Getting A Mortgage/ bad credit

Damz124

Hi can anyone help me with this question please. I'll give a back story.

Myself and my husband are looking to get a mortgage this year. We started the process early due to the help to buy finishing this year.
I started the process by going to KBC and gave a mortgage application ( I was told that I didn't need a broker). So I gathered the our information and gave in our application. From talking to the manager she said we looking good in terms of the mortgage we both have good salaries paying 1500 rent and still manage to save 2000 per month between the both of us.

Unfortunately I got a call today from her saying they cant go ahead with the application due to my bad credit I believe. She also said she doesn't think any lenders will give us. I had a CC that's paid off and on my ICB I had being up to date with payments. But my credit union loan shows other wise. Some missed payments due to be leaving the town and moving to dublin getting married and not have a steady income as well as completely forgetting about it although it is paid off now.

My question is what is the possibility of us getting a mortgage approved my husband has perfect rating hes never borrowed in his life.
Should I get a broker I'm sure they would have dealt with someone like us?
Can we still carry on with our application through a broker and hope to getting approved somewhere or just stop all together.

Any advice will be appreciated

Lumen

Damz124 wrote: »

my husband has perfect rating hes never borrowed in his life

That's generally not considered good. Lenders would prefer to see a pattern of credit agreements honoured rather than a blank sheet.

Good luck anyway though.

pyramuid man

Damz124 wrote: »

But my credit union loan shows other wise. Some missed payments due to be leaving the town and moving to dublin getting married and not have a steady income as well as completely forgetting about it although it is paid off now.

My question is what is the possibility of us getting a mortgage approved my husband has perfect rating hes never borrowed in his life.
Should I get a broker I'm sure they would have dealt with someone like us?

Any advice will be appreciated

Hey Damz,

I would say that getting a credit report from the icb would be your first step.

Some credit unions didn't report their loans up to a few years ago so it may be something that has not shown up on your credit check. But of it has, you may need to wait 5 years after you paid it back in full before it stops showing up.

However, if you have had this loan written off or sold to a debt collection agency, you may have difficulty too.

Secondly, as another poster has said, no previous borrowings is not a good sign either. No credit history is almost similar to a bad credit history. Getting a loan and paying it back over a period of a year or two may be needed here.

I know that it may seem harsh considering the recession we have come through but this has only made banks more cautious from what I can see.

If your icb check shows a bad credit union loan, you may have trouble in all banks. If it is just that there is no history for your husband, a broker may be able to help.

Best of luck with it.