Encouraging reading this thread, I had a couple of missed payments on a Credit Union loan in 2016 when I moved to the UK and they were unable to set up a transfer from my UK account but the Credit Union issued me a letter explaining this and that the loan was paid in full/I communicated with them at all times.

We actually got AIP with TSB on Friday but needed a UK credit check as one of the conditions which showed a 67 pound outstanding bill with Tesco Mobile UK (final bill would have went to old work email I lost access to when I left the UK, ironically where I was working for Tesco!) which is now paid off. Reckon that's likely to cause me issues now or will the bank understand especially given the amount and our affordability is otherwise great.

Stevie Byrne

This thread was a great source of encouragement while we were going through our mortgage application process over the last few months, so I promised myself that once everything was completed I would outline my story in case it can provide some comfort to other people in similar situations.

Similarly to many, I had had credit issues arising from mismanagement of a credit card a few years ago while I was completing my studies. I ended up with a €2k outstanding balance with BOI on the card and after several missed payments the card was revoked in December 2018. My financial situation improved after completing my qualification and I ultimately paid back every penny to BOI by August 2020.

PTSB gave us a hard no when we went to apply for our mortgage because the debt had not been cleared for over 2 years (November 2021), but having spoken with a broker who spoke to BOI on our behalf, we decided to apply with BOI since they had a full picture of my financial history - the good and the bad. Thankfully they were happy to engage with us and took my explanations into account and after a rigorous enough process they approved our mortgage in Feb'22.

It's an awfully daunting process, the complexity of which is only exacerbated by historic credit issues, but there is hope and there are people that can help. I've seen several success stories on this thread so if there is anyone out there that now finds themselves in a similar situation, I hope that this discussion gives you encouragement and belief that all is not lost just because of some patchy credit issues.