Bad Credit Mortgage

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

spaceHopper

Have you checked your history on the ICB site you can request it and it arrives in the post for kicks and giggles I requested mine. Only mortgage appeared on it and that we hadn't missed a payment. I think you'll be fine, pointless worrying about it, the proker has probably seen it before and seen the outcome I'd be guided by them

ANNIEMARIE27

Yes ive seen the icb and nothing their, seen the ccr also and that shows all loans we were paying when the ccr started in 2017 ( these were historic however but would show missed payments ), im crossing my fingers this time, the broker seemed postitive but you never bloody know with these underwriters ;)

GingerLily

If you've paid it all back over 5 years ago your credit should be clean by now. If your ICB report is clean then I'd say your fine, I had student loan issues myself, paid it back in August 2011 and got a mortgage no hassle in 2017

UsernameValid

My husband and I are in a similar position. One defaulted credit card account which was repaid in full in early 2020. All other accounts have perfect payment records and no outstanding debts. Have been refused mortgages by two banks on account of the credit card account. Paying a high price for this one.

L1011

Just over a year, if even, is definitely too recent memory

ANNIEMARIE27

do you mind me asking which two banks they were

ANNIEMARIE27

L1011 wrote: »

Just over a year, if even, is definitely too recent memory

its a joke:eek::eek:, we didnt run away from anything and paid back in full what we owed, we were offered settlements and never took these, things are night and day from the recession for us, still waiting to hear back from the broker so im just gonna cross everything:)

cgcsb

You should have borrowed a billion, then you'd have been bailed out and wouldn't have to pay it back. Our system is corrupt in the extreme unfortunately.

ANNIEMARIE27

cgcsb wrote: »

You should have borrowed a billion, then you'd have been bailed out and wouldn't have to pay it back. Our system is corrupt in the extreme unfortunately.

Yep and guess what things havnt changed all that much, banks still throwing money at people, Avantcard rang my OH last week and said he was pre approved for 50K if he wanted it ( he has a loan with them practically paid off ), mind boggles

Creamy Goodness

Why is it a joke? Banks are cautious of who they lend money too because if it goes wrong it's a nightmare for them to reclaim their money (they're not estate agents). The bank don't want a house they want their money + interest. They're going to favour people who don't have issues with repayments, try not to take it too personally.


Best advice I can give you is, banks have what you need - money. Be open and honest explain why it happened and how it won't happen again. Put your case forward in the best light possible, get a good broker.

Also just because someone rings you up offering 50k loan/card etc. you don't have to take it. Same if someone called to my door and asked would I like a punch in the face.


Off-topic but I really feel like money management, needs to be a topic in school as it's far too easy to fall into bad debt.

ANNIEMARIE27

Creamy Goodness wrote: »

Why is it a joke? Banks are cautious of who they lend money too because if it goes wrong it's a nightmare for them to reclaim their money (they're not estate agents). The bank don't want a house they want their money + interest. They're going to favour people who don't have issues with repayments, try not to take it too personally.


Best advice I can give you is, banks have what you need - money. Be open and honest explain why it happened and how it won't happen again. Put your case forward in the best light possible, get a good broker.

Also just because someone rings you up offering 50k loan/card etc. you don't have to take it. Same if someone called to my door and asked would I like a punch in the face.


Off-topic but I really feel like money management, needs to be a topic in school as it's far too easy to fall into bad debt.

I NEVER SAID WE TOOK IT, WE FLAT OUT REFUSED IT, THIS IS WHAT HAPPENED IN THE LAST RECESSION, BANKS THROWING MONEY AT PEOPLE AND THAT INCLUDES FOR HOUSES THEY COULD ILL AFFORD, WHAT I MEANT BY ITS A JOKE IS THAT THEY HOLD ALL THESE THINGS AGAINST YOU FROM YEARS BACK WHEN YOUVE TRIED YOUR DAMNDEST TO RECTIFY THINGS YET YOU STILL HAVE TO WAIT OUT THIS MAGICAL 5 YEAR PERIOD FROM LOAN CLOSE DATE. I DO AGREE THOUGH MONEY MANAGEMENT SHOULD BE TAUGHT IN SCHOOL - OUR CHILDREN WILL DEF LEARN FROM US

Creamy Goodness

ANNIEMARIE27 wrote: »

I NEVER SAID WE TOOK IT, WE FLAT OUT REFUSED IT, THIS IS WHAT HAPPENED IN THE LAST RECESSION, BANKS THROWING MONEY AT PEOPLE AND THAT INCLUDES FOR HOUSES THEY COULD ILL AFFORD, WHAT I MEANT BY ITS A JOKE IS THAT THEY HOLD ALL THESE THINGS AGAINST YOU FROM YEARS BACK WHEN YOUVE TRIED YOUR DAMNDEST TO RECTIFY THINGS YET YOU STILL HAVE TO WAIT OUT THIS MAGICAL 5 YEAR PERIOD FROM LOAN CLOSE DATE. I DO AGREE THOUGH MONEY MANAGEMENT SHOULD BE TAUGHT IN SCHOOL - OUR CHILDREN WILL DEF LEARN FROM US

I never said you took it either. I just mentioned just because it's offered it doesn't have to be taken a bit of street-wise cop on is needed.

Again I implore you to remove emotion from these scenarios, it's not going to do you personally any good and/or change the bank's mind.

Another scenario, if you lent €500 to one of your friends - say 15 years ago - and you never got it back, would you unequivocally lend them another €500 if they came knocking tomorrow? I thought not, banks are similar as they'll know you better financially.

GingerLily

People with bad credit are more likely to default, it's not a prejudice its a fact.

Banks taking on bad debt isn't good for anyone, regardless of your opinions of the ethics of current banking and what happened with the bailout.

the_syco

ANNIEMARIE27 wrote: »

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

You say broker; where you turned down by banks previously? If yes, do some research on the lender, as I'd say there are still subprime lenders out there who'll lend to people with bad credit as they're vultures waiting for you to miss a high mortgage payment.