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Finance Ireland Mortgage with previous credit issue

  • 19-06-2019 8:17pm
    #1
    Shadow2019
    Registered Users Posts: 40 ✭


    Has anyone successfully received a FI Mortgage with a mark on credit rating? I have some previous credit issues from the past but all are paid and thankfully I’m am in a much healthier and responsible financial position the last 3 years and can show substantial savings. A broker told me I need to have repayments closed out 2 years which would mean 2021 but we would be hoping to buy sooner than that. I’ve approval in principal from PTSB but can’t imagine they will entertain any type of mark on the CCR. Thanks for reading!


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Comments

  • #2
    Seoda1
    Closed Accounts Posts: 77 ✭✭Seoda1


    Shadow2019 wrote: »
    Has anyone successfully received a FI Mortgage with a mark on credit rating? I have some previous credit issues from the past but all are paid and thankfully I’m am in a much healthier and responsible financial position the last 3 years and can show substantial savings. A broker told me I need to have repayments closed out 2 years which would mean 2021 but we would be hoping to buy sooner than that. I’ve approval in principal from PTSB but can’t imagine they will entertain any type of mark on the CCR. Thanks for reading!

    Hi

    How did you get on? I am in a similar position and would be interested to know

    Thanks


  • #3
    bing2019
    Registered Users Posts: 8 ✭bing2019


    Hi there,

    I know this post is from over a year ago I am just wondering if anyone went ahead and got a mortgage approved with Finance Ireland? Thanks you.


  • #4
    Gally79
    Registered Users Posts: 196 ✭✭Gally79


    i'd be interested too


  • #5
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    bing2019 wrote: »
    Hi there,

    I know this post is from over a year ago I am just wondering if anyone went ahead and got a mortgage approved with Finance Ireland? Thanks you.


    Hi there,

    I am still playing the waiting game. I checked with my broker recently and its still 2 years from last arrears. I will be 2 years clear in Feb 2021. I checked with my bank and told them about the issues and they said 2 years also, my plan is to apply with them first and if refused put an application in with a finance ireland.

    For now it’s continuing with regular savings and hoping next year we will get approval!

    Do you have credit issues also?


  • #6
    bing2019
    Registered Users Posts: 8 ✭bing2019


    Hi thank you for your reply. Yes I had previous arrears on my student loan. The loan is now cleared but only since last year. We have our deposit and are just waiting on a new phase of a housing development to go on sale before we can apply to the bank for full approval. I'm just worried the credit issue will stop us getting approval with the bank. If it's 2 years I'll have to keep renting and saving another while. It's so frustrating as I am in permanent full time employment now and in a much better position then when I was a student! Best of luck to you with the application.


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  • #7
    Ollyt2020
    Registered Users Posts: 5 ✭Ollyt2020


    Hi

    My partner had issues with a credit union loan which is now paid in full and will be 2 years by December.

    My credit history is fine.

    Has anyone actually got approval from Finance Ireland with a bad credit history once the two years have elapsed.

    Are any of the standard banks likely to approve after a 2 year period?

    My partner has taken a out a loan and credit card in last year or so to try and repair some of previous damage.

    Thanks.


  • #8
    Gally79
    Registered Users Posts: 196 ✭✭Gally79


    You can try and get in touch with Finance Ireland's underwriting team (contact details are available on their website).


    They will then be able to advise if they would consider such cases or not.


  • #9
    Ollyt2020
    Registered Users Posts: 5 ✭Ollyt2020


    Thanks for your reply


  • #10
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    bing2019 wrote: »
    Hi thank you for your reply. Yes I had previous arrears on my student loan. The loan is now cleared but only since last year. We have our deposit and are just waiting on a new phase of a housing development to go on sale before we can apply to the bank for full approval. I'm just worried the credit issue will stop us getting approval with the bank. If it's 2 years I'll have to keep renting and saving another while. It's so frustrating as I am in permanent full time employment now and in a much better position then when I was a student! Best of luck to you with the application.

    Thank you - Fingers crossed it goes well for you. I know what you mean things are night and day here too with savings debt attitude to cash etc but the 2 years seems to be the norm. One broker told me BOI are 12 months so they might be a runner if you get refusal from main bank. Best thing is to have your CCR and ICB records and see what’s on there and have an explanation ready in advance rather then them asking you.

    Best of luck!


  • #11
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    Ollyt2020 wrote: »
    Hi

    My partner had issues with a credit union loan which is now paid in full and will be 2 years by December.

    My credit history is fine.

    Has anyone actually got approval from Finance Ireland with a bad credit history once the two years have elapsed.

    Are any of the standard banks likely to approve after a 2 year period?

    My partner has taken a out a loan and credit card in last year or so to try and repair some of previous damage.

    Thanks.

    I’m interested in this too I can’t seem to find many threads with people using them! When are you going for mortgage?


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  • #12
    bing2019
    Registered Users Posts: 8 ✭bing2019


    Hi, I checked with Finance Ireland this week and it's still 2 years that you need to be clear of the loan or credit issue. I wonder if BOI are 12 months? I'd love to hear some positive stories of people getting approval. My issues were as a student and all cleared now. Best of luck I hope it goes well when you go for the mortgage.


  • #13
    Gally79
    Registered Users Posts: 196 ✭✭Gally79


    bing2019 wrote: »
    Hi, I checked with Finance Ireland this week and it's still 2 years that you need to be clear of the loan or credit issue. I wonder if BOI are 12 months? I'd love to hear some positive stories of people getting approval. My issues were as a student and all cleared now. Best of luck I hope it goes well when you go for the mortgage.

    I echo that, it would be great to know if some lender would at least give you the chance to explain your position.


  • #14
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    I submitted an application to Finance ireland yesterday so will keep you all posted. one red mark showing on ICB cleared 2 years ago


  • #15
    bing2019
    Registered Users Posts: 8 ✭bing2019


    Best of luck with the application hope it goes well!


  • #16
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    bing2019 wrote: »
    Hi, I checked with Finance Ireland this week and it's still 2 years that you need to be clear of the loan or credit issue. I wonder if BOI are 12 months? I'd love to hear some positive stories of people getting approval. My issues were as a student and all cleared now. Best of luck I hope it goes well when you go for the mortgage.

    Thanks Bing and same to you. when will your two years be up? We are there’s a first time buyers group on FB ( first time buyers ireland) with loads of people in same boat. It’s good for advice too.

    Best of luck


  • #17
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    Beeabell wrote: »
    I submitted an application to Finance ireland yesterday so will keep you all posted. one red mark showing on ICB cleared 2 years ago

    Hey - looking forward to hearing how you get on. Do you mind me asking is the mark one missed payment or a revoke / default?


  • #18
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    Shadow2019 wrote: »
    Hey - looking forward to hearing how you get on. Do you mind me asking is the mark one missed payment or a revoke / default?

    Still no answer as of yet. I missed first direct debit on Car finance which was in 2011 as it wasnt set up in time and only noted in 2017 so still showing on ICB report. broker thinks it wont be a problem although i have applied to another bank and had to show money was in my account at time to meet repayment . also waiting to hear and i applied on the 24th of august


  • #19
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    We spoke to our bank (PTSB) and not a hope under the 2 years and I get the feeling that it will still be on the fence then. Looks like it will be March next year at the earliest before we can go any further with our own bank or Finance Ireland. I joined the credit union in Work and applied for a small loan to attempt to help rebuild my credit. They approved me (it’s salary deduction so less risky for them) and repayments will start this month.

    There’s very little on finance ireland anywhere in terms of approvals or how they operate with the exception of 2 years if anyone sees any threads can they link them here? Cheers!


  • #20
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    Shadow2019 wrote: »
    We spoke to our bank (PTSB) and not a hope under the 2 years and I get the feeling that it will still be on the fence then. Looks like it will be March next year at the earliest before we can go any further with our own bank or Finance Ireland. I joined the credit union in Work and applied for a small loan to attempt to help rebuild my credit. They approved me (it’s salary deduction so less risky for them) and repayments will start this month.

    There’s very little on finance ireland anywhere in terms of approvals or how they operate with the exception of 2 years if anyone sees any threads can they link them here? Cheers!

    heya, i still havnt heard back from finance ireland . Ive since been approved with my credit union so going with them although interest rate is a bit higher i can switch in time if needs be. would you credit union be an option for you?
    Also if anyone has any experience with same can ye let me know please.


  • #21
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    Beeabell wrote: »
    heya, i still havnt heard back from finance ireland . Ive since been approved with my credit union so going with them although interest rate is a bit higher i can switch in time if needs be. would you credit union be an option for you?
    Also if anyone has any experience with same can ye let me know please.

    That’s brilliant news congratulations on getting the mortgage! Must feel like a weight off shoulders! Enjoy house hunting!

    Unfortunately my CU do not do mortgages I would absolutely go this route if it was a possibility.

    Keep us posted if you hear from FI I’ve seen on a FB page for first time buyers that there is a backlog with them so you might hear soon.


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  • #22
    Ollyt2020
    Registered Users Posts: 5 ✭Ollyt2020


    Shadow2019 wrote: »
    I’m interested in this too I can’t seem to find many threads with people using them! When are you going for mortgage?

    Sorry for late reply. Hoping to apply in first half of next year.


  • #23
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    Shadow2019 wrote: »
    That’s brilliant news congratulations on getting the mortgage! Must feel like a weight off shoulders! Enjoy house hunting!

    Unfortunately my CU do not do mortgages I would absolutely go this route if it was a possibility.

    Keep us posted if you hear from FI I’ve seen on a FB page for first time buyers that there is a backlog with them so you might hear soon.

    Hi Shadow2019.

    just got word today. My application with FI has been denied due to the address & my employment status. I am a Civil Servant past 14 years. Does anyone know if it is possible to have underwriters explain this further.


  • #24
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    Beeabell wrote: »
    Hi Shadow2019.

    just got word today. My application with FI has been denied due to the address & my employment status. I am a Civil Servant past 14 years. Does anyone know if it is possible to have underwriters explain this further.

    Oh no that is terrible did they say why they denied for address? Employment status also seems strange if you are employed? What did broker say? Really hope you get some answers that doesn’t sound right? Are you still going with the credit union?


  • #25
    Shadow2019
    Registered Users Posts: 40 ✭Shadow2019


    Just to update on my side, I have a call with BOI tomorrow for an assessment. They called today (I requested a callback just to check), the girl was very helpful and asked me to email all details. I sent across and they said to do assessment and they will see what they can do. Not holding much hope but it’s better than the flat no’s we have become so used too. Will post here with outcome!


  • #26
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    Shadow2019 wrote: »
    Oh no that is terrible did they say why they denied for address? Employment status also seems strange if you are employed? What did broker say? Really hope you get some answers that doesn’t sound right? Are you still going with the credit union?

    Broker said she would appeal it but no point. as she gave me wrong address of the house so has me thinking she submitted application with address of next estate, not that it would matter as it doesnt flood or anything. yeah in permanent full time employment thankfully ive been lucky with work during covid. nothing changed for me, yes still going ahead with credit union.


  • #27
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    Shadow2019 wrote: »
    Just to update on my side, I have a call with BOI tomorrow for an assessment. They called today (I requested a callback just to check), the girl was very helpful and asked me to email all details. I sent across and they said to do assessment and they will see what they can do. Not holding much hope but it’s better than the flat no’s we have become so used too. Will post here with outcome!

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


  • #28
    Dwil
    Registered Users Posts: 5 ✭Dwil


    Beeabell wrote: »
    Broker said she would appeal it but no point. as she gave me wrong address of the house so has me thinking she submitted application with address of next estate, not that it would matter as it doesnt flood or anything. yeah in permanent full time employment thankfully ive been lucky with work during covid. nothing changed for me, yes still going ahead with credit union.

    Hi there,
    Thanks for the info on your situation. In same boat here as a lot of people with credit issue and my broker is about to apply to FI for us. My credit issue is closed over 2years now so hopefully it goes ok.
    As you are in full time permanent employment in a state job....why was this an issue? I would've thought this was a positive?!


  • #29
    J79
    Registered Users Posts: 2 ✭J79


    Hi just wondering how many months bank statements did you need to supply with FI mortgage application


  • #30
    Gally79
    Registered Users Posts: 196 ✭✭Gally79


    Beeabell wrote: »
    I submitted an application to Finance ireland yesterday so will keep you all posted. one red mark showing on ICB cleared 2 years ago


    How did it go for you ?


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  • #31
    Beeabell
    Registered Users Posts: 21 ✭Beeabell


    Gally79 wrote: »
    How did it go for you ?

    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.


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