Finance Ireland Mortgage with previous credit issue

PinkSky19 · 12-02-2021 12:12am

Gally79 wrote: »

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.

Thanks Gally, it would be great to hear how you get on! Do you mind what additional documents were requested by broker? We are hoping to find a suitable broker in next few months but would be nice to have all my ducks in a row before hand. I have a letter which was provided by the credit card provider stating that it was paid off. Also, I'm assuming that you shopped around for a broker? - I spoke with a few and they said 2 years, another said 18 months, while suggesting FI and BOI (that's why I contacted BOI myself - who said 12 months). Thanks again!

Gally79 · 12-02-2021 12:15am

We didnt go to a broker at all. Just spoke to the mortgage advisor of our local BOI branch. Many brokers wouldnt even entertain you without an immaculate credit history or with at least 2 years of clean slate credit. I will keep you posted how it goes.

Ollyt2020 · 10-03-2021 11:55am

Congrats to those who have been able to get approval recently.

Just wondering if anyone has been able to get a 10% deposit exemption with their approval?

Not a first time buyer.

Thanks.

ANNIEMARIE27 · 16-03-2021 2:39pm

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

Gally79 · 03-04-2021 4:11pm

We finally got approval with Permanent TSB. We decided against a broker and to stick with our bank and it paid dividends. The mortgage advisor of our local PTSB branch couldnt have been more helpful, we even had the branch manager working on our case. The underwriter came back with some more questions in relation to the recent late payments (early 2020) however we were able to explain the situation. All the above wouldnt have been possible with a broker. Hence i'd always suggest to build a good relationship with your bank and explain your situation and work on a solution or together with them.

Oh on a side note: I mentioned I had missed a few payments (store credits, order now pay later stuff). Prior to applying for the mortgage, I've reached out to them, apologizing for the late payments and asked them to confirm in writing that everything has been paid of in full and that I was a good customer and all that jazz. I have then included this letter with our application, this obviously helped our mortgage advisor to build a case.

Don't you ever think of giving up ! There is always a way.

Gally79 · 04-04-2021 11:43pm

It was sufficient for them to see the revoked credit card matter has been paid and closed out in 2018. No further questions have been asked.

PinkSky19 · 08-11-2021 2:14pm

Our application is officially gone in today to Bank of Ireland.

To say I am nervous is a understatement, hopefully we will know within a week. Lots of what it's running through my head.

PinkSky19 · 19-11-2021 9:21pm

We got mortgage approval today 😌 Christmas has come early!

PhilTorres · 21-12-2021 12:33am

Encouraging reading this thread, I had a couple of missed payments on a Credit Union loan in 2016 when I moved to the UK and they were unable to set up a transfer from my UK account but the Credit Union issued me a letter explaining this and that the loan was paid in full/I communicated with them at all times.

We actually got AIP with TSB on Friday but needed a UK credit check as one of the conditions which showed a 67 pound outstanding bill with Tesco Mobile UK (final bill would have went to old work email I lost access to when I left the UK, ironically where I was working for Tesco!) which is now paid off. Reckon that's likely to cause me issues now or will the bank understand especially given the amount and our affordability is otherwise great.

Stevie Byrne · 14-03-2022 4:53pm

This thread was a great source of encouragement while we were going through our mortgage application process over the last few months, so I promised myself that once everything was completed I would outline my story in case it can provide some comfort to other people in similar situations.

Similarly to many, I had had credit issues arising from mismanagement of a credit card a few years ago while I was completing my studies. I ended up with a €2k outstanding balance with BOI on the card and after several missed payments the card was revoked in December 2018. My financial situation improved after completing my qualification and I ultimately paid back every penny to BOI by August 2020.

PTSB gave us a hard no when we went to apply for our mortgage because the debt had not been cleared for over 2 years (November 2021), but having spoken with a broker who spoke to BOI on our behalf, we decided to apply with BOI since they had a full picture of my financial history - the good and the bad. Thankfully they were happy to engage with us and took my explanations into account and after a rigorous enough process they approved our mortgage in Feb'22.

It's an awfully daunting process, the complexity of which is only exacerbated by historic credit issues, but there is hope and there are people that can help. I've seen several success stories on this thread so if there is anyone out there that now finds themselves in a similar situation, I hope that this discussion gives you encouragement and belief that all is not lost just because of some patchy credit issues.

Shadow2019 · 11-06-2022 9:33am

https://www.boards.ie/discussion/comment/118784162#Comment_118784162

That’s brilliant news Stevie great to have these updates for anyone who is in our situation and we have shown it can be done! Wishing you the best of luck in your new home!

PinkSky19 · 03-08-2022 6:32pm

Hi Everyone,

I just wanted to say thank you for the encouragement on this post. We now have our family home and a lot of it was down to seeing the success stories from you.

We also went with Bank of Ireland to purchase our new build and to top it off they also gave us and exemption. It did take religious savings while paying rent but we did it. I'm so happy and it was well worth it!

Thanks again everyone!

Shadow2019 · 10-08-2022 9:01am

Aww Pinksky19 that is wonderful news! Wishing you many many many wonderful years and times in your new home!

It’s great to see that most of us are all in our homes after years of thinking it wouldn’t become a reality! Just shows these things can happen to anyone but with the right attitude it can be overcome sooner than you think. I hope more people get to where we are seeing our experiences here. 🏡

Best of Luck!

Finance Ireland Mortgage with previous credit issue

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