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Mortgages (first time buyer)

  • 04-08-2019 11:57am
    #1
    ronoc4
    Registered Users, Registered Users 2 Posts: 10 ✭


    Hello,

    I'm looking for any help in regards to getting a mortgage. I moved away and have been back in the country about 8 months. I found out last week that I had a loan written off (worth about 1000 euro) from about 3 years ago. My own stupid fault for moving and not changing address and over time forgetting about the loan. How bad can this effect me getting a mortgage? and has anyone gotten a mortgage with Finance Ireland? they seem to openly say that they don't judge you too much on past mistakes.

    Has anyone else been in this position?
    Tagged:


Comments

  • #2
    [Deleted User]
    Posts: 4,727 ✭✭✭ [Deleted User]


    ronoc4 wrote: »
    Hello,

    I'm looking for any help in regards to getting a mortgage. I moved away and have been back in the country about 8 months. I found out last week that I had a loan written off (worth about 1000 euro) from about 3 years ago. My own stupid fault for moving and not changing address and over time forgetting about the loan. How bad can this effect me getting a mortgage? and has anyone gotten a mortgage with Finance Ireland? they seem to openly say that they don't judge you too much on past mistakes.

    Has anyone else been in this position?

    Your loan will show up on the ICB for at least 5 years I’d imagine.
    Ring the ICB and get a free credit check.


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Lenders are checking ICB and Central Credit Register on applications now. ICB rules are it will show the record 5 years from being paid in full or written off. CCR rules are a bit vague.
    In any case, if the loan wasnt paid then it'll be harder to get a mortgage than if it had to have been paid but showed an arrears history. Not sure about finance Ireland underwriting but it may cause an issue if the loan was never paid.


  • #4
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Who was the loan from? Was it taken out 3 years ago, or written off 3 years ago? Is it possible to reach out to the lender and repay the debt today?

    Ultimately, the answer to your question is "very bad". Any bank worth its salt would reject any mortgage application. From their end it's simply "if they can't be trusted with a grand, how can we trust them with a few hundred grand?"

    Finally, you should ask yourself if you are actually ready to take on a mortgage? It is a serious life altering decision that can have a devastating impact on you life if it goes wrong - are you financially mature enough for this responsibility given that you "forgot about a loan" only 3 years ago?


  • #5
    hanrahan1985
    Registered Users, Registered Users 2 Posts: 4 ✭hanrahan1985


    ronoc4 wrote: »
    Hello,

    I'm looking for any help in regards to getting a mortgage. I moved away and have been back in the country about 8 months. I found out last week that I had a loan written off (worth about 1000 euro) from about 3 years ago. My own stupid fault for moving and not changing address and over time forgetting about the loan. How bad can this effect me getting a mortgage? and has anyone gotten a mortgage with Finance Ireland? they seem to openly say that they don't judge you too much on past mistakes.

    Has anyone else been in this position?

    Currently in the process of getting of our house built from approved loan offer from Finance Ireland. I defaulted over 2.5 years and they approved me based on the loan being cleared over 2 years ago and it wasn't a case of me just not caring about the loan. If you can show it was a mistake and it is cleared, I would 100% contact one of their approved brokers to see what your options are in terms of a mortgage, they are also quite competitive in terms of interest rates vs. the rest of the lenders.


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