Finance Ireland Mortgage with previous credit issue

Shadow2019 · 19-06-2019 8:17pm #1

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!

Seoda1 · 24-06-2019 8:32am

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

bing2019 · 30-07-2020 12:23pm

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.

Gally79 · 30-07-2020 7:08pm

i'd be interested too

Shadow2019 · 07-08-2020 9:46am

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?

bing2019 · 11-08-2020 10:14pm

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.

Ollyt2020 · 27-08-2020 12:51pm

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.

Gally79 · 27-08-2020 12:56pm

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.

Ollyt2020 · 27-08-2020 1:41pm

Thanks for your reply

Shadow2019 · 05-09-2020 10:10pm

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!

Shadow2019 · 05-09-2020 10:12pm

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?

bing2019 · 18-09-2020 5:10pm

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.

Gally79 · 18-09-2020 5:12pm

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.

Beeabell · 18-09-2020 6:39pm

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

bing2019 · 18-09-2020 8:01pm

Best of luck with the application hope it goes well!

Shadow2019 · 23-09-2020 6:47am

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

Shadow2019 · 23-09-2020 6:50am

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?

Beeabell · 23-09-2020 8:04pm

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

Shadow2019 · 04-10-2020 1:00pm

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!

Beeabell · 04-10-2020 6:12pm

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.

Shadow2019 · 05-10-2020 6:42am

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.

Ollyt2020 · 09-10-2020 10:10am

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.

Beeabell · 13-10-2020 10:56pm

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.

Shadow2019 · 14-10-2020 6:29pm

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?

Shadow2019 · 14-10-2020 6:33pm

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!

Beeabell · 14-10-2020 10:16pm

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.

Beeabell · 14-10-2020 10:17pm

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.

Dwil · 28-10-2020 8:42am

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?!

J79 · 02-11-2020 3:17pm

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

Gally79 · 04-11-2020 1:01pm

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 ?

Beeabell · 08-11-2020 12:36am

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.

Gally79 · 08-11-2020 12:45am

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 · 08-11-2020 12:51am

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 · 09-11-2020 7:43am

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 · 09-11-2020 5:17pm

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 · 10-11-2020 6:29pm

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 · 11-11-2020 1:41pm

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 · 16-11-2020 7:32pm

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 · 16-11-2020 7:50pm

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 · 17-11-2020 8:34pm

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 · 17-11-2020 9:59pm

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 · 18-11-2020 12:44am

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 · 21-11-2020 12:25am

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

Shadow2019 · 27-11-2020 7:03pm

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 · 27-11-2020 8:51pm

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 · 29-11-2020 7:32pm

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 · 29-11-2020 7:33pm

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 · 30-11-2020 3:45pm

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 · 05-12-2020 8:10am

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 · 11-02-2021 10:26am

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 · 11-02-2021 11:27am

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.

Finance Ireland Mortgage with previous credit issue

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