# Urgent Advice Needed: Mortgage Refused because I have bad credit



## bmg

Hi, 

Myself and my partner put a depoit on a house about 5 weeks ago (€5000), the house is being sold for €230000

We applied for a Mortgage through a broker and yesterday she confirmed that IIB had refused us because I had bad credit.  The bad credit stems from when I was on Maternity leave and fell to 6 months behind with payments. The loan is with Bank of Ireland and they advised me to "reschedule" the loan to fix the arrears which I did and for the past 14 months haven't missed one payment.

Basically because IIB has refused us, she has advised that all other banks (standard banks) will too. She has talked about getting a mortgage for us with Start but the repayments will be €400 a week which we could not afford (without something else suffering)

Now the big problem is that the sellers solicitor has been in touch with ours and wants the sale to close very soon.

My partner has no credit problems, we have another €5000 in savings in the credit union and I have my SSIA too.

What are we going to do, can anyone please advise on where to go from here. If we don't sort something out quick we are going to lose the house.

I need to add that our original application was for €250000 as they house needs to be done up and fully furnished. We need a €100% mortgage.

Can anyone offer advice. I'm devastated.


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## JohnnyBoy

*Re: Urgent Advice Needed*

sorry for your trouble,I'm not an expert,but would it be possible to apply in his name only?-alternatively go to Citizens Advice(sorry don't have any better advice-but CAB very knowledgeable)


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## Sarah W

*Re: Urgent Advice Needed*

I'm afraid your broker is right - lenders are not going to approve a 100%mortgage when there is adverse credit on the ICB. All I can suggest is to get your deposit back, clear your BoI loan and save up for the 8% deposit.

Sorry.

Sarah

www.rea.ie

Edited to add - I take it both incomes are required to get the mortgage? If not your partner could apply on his own (not if you are married)


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## ciara_gmail

*Re: Urgent Advice Needed*

Sorry to hear that you're in that position. You probably have 2 options at this stage:

1. Apply with Start Mortgages and pay the higher rate (if the house is not worth losing).
2. Wait until your SSIA matures and combine that with your savings to come up with the 8% and apply for a 92% mortgage. 

Hopefully it works out for you.


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## bmg

*Re: Urgent Advice Needed*

Johnnyboy, thank you for your reply.  He can indeed apply for a mortgage in his own name but we wouldn't come near the amount we need.

Sarah, thanks for your reply also.
Unfortunately the more we look at it we might just have to request our deposit back as heartbreaking as it is.

I remember people saying the past "sure the banks are giving out mortgages, left right and centre", obviously this only applies to people who have never fallen behind in payments.

We are currently renting and paying €600/month.  We have been doing so by direct debit for the past 2.5yrs without missing, this shows in the statements, my record with the bank for the past 14months has been A1, I have SSIA saving currently standing at €5000...so what does it take?
Am I being wrong by saying it seems a little unfair?


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## CCOVICH

*Re: Urgent Advice Needed*



			
				ciara_gmail said:
			
		

> 1. Apply with Start Mortgages and pay the higher rate (if the house is not worth losing).


 
I don't think Start Mortgages will offer a 100% mortgage, which appears to be with what the OP requires.

I'd second _Sarah W's_ advice.


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## bmg

*Re: Urgent Advice Needed*

Ciara, our messages crossed.
Yes we could start off with Start, out broker has advised that we can in the future change to a standard bank.
The problem is we were refused a mortgage pointblank...we cannot even get a 92%.
It's only 14months since I reschedule the loan with bank of ireland which means this is going to show for 5yrs with the ICB...is this not correct?


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## ciara_gmail

*Re: Urgent Advice Needed*

It's a shame to penalise people for things like this when their account gets back in good standing in the eyes of the bank. The ICB hold that information on record for up to 5 years I believe. 

There are circumstances where you can speak with your bank and ask them to remove the record off the ICB and send you a letter to the effect of you have reorganised your finances and come to an understanding of how much is to be paid back a month and other than the payments 14 months ago, they are satisified with your account in general...dont know specifics so you would need to speak with your bank to get further info


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## Guest107

*Re: Urgent Advice Needed*



			
				bmg said:
			
		

> Ciara, our messages crossed.
> Yes we could start off with Start, out broker has advised that we can in the future change to a standard bank.


 did he tell you the exit costs from Start ???? brokers make *a lot *of commission on Start you see. More than proper banks.


> The problem is we were refused a mortgage pointblank...we cannot even get a 92%.


 walk away


> It's only 14months since I reschedule the loan with bank of ireland which means this is going to show for 5yrs with the ICB...is this not correct?


 correct, 5 years - 14 months  except that the IIB mortgage refusal has gone on it now and will remain 5 years .

the boi will disappear 5 years from the date of the last missed payment. Even if BoI were to play ball the IIB record is also there and your co prospective mortgagee is now linked to the refusal and they also have a black mark  , try to get them separated off it .


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## bmg

*Re: Urgent Advice Needed*



			
				2Pack said:
			
		

> the boi will disappear 5 years from the date of the last missed payment. Even if BoI were to play ball the IIB record is also there and your co prospective mortgagee is now linked to the refusal and they also have a black mark , try to get them separated off it .


 
2pack..how do I go about this? 
Is it worth it to talk to the Bank Of Ireland or would I be making a fool of myself?
It's very hard to walk away to be honest (even if I don't have a choice)
I'm almost 31 and the thought of having to rent for the next 5years just doesn't appeal to me because of a few missed payments.
I'm feeling hard done by here (yes I know this is what happens if you miss yor payments),had I known at the time, I was later advised I could have actually put my loan on "hold" with the BOI for the duration of my maternity leave...they told me so themselves.

The house is a dream and a bargain...it's very hard to let it go.


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## Sarah W

*Re: Urgent Advice Needed*

The ICB does not record a mortgage refusal, only that a search has been carried out by them. However application forms DO ask if you have had arrears on any previous loans and also if you have been declined credit in the past. 

I would recommend you clear the BoI loan as soon as you can and ask them to note on the ICB that the loan has been repaid in full.

Sarah

www.rea.ie


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## Guest107

*Re: Urgent Advice Needed*



			
				bmg said:
			
		

> 2pack..how do I go about this?
> Is it worth it to talk to the Bank Of Ireland or would I be making a fool of myself?


 if you can convince BoI to amend the record then they may show one miss not six which improves matters. You may also put a NOTE in written by you explained what happended and why. That can make a difference. 

Anecdotally on this site it seems that the banks have tightened up recently and are nodding fewer 'imperfections' through . 


> It's very hard to walk away to be honest (even if I don't have a choice)
> I'm almost 31 and the thought of having to rent for the next 5years just doesn't appeal to me because of a few missed payments.


 Well its maybe 3 years but look at what start WOULD cost you on a €250k mortgage and tell me thats not dead money too. 

Start would gouge you on interest and lot let you refinance very easily when your record was clean , see what happens when you go with start or GE in this thread here  

http://www.askaboutmoney.com/showthread.php?t=28934

what rate were they quoting you ?? 7% ????  and for 30 years ????

and then in 3 or 4 years when your record is clear the banks wonder why you went to them if you were in a salaried job (not self employed) and 'inder' something from that so yoru record is not clean even then. 



> I'm feeling hard done by here (yes I know this is what happens if you miss yuor payments),had I known at the time, I was later advised I could have actually put my loan on "hold" with the BOI for the duration of my maternity leave...they told me so themselves.


 if they would give you a retrospective payment holiday that would be nice , and if they amend the record accordingly even better.  

You then have to get IIB to  pull their refusal off the record as it no longer has a basis  as such.  If its only shown as a search you will have to explain that  maybe you asked for too much off IIB  (say you asked for a fixer up loan off IIB and a mortgage and they refused,  very plausible) .  


> The house is a dream and a bargain...it's very hard to let it go.


 Its time to spring clean the ICB my friend , otherwise predatory or sub prime lenders like GE and Start await you in the long grass . 

talk to Mabs and the BOI especially the latter. Pull in all the good news and long relationship and make them play ball. 

www.mabs.ie


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## Bamhan

*Re: Urgent Advice Needed*

Have you approached the BAnk of Ireland for a mortgage, they know your situation and your track record, would they be willing to lend to you?
Often face to face is a better way of doing things as you can explain yourself better.


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## jhegarty

*Re: Urgent Advice Needed*



			
				Bamhan said:
			
		

> Have you approached the BAnk of Ireland for a mortgage, they know your situation and your track record, would they be willing to lend to you?
> Often face to face is a better way of doing things as you can explain yourself better.



Second that ... if you have a long history with BOI and only the one loan you did make good on they might more willing to help... 

you can't use the SSIA against the mortgage ,but make sure they know about it becuase it does show you have a good history of saving and money coming down the line soon...


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## Samson26

*Re: Urgent Advice Needed*

My sister was recently refused a remortgage due to payment faults on her car loan which weren't her fault, once she got a letter from the lending institute that had made the mess of her account she got her name removed from the black list and then got her mortgage!

What harm would it do to ask the bank to remove your name, the worst that could happen is that they say no but at least you'd know rather than not doing anything!

Good luck with whatever you decide!


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## HappyBudda

*Re: Urgent Advice Needed*

Hi,
Sorry to hear about your dilemma,
I used a guy called Brendan Kelly (a broker) with www.*irelandmortgages*.com.  He sorted us out with a mortgage when no one else would look at us.  He was brilliant.  If he cannot sort you out with a mortgage, i'd say he will give you any advice for free you need.  Very friendly guy.

Good Luck


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## bmg

*Re: Urgent Advice Needed*

Thank you all for your information 
2Pack you're a walking bundle of information 

I've just come off the phone with BOI. 
I've told them my dilemma.  I also mentioned the "loan protection" which I had taken out on the loan.  They told me I wasn't covered for for Maternity unless I suffered sickness and was signed out of work.
They have agreed to write a letter to the IIB to inform them that the reasons I was in arrears to begin with was because of my Maternity leave but will not amend the ICB list.

I've also made an appointment to see the Bank of Ireland manager regarding our Mortgage and see what happens there.

I don't want to get my hopes up.


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## Bamhan

*Re: Urgent Advice Needed*

Worth a go.
Be positive when you meet them, have all your doccumentation to show that you have been a consistant saver since.


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## Guest107

*Re: Urgent Advice Needed*

Pregnancy is not an illness of course  so be careful here, you should not appear to suggest to them _you thought your were covered because you were pregnant_, its saying that you expected your loan to be 'paid off' for you. Do not go there. 

You story is that you are being asked to suffer too much for one aberration, never mind whether it was 4 payments or 6 payments it was just one episode in a long relationship of mutual benefit to your and your bank before and after  . Pregnancy can of course lead to your doctor telling you , nay ORDERING you, to take time off work with the blood pressure and that and your employer may have decided that your sickies (then not now) were a bit OTT  and not allowed it. This is more plausible in a new job where you may not get as much time off as you might if established a while .

Therefore your income took a hit becuase of unplanned deductions . 

Naturally to avoid losing even more time at work you went private becuase of the queues in public, This cost an unexpected €1500 notes to a gynae. 

Cash flow bad as consequence etc  . 

Throw yourself at their mercy and beg. Its well worth it. make sure you have supporting data especially if your income did see saw back then. Bring statements to the branch. 

Read them first to make sure they support your 'case'  , you generally find most of them are sympathetic once they hear the full story .


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## roxy

*Re: Urgent Advice Needed*

Sorry, can't be of much help here, just wanted to lend support and say hang in there, have been in a somewhat similar situation but did get there in the end and so will you. Beg and plead, it worked for me. 

Excellent advice 2pack, wish I had of known about this website when I was starting out with mortgage, I would have had you all driven mad!


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## bmg

*Re: Urgent Advice Needed*

2pack...I'll beg & plead if I have to....
Your advice has been great and if anything has lifted my spirits!  This time yesterday I was sobbing my heart out like a child who just had their lolly taken from them ;(

Roxy and the rest thank you for your support.  I suppose if I've learned anything it's that I'm not the only one who had financial problems at one point...I think I was embarrassed too about the whole thing.

Since my last post, i've been in touch with our broker.  She had advised me that IIB will not change their minds but she is going to send our application to the Ulster bank with the letter (from Bank of Ireland) enclosed and see what they say.

What I'm worried about here is If she sends our Application to the Ulster bank and we go to the Bank of Ireland ourselves with they clash....as in if the UlsterBank refuse will the Bank of Ireland not only see we were refused by IIB but the Ulster Bank also???

Our solicitor will try and delay things for us as much as he can but he is under pressure from the "Sellers" solicitor at the moment.  They want the sale closed ASAP.

If I come out the other end of this without a nervous breakdown I'll be doing well!!!!

You guys are great though!


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## Ned_ie

*Re: Urgent Advice Needed*

BMG - can I ask where you are based? and what you do?

IMHO I wouldn't use a broker. Go direct to the bank. We used IIB in COrk. We were told by other banks that cos we were just back in Ireland and had only started work they wouldn't even consider us for a mortgage until we had been working for a year (feckers!! Cead Mile Failte my ass!).

IIB on the other hand were very sympathetic and cos they can clear certain decisions in the cork office we got cleared. Took time, effort, some near tears from my wife and an overall conversation with the girl in the office about how f'd up Irland is in relation to lending - but in the end we got there.


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## bmg

*Re: Urgent Advice Needed*

Ned...Glad you got sorted out.

I'm based in the Midlands.  I work in Administration.
Hopefully approaching the Bank Of Ireland ourselves might help...
I guess I'm so disheartened by the whole thing I'm finding it hard to be positive.


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## Guest107

My last "computer sez no" experience was  based on a misscore . I went in , collared a human in the branch , got him to correct the misscoring and then reminded him of my glowing record on the last loan (paid back early no + score for that possible back then) and he got on the phone and that was that .   

I did not have a black mark but I was indignant at the mistake and lack of brownie point for previous efforts .

You will need to speak to a "mortgage centre manager" level person. They deal with this kind of stuff every single day. Only larger branches have a "mortgage centre manager"  in BoI .

Once you show

cleared CC every month
good record before and after episode .
good income/prospects
discuss the local property market in the area you want to buy in in a clear and intelligent manner , the person will know it well and will know a good deal . 
show clear understanding of your cashflow 
have a nice cup of latte in claw for all present at meeting 

Everything can be sorted from that.


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## LollyMc

BMG
Just wanted to say best of luck, I too was tight on the old funds when on ML so I know the feeling!!!

Let us know how you get on and stay positive.  You will get there no matter what


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## bmg

2Pack...
Unfortunately I'm from the Midlands and dealing with smaller Branch off BOI. However the person who we are meeting is the person who approved me the first loan to begin with so we'll see what happens.

On the following what do you think?
We approach BOI first ourselves
Let our broker approach First Active with the letter from BOI...
I'm thinking go to BOI first.

Lord...my head is all over the place.


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## bmg

Thanks LollyMc...
All I can say is Maternity Benefits my a**


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## Sloopy

Even if you clear your BOI loan you will remain on the ICB for at least five years - No prime lender will consider you for a mortgage! Sorry four trouble.


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## Sloopy

2 pack - Brokers make less from start than from most lenders!


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## Guest107

Sloopy said:
			
		

> Even if you clear your BOI loan you will remain on the ICB for at least five years - No prime lender will consider you for a mortgage! Sorry four trouble.


Never mind him  bmg . He did not read the whole thread and all the advice you were given. 

from 

[broken link removed]



> *9. What if there is a mistake on my report?
> 
> Mistakes can and do happen.  They may be caused by either you or your lender*         .
> 
> [broken link removed]​                         you might make a mistake in completing your direct debit form and miss a loan repayment on the due date;
> or                                                                 [broken link removed]​ *your lender might have agreed to let you postpone payments for a period, but forgot to change the report it sends to ICB.*
> By law, financial institutions must ensure that information they hold or give to anyone else about you is correct and up to date. So you have the right to insist that they correct any incorrect information about you.
> 
> If you find a mistake in your report, ask your lender to write to the ICB with details of the change, and request a copy of their letter.
> 
> * Most lenders will act to correct any mistake and amend your credit report immediately* however, if you experience problems or delays or if your lender fails to put things right for you, you can consider making a formal complaint and referring the matter to the Office of the Data Protection Commissioner.
> 
> *Please note:* ICB cannot change your credit report unless a lender requests it to do so in writing.


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## bubbasmama

I just also wanted to say Good Luck  You seem to really want to own your own first house and I can really emphatise with that, I am no good with advice except I really think it helps talking face to face with people.
I hope it all works out for you.


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## Tarquin

Just to


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## bmg

Morning Folks...well today's the day I approach the Bank.
Jeez it's sickening but has to be done and as someone said I've nothing to lose but a house to gain....

My partners Father came to have a "chat" with us last night.  He is a business man with a number of Pubs and has offered to go 
Guarantor for us.  Was very kind of him to offer but don't think the bank will pass any heed on this.  The only other option is for him to buy the house with with my partner but this cuts me out I guess ;(  
I'll be paying the Mortgage with my partner of course and can have my name on the deeds etc but I feel sad about it (it's almost like I feel the house won't be mine, if that makes sense)  At the same time, if it gets us the house then maybe it's the way to go.

I spoke to a friend of mine who works in Bank of Ireland and knows a little about the mortgage set ups.  Basically he knows of cases where peoples 
Mortgages have been granted with a letter of explanation regarding any arrears on the account.  As long as the reasons are genuine they are "sometimes" sympathetic!!!

Thanks for all you kind messages and support!


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## ciara_gmail

bmg, best of luck and hold your head up high!


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## Legin

You have my sympathy. When I applied to the ICB for a credit check myself for €6, nothing showed up. I was quite surprised since I had a loan out and had already disclosed that fact to the bank! After further investigation I discovered that they mispelt my address on the form they sent back to me! Apparently unless the details match up exactly, it doesn't appear. Anyway caused me major hassle at the time, but finally got it sorted out, and I'm sure you will too.

Have you done a credit check on yourself? well worth the money.


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## bmg

Legin said:
			
		

> Anyway caused me major hassle at the time, but finally got it sorted out, and I'm sure you will too.


 
Thanks Legin...Unfortunately there is no mistake on the ICB.  I did go into arrears at the time of my Maternity Leave.  They bank informed me that had I approached them at the time of the leave we could have all come to some arrangement to suit us all.   Why I didn't approach them I'll never know.  Definitely paying the price now!!!!
The ICB list will not be amended but they will do a letter just to give reason as to why the arrears occurred!  Better than a poke in the eye with a sharp stick huh???

I think I'll just go and live in an igloo somewhere and leave all my troubles behind.


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## Legin

Can you enable your email address? I might have a suggestion.


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## MugsGame

How much is left on the original Bank of Ireland loan? It might be worth paying it off early, either from your credit union savings or even by redeeming your SSIA early (and losing out on the government bonus, but it might be worth it if you have your heart set on this house.). Paying the loan off early won't remove the missed payments from your records, but it will force BoI to update your entry to show that the loan was paid off in full, which might alter how badly the record is viewed.


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## CCOVICH

Legin said:
			
		

> Can you enable your email address? I might have a suggestion.


 
Why not just send a private message?

Also, if your solution is likely to be of benefit to others, then it would benefit more people to post it on AAM.


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## Legin

Thankyou CCOVICH, new to this forum and wasn't aware of Private messages.

It related to a private experience, and I'd rather not post publicly (even anonymously). If it turns out to be useful, I might open up a new thread for discussion. Until then It may be better to delete my last post and this one as they do not contribute anything useful to this thread.


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## CCOVICH

No problem _Legin_.


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## bmg

_mugsgame_..I've a feeling the Manager might suggest this himself when we meet, if there are any benefits to it then it's worth a shot alright.

_legin.._I got your PM, thanks for that and I've replied!!

*On the Guarantore issue with my Partners Father, is this a help does anyone know?  If I thought it would help I could mention this to the Bank Manager also!*


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## Blinder

bmg said:
			
		

> *On the Guarantore issue with my Partners Father, is this a help does anyone know? If I thought it would help I could mention this to the Bank Manager also!*


Hi bmg
When I took out my mortgage, my father went gaurantor for a portion on it. I think that on my own they would give me £105,000, he went guarantor for £30,000 , so I was able to get a mortgage for £135,000.
That was 5 years ago.

I moved my mortgage last year, to release equity, and because my salary had increased I didn't need him to be gaurantor on the new figure.

So, in my experience, it certainly did help.

Best of luck with your meeting today.
-Blinder

ETA: Just a note , that I didn't have a problem with bad credit at the time. My problem was getting a mortgage large enough to buy a house in Dublin. so my experience may not apply to you.


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## bmg

*Thanks Blinder!*

*Failed to mention also that my Partner inherited some land recently which would make two good sites at approx €40000 each.  We really thought we could use this as colaterol too...jeez when I think about it we thought we would have no bother because of the inheritance etc.  *
*Before anyone suggests, they cannot be sold just yet until the percolation is carried out and also planning permission to be applied for (to get more money of course).*


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## Guest107

BMG, they are fields with agricultural value right now and thats the collateral value.


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## bmg

2Pack said:
			
		

> BMG, they are fields with agricultural value right now and thats the collateral value.


 
Yes that's true.

I suppose I'm just trying to view all avenues here at the moment.

What's your view on the guarantore?


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## bmg

Sorry,didn't mean to post that a second time.


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## Guest107

banks can be sniffy about guarantors and certainly sniffier than a few years back but if your father in law has an investment property he owns outright to pledge as collateral ....and not his own home....its much simpler then.

if he puts his own home (PPR) up his missus must also sign.


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## bmg

Well folks,
Just back from the BOI, meeting went well (ish).
The manager wouldn't say yes or no but did admit he was half hopeful.
I know his words are no grounds for me to get my hopes up but it's a bit brighter than yesterday.

He is going to do his best re- ICB and will cover me best he can re the maternity leave etc..
If all goes to all, we asked him about the guarantore and he said it is a bonus to have someone to do that with a good financial background but he'll only use this if we are refused on our own strenghts.

We are hoping to have word on Wednesday / Friday of next week.

Send all your good vibes my way pleeeezzzzeeee!!!


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## roxy

Will definetely be keeping everything crossed for you, your stomach will probably be in knots all weekend because of it but try your hardest not to think about it too much. (Easier said than done I know!) What will be will be, but I really hope all will work out for you.


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## bmg

Thanks Roxy...Appreciate the good wishes!
I will be thinking about it but at the same time I didn't fully believe he would even bother filling out an application form because of the situation and the refusal from IIB.
We still haven't got it but hey...it's not a no until they say no!
Lets hope they don't!
He also admitted that my record before and after the maternity period was fine.
I've a headache now...


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## LollyMc

Delighted to hear things seem a bit more positive for you BMG, will keep it all crossed for you........!


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## bmg

Thanks LollyMc...I'll let you know how it goes!
It will be a long few days but *hopefully* it will be worth the wait!


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## Tarquin

Definitely let us know the outcome, best of luck!


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## red17

Its refreshing to see so many people wanting to support you not everyone interested in greed and money brings back faith in mankind,anyway i agree with previous peoplethat you should go to boi because their familiar with your situation.Before you go to boi may i suggest you go to your local credit union they have whats called "compasinate loans" this loan will enable you to clear boi and hopefully start a fresh.   Good luck


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## red17

Sorry i'am a bit late just read page 1..........Anyway thinking of you!


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## CCOVICH

No matter how much 'support' the OP gets here or elsewhere, it is unlikely to make much difference to their case.  Sound advice based on facts is likely to be of much more benefit.


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## bumps

good luck!! will be thinking of you. I'm going on maternity leave myself in a few weeks and I know paying back loans will be the last thing on my mind.

I have to disagree with you ccovich - support and good wishes can make bmg feel more positive and confident about the whole situation, which her bank manager may pick up on when she meets him.  Body language is very important in interviews and situations like these.

I think its heartening to see so many people gunning for you bmg.  You got sound advice based on facts BUT you also got lots of people wishing you luck.  You go girl )


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## Guest107

<Group Hugs everybody Including ccovich >


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## CCOVICH

bumps said:
			
		

> I have to disagree with you ccovich - support and good wishes can make bmg feel more positive and confident about the whole situation, which her bank manager may pick up on when she meets him. Body language is very important in interviews and situations like these.


 
It's ultimately central underwriting that make the decision-you don't get to meet them so body language etc is irrelevant. They will base their decision on hard facts.

Btw, I certainly don't wish the OP any ill will and hope they get sorted out, it's just that 'good vibes' etc are of little or no use IMHO.


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## Samson26

CCOVICH said:
			
		

> It's ultimately central underwriting that make the decision-you don't get to meet them so body language etc is irrelevant. They will base their decision on hard facts.


 
I'm not sure if this is purely true as I was refused a credit card once but when I went into the bank in person to sort something else out they said that if I want a card that they could get one for me no problem and she did!


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## bmg

CCOVICH said:
			
		

> it's just that 'good vibes' etc are of little or no use IMHO.


 
Aww CCOVICH...Lighten up a little 

I'm being realistic and I know that all the nice people here who have wished me luck and have given me advice won't win over the ICB, but it's nice to know that in my hour of darkness that people have bothered to wish me luck and though it won't approve a mortgage for me, it will at least make me feel a little better.
Even discussing the issue and getting advice has helped in one way or another.


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## CCOVICH

Samson26 said:
			
		

> I'm not sure if this is purely true as I was refused a credit card once but when I went into the bank in person to sort something else out they said that if I want a card that they could get one for me no problem and she did!


 
Point taken, but a credit card is a very different proposition to a mortgage-the risk to the bank is much greater for a mortgage and therefore underwriting is much more stringent.


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## bmg

By the way CCOVICH, what's your honest opinion on it?
Do you think I've got a chance?


----------



## CCOVICH

Honestly, yes, on the face of it you would appear to have a chance.  Unfortunately my opinion counts for nought here.

What I would say is this-if you are refused for 100%, or can only finance at a high rate, i.e. if the terms are such that your financial situation post-mortgage is 'dangerous' or stressful-I would advise you to walk away.  You are far more likely to enjoy your home if you can afford it with some room to spare every month.  I have seen too many-'need a home at all costs' threads on AAM recently.


----------



## Guest107

bmg said:
			
		

> Aww CCOVICH...Lighten up a little
> 
> I'm being realistic and I know that all the nice people here who have wished me luck and have given me advice won't win over the ICB,


Only an amendment  to your record will expunge the ICB record. Only a human with authority in BoI can do this. You have set out to find one .  Thats the most you can do ....although you could also become a Buddhist and change your name to Shree Vishnatha  



> but it's nice to know that in my hour of darkness that people have bothered to wish me luck and though it won't approve a mortgage for me, it will at least make me feel a little better.
> Even discussing the issue and getting advice has helped in one way or another.



Exactly, we all know what happened becuase we were all told what happened and some of us know that there but for the grace of God/Luck/Parents/Partners go we too . 

I'd personally hope that someone with a perfect record so far reads this and pulls back from the brink once they realise what an inflexible monster that bloody ICB is. 

Here is the other side of the coin 

My wife was refused a €10k loan on a €50 salary a few years back. She had rung the number on some bumf in an envelope because it was Sunday. The bumf said she was preapproved ( back then they could) She had been so solvent for so long that she 

1. Had no cc
2. Had no loans for 5 years
3. Had no mortgage (we were getting one ) 
4. Had sizeable savings but not with that bank as we were carpetbagging over in INBS at the time . 

But she had no record of paying anything to anybody for any reason for 5 years. She was refused .  She was refused by a computer .   She rang her branch on monday morning and told them she expected the 10k in her account by 10am on tuesday morning and that she would come into them to sign either of 2 forms 

a) the one closing her account or
b) the loan form for the 10k 

The money was waiting for her in her account.  

It took a human to tell the computer though .


----------



## bmg

Thank you! 
And I totally agree that if it doesn't work out and we are refused by the BOI then I don't see Start Mortgages being an option for us.  I've got to be realistic and it will "sadly" mean walking away.

With BOI they require the combined salaries to be €60000 before you qualify for the 100% mortgage.  The Manager phoned me today to inform me that we were €2000 short (don't know why he didn't mention that yesterday).  However as my Partner works in a family business we can get him an increase (even if it is temporary to cover us).


----------



## CCOVICH

If he can get a letter to say that his bonus is guaranteed to be, say, €2,500 this may swing it.  Or that he is guaranteed to receive a salary increase of €3,000.

Remember-the lending decision is based on ability to pay- so if it don't exist, don't make it up.


----------



## bmg

CCOVICH said:
			
		

> Remember-the lending decision is based on ability to pay- so if it don't exist, don't make it up.


 
Yes, I agree, but we've done the sums and with what we are both currently earning we can afford the 100% mortgage.


----------



## CCOVICH

After factoring in interest rate increases etc?

On the plus side, did you include TRS relief on the interest payments?


----------



## bmg

CCOVICH said:
			
		

> After factoring in interest rate increases etc?
> 
> On the plus side, did you include TRS relief on the interest payments?


 
On the TRS we stand to save approx €100/month.  But as the Bank Manager pointed out (and probably rightly so), this €100 will be eaten up with others - as in Life Insurance, House Insurance etc.
He advised us not to look at it as extra money because realistically it won't be.

As for the interest rates, honestly I probably don't know too much about them to decide which ones were the better (looking further down the line) I know, not ideal when you are taking out a long term (life term) loan.
We discussed the different rates available and he recommended the 2yr fixed.


----------



## bmg

2Pack said:
			
		

> Only an amendment to your record will expunge the ICB record. Only a human with authority in BoI can do this. You have set out to find one . Thats the most you can do ....although you could also become a Buddhist and change your name to Shree Vishnatha
> 
> *I don't think the information showing on the ICB is going to be removed. A letter will be available with my ICB record to state why the arrears occured but the information is there to stay for the next few years....Shree Vishnatha it is then!*
> 
> 
> 
> Exactly, we all know what happened becuase we were all told what happened and some of us know that there but for the grace of God/Luck/Parents/Partners go we too .
> 
> I'd personally hope that someone with a perfect record so far reads this and pulls back from the brink once they realise what an inflexible monster that bloody ICB is.
> 
> *I hope so too. We discussed this yesterday actually in a casual manner. We talked about younger people who are still in school and what they have ahead of them (as in finance etc). We came to the conclusion that someone should be visiting the schools advising the pupils of the importance of borrowing/repayments etc. Yes, common sense tells you to pay your bills and loans but do we really take on board the damage done if we don't. I certainly didn't expect the missed payments to have such an effect on future. Naive I suppose but we live and learn huh!*
> 
> Here is the other side of the coin
> 
> My wife was refused a €10k loan on a €50 salary a few years back. She had rung the number on some bumf in an envelope because it was Sunday. The bumf said she was preapproved ( back then they could) She had been so solvent for so long that she
> 
> 1. Had no cc
> 2. Had no loans for 5 years
> 3. Had no mortgage (we were getting one )
> 4. Had sizeable savings but not with that bank as we were carpetbagging over in INBS at the time .
> 
> But she had no record of paying anything to anybody for any reason for 5 years. She was refused . She was refused by a computer . She rang her branch on monday morning and told them she expected the 10k in her account by 10am on tuesday morning and that she would come into them to sign either of 2 forms
> 
> a) the one closing her account or
> b) the loan form for the 10k
> 
> The money was waiting for her in her account.
> 
> It took a human to tell the computer though .
> 
> *Totally see where you are coming from there...but I would give anything now to be in your wife's position.*
> *It's definitely the other side of the coin*


----------



## lff12

*Re: Urgent Advice Needed*



			
				bmg said:
			
		

> 2pack..how do I go about this?
> Is it worth it to talk to the Bank Of Ireland or would I be making a fool of myself?
> It's very hard to walk away to be honest (even if I don't have a choice)
> I'm almost 31 and the thought of having to rent for the next 5years just doesn't appeal to me because of a few missed payments.
> I'm feeling hard done by here (yes I know this is what happens if you miss yor payments),had I known at the time, I was later advised I could have actually put my loan on "hold" with the BOI for the duration of my maternity leave...they told me so themselves.
> 
> The house is a dream and a bargain...it's very hard to let it go.


 
I can really sympathise with you here as I basically had to let my partner go it alone on buying a house because I anticipated we'd end up in the situation you were in.  As it happened it was also BOI but it was 4 years ago.

The thing I found out was that BOI had not put the correct information on my ICB record.  They simply stopped reporting on it, leaving a blance of 1755 (which I guess lenders read as being unpaid) instead of stating that the balance was cleared in full.  As a result I was turned down for loans several years down the road.  After finding this (go to www.icb.ie and get your ICB record first) I contacted BOI at careline@boimail.com and they now changed the status to C - which means "cleared" and stated that it was cleared in full on the date cleared).  The thing was - I never knew this until I contacted ICB.

Now that I think about it, BOI refused to let me renegotiate my loan at the time, lucky you that they let you do that.  I simply went on paying my monthly payment (couldn't afford to pay more) and stayed 3 months in arrears, just paid off the loan 3 months late.  However it sounds like they might not have put this on the ICB record.

I'd suggest that you get onto ICB - if its not incorrect, then I think Sarah from REA's advice is the best you can take.


----------



## bmg

Hi llf12,

Thanks for your post.

As I mentioned in previous posts, ICB list will *not* be amended.  The simple facts _(as harsh as they may seem)_, is there is *no* mistake on my ICB record.  I *did* go into arrears.  Yes it was during a very difficult period in my life, I was on Maternity, major decrease in the wages every week (approx €265) but it still remains as bad credit due to not meeting the payments.  In hindsight I should have made some arrangements with the bank but I didn't.  Why I didn't I'll never know...I suppose theres something about going to the bank with a sob story that didn't appeal to me at the time, I was so wrapped up in the new baby, busy, tired you name it...but hey, It's appealing to me now, in fact I'd get down and beg!


----------



## lff12

bmg said:
			
		

> In hindsight I should have made some arrangements with the bank but I didn't. Why I didn't I'll never know...I suppose theres something about going to the bank with a sob story that didn't appeal to me at the time, I was so wrapped up in the new baby, busy, tired you name it...but hey, It's appealing to me now, in fact I'd get down and beg!


 
Fair enough - its really hard at the time, I do know from my own experience.

Of course maybe you didn't end up any worse off - when I did go to BOI they made a complete sham of it and asked me to take out a new loan. Which I applied for . . . and they then turned me down for. Then they refused to negotiate . . . you were lucky to strike a deal in the first place.

Still its no consolation - but 5 years go by scarily fast . . .


----------



## bmg

lff12 said:
			
		

> Of course maybe you didn't end up any worse off - when I did go to BOI they made a complete sham of it and asked me to take out a new loan. Which I applied for . . . and they then turned me down for. Then they refused to negotiate . . . you were lucky to strike a deal in the first place.
> 
> Still its no consolation - but 5 years go by scarily fast . . .


 
lff12, I can't believe they gave you the option of applying for a new loan and then turned you down..thats awful.
I suppose I was lucky that I got a chance at the time to reschedule the loan.  
It's a waiting game for me now...


----------



## bmg

Hi all.

Broker got in touch with us today.  She had sent out application to Start Mortgages just in case things don't work out with the BOI.
We've got back an "approval in principle".  €250000 Mortgage, 35yr term @ 6.25% Standard Variable.
This would cost a fortune on Monthly payments right?
Would we be mad?


----------



## ClubMan

6.25% standard variable!? That *would *be mad, _Ted_! Especially with variable/tracker in or around 3.5%+ these days. You can figure out the monthly repayments and total interest bill etc. using Karl Jeacle's mortgage calculator.


----------



## bmg

Its supported by Java and I can't download it here in work.


----------



## ClubMan

To summarise... (ignoring owner occupier mortgage interest tax relief, mortgage protection life assurance premiums etc.)

€250K over 35 years at 6.25%:

Monthly repayment: €1,468
Total interest cost: €366K
Total repayments: €616K

Just for comparison...

€250K over 35 years at 3.5%:

Monthly repayment: €1,033
Total interest cost: €184K
Total repayments: €434K


----------



## gearoidmm

250,000 @ 3.5% is 1033 euros per month - total interest 183953
250,000 @ 6.25% is 1467 euros per month - total interest 366431
Difference is 182,478 euros over the life of the mortgage.

Might be better off waiting a little while and fixing that credit record


----------



## Guest107

*3.5% and 6.25%*

Sez Karl

250k for 30 years @ 3.5% = 1122 PM 
250k for 30 years @ 6.25% = 1539PM 

Diff €417 per month, 5k a year or so , cash. 


If its shorter its better .

250k for 20 years @ 3.5% = 1500 PM 
250k for 20 years @ 6.25% = 1827 PM 

Diff €327 per month , 4k a year , cash 

Then you must pay €1250 (0.5%) to start to exit their mortgage, and refinance with a proper bank and possibly more , not including legal fees 

Ouch  . You could nearly rent a whole house for 5k a year in rural areas.


----------



## bmg

Why oh why did I get myself into this situation.

Thanks Guys for the breakdown.


----------



## ClubMan

*Re: 3.5% and 6.25%*



			
				2Pack said:
			
		

> Sez Karl
> 
> 250k for 30 years @ 3.5% = 1122 PM
> 250k for 30 years @ 6.25% = 1539PM


bmg's current offer is a 35 year term so the monthly repayments are less but the total interest bill is significantly more.


----------



## bmg

Well you know guys, I'm in a sorry sad state of affairs and it may end up being the only option I've got. ;(


----------



## sun_sparks

I know what others here are going to say to this bmg. I know you love the house, but is it worth 182,478 over the life of the mortgage? Could you wait until your credit record is clear?

What about BOI? Have they got back to you yet?


----------



## Guest107

True but a shorter term would mean more is paid off. 

Do start allow overpayments every month like normal lenders or do they only credit the overpayment it once a year as many UK lenders still do ???

I asked another two posters for a copy of their full T&Cs last week but never got them.


----------



## gearoidmm

Looking back at your original posts, you say that you are paying E600 per month currently in rent.  In order to get this house you are willing to increase your monthly payments by almost 900/month.  The money that you would save by continuing to rent and not going with a subprime lender could be reinvested.  Within 3 years, if you saved 900/month, you would have more than 30,000 euros saved and you would get a much better interest rate from the banks.  Over the term of the loan, that would save you more than 200,000 euros (assuming a 6.25% interest rate over 35 years).  Do you really have to buy now?


----------



## ClubMan

Surely you should be able to get the T&Cs from the lender in advance of making a decision on whether or not to go with them!?

I agree with others above who highlight the fact that the premium being paid here just to get a mortgage may be excessive.


----------



## Marie M

Hi

I was in exactly the same situation last year, (which is how I found this site), with partners bad credit, when we were buying out the council from shared ownership. Even the brokers wouldn't touch us and Linda Martin/ Dodgy Sunday World Mortgages seemed the only option - they took pleasure in telling us this along with their outrages rates. We eventually contacted First Active and told them everything as it was no lies or stories, and asked them to consider. The lending manager was very helpful and said they would need a couple of days to discuss things before they gave us the forms even. Low and behold, she said yes, what a weight lifted off our shoulders. 

Even though we were still were down as bad credit with the ICB, they know themselves that we had other factors going for us such as good jobs and good collatoral in our home.


----------



## Guest107

I would not advise getting a mortgage at all if you are paying such a premium. 

That gap will grow as interest rates go up......and they will go up maybe another 2% in this tightening cycle if the Germans stay as  upbeat as they are now. 

EG 
3.5%   €1033 a month 
6.25% €1467 a month
8.25% €1821  a month 

At present the premium a month just to get a mortgage is €434 cash after tax or *€5208 a year from your after tax income*  .  You would use up all your TRS  with a €150k mortgage at current interest levels from a prime borrower so no extra tax relief for you . 

Even when your record is clear with BoI the next lender will notice from your ICB record that you are with start and will wonder why ????

If you were self employed and your partner too and had problems proving regular income and were going to be the same  in 3 years then what the heck you would still possibly end up with start  albeit at around 5% (current rates) not 6.25% .

If you have 3 years steady employment each and a full time income each the banks will be easier to deal with AND you could try to save 5% of the cost to get an even better   deal like a tracker  .

Property prices will stop rising this year or next. After that I will not predict much save to say that the same house will still be around 250K in 3 years unless a motorway is built next door to it. 

Hang in there


----------



## bmg

gearoidmm said:
			
		

> Looking back at your original posts, you say that you are paying E600 per month currently in rent. In order to get this house you are willing to increase your monthly payments by almost 900/month. The money that you would save by continuing to rent and not going with a subprime lender could be reinvested. Within 3 years, if you saved 900/month, you would have more than 30,000 euros saved and you would get a much better interest rate from the banks. Over the term of the loan, that would save you more than 200,000 euros (assuming a 6.25% interest rate over 35 years). Do you really have to buy now?


 
Absolutely makes sense as do all of your posts/replies.

My heart ruling my head I guess. Lets just wait and see what the BOI say.
It's disgusting what these people can charge.


----------



## CCOVICH

Higher risk=higher rates.  Simple as that, hardly 'disgusting'.


----------



## ClubMan

bmg said:
			
		

> It's disgusting what these people can charge.


 I disagree. It is fair enough for lenders to load customers who they assess as high risk. Whether or not the customer decides to accept the loading is up to themselves.

_Post crossed with CCOVICH's._


----------



## ontheup

Hi bmg
sorry to say i have no advice, but from what ive read the advice given has been very good.So i just wanted to say goodluck.. 

regards
ontheup


----------



## Guest107

bmg said:
			
		

> My heart ruling my head I guess.


Tis , now cruch the figures again. rent is not rising much owing to oversupply in the market but assume you got the mortgage and that the ECB tightens as they will. Assume 2% tightening.

Karl Jeacle tells us what will happen. 

(3.5%   €1033 a month )
6.25% €1467 a month
8.25% €1821  a month 

The difference between paying €1821 a month mortgage and €700 a month rent is €1121 . If you save that difference for 3 years its *€1121 x 36 = * *€40,000 *. Your outgoings are €1821 , payable in rent and to you or payable only to start. 

If you find out that saving €1121 is impossible and paying  €700 rent at the same time its the same as start would charge if the ECB interest rate goes up 2% in the next 2 years and you would not be able to pay it and would go into arrears. start will send you a letter every month telling you you are in arrears. They will charge €150 for the letter and will add it to your mortgage as well as dis your score in the ICB  . 


Thats leaving out the interest you make during 3 years saving like a trojan (another few k)   ! You can now get a 90% mortgage, have a clean record, pay a decent interest rate for the mortgage for 35 years or whatever ...probably less  ,  reduce your life assurance premiums coz you can give up the fags if you have to  pay some fixup costs in €€ from your cash hoard or furniture or both ...... and you know that if the mortgage costs €1821 a month you can handle it and can prove it to anybody .

Your bank manager knows you can accumulate money, he sees it every month. 

And were sprog #2 to arrive you can jiggle with the savings you already have.

How utterly mad is all that bmg ?????


----------



## bmg

Thanks 2Pack for your sound advice as always!

*All* the replies have been greatly appreciated from everyone.  
I will let you all know how it goes.


----------



## unklerosco

2Pack said:
			
		

> Tis , now cruch the figures again. rent is not rising much owing to oversupply in the market but assume you got the mortgage and that the ECB tightens as they will. Assume 2% tightening.
> 
> Karl Jeacle tells us what will happen.
> 
> (3.5%   €1033 a month )
> 6.25% €1467 a month
> 8.25% €1821  a month
> 
> The difference between paying €1821 a month mortgage and €700 a month rent is €1121 . If you save that difference for 3 years its *€1121 x 36 = * *€40,000 *. Your outgoings are €1821 , payable in rent and to you or payable only to start.
> 
> If you find out that saving €1121 is impossible and paying  €700 rent at the same time its the same as start would charge if the ECB interest rate goes up 2% in the next 2 years and you would not be able to pay it and would go into arrears. start will send you a letter every month telling you you are in arrears. They will charge €150 for the letter and will add it to your mortgage as well as dis your score in the ICB  .
> 
> 
> Thats leaving out the interest you make during 3 years saving like a trojan (another few k)   ! You can now get a 90% mortgage, have a clean record, pay a decent interest rate for the mortgage for 35 years or whatever ...probably less  ,  reduce your life assurance premiums coz you can give up the fags if you have to  pay some fixup costs in €€ from your cash hoard or furniture or both ...... and you know that if the mortgage costs €1821 a month you can handle it and can prove it to anybody .
> 
> Your bank manager knows you can accumulate money, he sees it every month.
> 
> And were sprog #2 to arrive you can jiggle with the savings you already have.
> 
> How utterly mad is all that bmg ?????



U are a fountain of amazing knowledge....  U really give some great advice..

Best of luck this week... Its like a soap story, will she/wont she


----------



## Guest107

If she finds saving €1121 a month is too painful and if she cuts back to €500 a month its still her money 

€600 a month rent (now) and €500 a month saving (now) is *€1100 *a month . 

---------------------

Karl Jeacle tells us what will happen. 

(*3.5%   €1033 a month *)
6.25% €1467 a month
8.25% €1821  a month 

----------------------

Its what she would pay every month for a 35 year 250k mortgage at an interest rate around 4% , a bit higher than now, and with a prime lender. 

Within 3 years she has saved €18000 ( 8% of a 250k mortgage in fact )  _but I feel this lacks ambition bmg_ and I want a more robust commit from you so I do  

I know that you can do that €1100 simulation but I want you to do the €1821 simulation , every month, for 3 months. Money out of your account on the 1st of the month .  

Then reactivate this thread and tell us how it feels to have so much of your cashflow disappearing like that . Then repeat after me, "34.75 more years  of this longer than I have lived "  !!!!!!! . 

The really really  bad news is that _you will have saved €3.5 k_ while you were a simulating and may feel like blowing it on a car.


----------



## gearoidmm

unklerosco said:
			
		

> ... Its like a soap story, will she/wont she



More like watching a car crash


----------



## bmg

gearoidmm said:
			
		

> More like watching a car crash


 
Head on Collision!

 
BOI Refused.  Got the call yesterday evening.

*Thanks again to all who replied and took an interest!*


----------



## Guest107

*Refused!*

and your thoughts on the start analysis bmg , is it really worth it or are you better repairing and saving for a while ????

<sharp intake of breath >


----------



## bmg

*Re: Refused!*



			
				2Pack said:
			
		

> and your thoughts on the start analysis bmg , is it really worth it or are you better repairing and saving for a while ????
> 
> <sharp intake of breath >


 
2Pack, I don't think Start will be an option for us. 
Your analysis was A1 - you couldn't be anymore correct on the matter.
I know this now, I knew it from the beginning but I so wanted to buy this house, somewhere to call our own, a lovely place for our 2yr old to grow up - Money wise it doesn't make sense to go down that road - 6.25% - crazy figures!

We've one more option available to us and that is for my partner and his Dad to buy the house.  Really don't know how I feel about this...
Very confused and down today


----------



## sun_sparks

bmg - have you tried approaching other lenders yourself? Explaining the situation and seeing what they can offer? I wouldn't be accepting just the BOI and broker recommendations if I was you. I know it's unlikely that you would get a different answer, but at least you'll have tried...


----------



## Guest107

*Re: Refused!*



			
				bmg said:
			
		

> We've one more option available to us and that is for my partner and his Dad to buy the house.  Really don't know how I feel about this...
> Very confused and down today


Excellent option. Lets examine the situation .

Your father in law type person does not want to be landed with the liability long term but will muck in for 3 years and with a clean ICB record its prime lender territory. But you will pay his 'share' in the interim. 

Therefore you draw up a contract with him and buy an option from him for the cost of €1 . 

* The option that you buy today for €1 broadly states as follows.

1. If you pay your share of the mortgage  in full for a period not exceeding 5 years (when you are in the clear) 

then 

2. You have an option to then buy half the property off your father in law person ...heretoafter referred to as the FILP at todays cost .

3. After 3 years he can MAKE you buy him out at todays prices and thats that. 

Therefore you then buy the house at todays prices and have a contract which obliges him to sell at todays prices as long as you perform your side of the bargain.* 

The specific performance required from you should be written down in the option contract . You cannot really tie him to anything except the exit conditions. 

The only real downsides are
1. that your partner will get the TRS and you will have to sort that .
2. The Life assurance for the 3-5 year period will cost you more because you are insuring the FILP and not you , a healthy young wan. A new mortgage will then be required and  with new and cheaper life assurance that reflects your ages . 

Nevertheless the deal is clear and _is enforceable as a contract_ . Were you MARRIED the enforcement issue is moot because of the Family Home Protection Act 1976 . But you are not and will have no formal stake in the house for 3 years will you??  The specific performance clause s_hould also account for treatments of rises and falls in the value of the property during that time _and should also _detail what happens if you break up_ and account for a rise or fall .  

You may buy/fixup/offload and pocket a profit just as your ICB clears. Detail that arrangement too and the division of profits because you are not nominally entitled to any . 

At this point I would advise you to consult Partner and FILP and if they agree the outline then get advice together  first . 

A bone of contention here is that I strongly advise you to THEN use YOUR solicitor and not theirs, even if only to review the agreement and watertighten it.

Its pretty fair and keeps your crap record out of it and covers the eventualities ........and you buy your future back for €1 today .


----------



## bmg

Sun Sparks,
We approached BOI ourselves.  Didn't involve the broker.  They know my records better than anyone and still didn't give it.
I can't take anymore refusals...I'm not one for throwing in the towel but it's not going to happen for me.
Thanks though!!


----------



## momomo

*Re: Refused!*



			
				bmg said:
			
		

> 2Pack, I don't think Start will be an option for us.
> Your analysis was A1 - you couldn't be anymore correct on the matter.
> I know this now, I knew it from the beginning but I so wanted to buy this house, somewhere to call our own, a lovely place for our 2yr old to grow up - Money wise it doesn't make sense to go down that road - 6.25% - crazy figures!
> 
> We've one more option available to us and that is for my partner and his Dad to buy the house. Really don't know how I feel about this...
> Very confused and down today


 
Hi BMG
Have been following this post but have not posted anything until now.
With your partner and his dad buying the house could be a good option.  If you can draw up a contract between the three of you outlining that its your house in which you will be paying half the mortgage etc. 
Maybe this could work out for you.
So Sorry for your troubles and just remember everything happens for a reason


----------



## bmg

2Pack, it just seems so complicated to me.
In order to qualify for a FTB 100% mortgage - do the two applicants not need to be FTB or can it be approved if only 1 of the applicants is.?


----------



## bmg

*Re: Refused!*



			
				momomo said:
			
		

> Hi BMG
> Have been following this post but have not posted anything until now.
> With your partner and his dad buying the house could be a good option. If you can draw up a contract between the three of you outlining that its your house in which you will be paying half the mortgage etc.
> Maybe this could work out for you.
> So Sorry for your troubles and just remember everything happens for a reason


 
Thank you!


----------



## Guest107

both must be FTB, I assume the FILP is not. 

the TRS is irrelevant really 20% of €1000 a year for 3 years , its the stamp duty implication that is complex . 0% OR 4% . Thats either nothing or €10k , see. 

http://www.revenue.ie/


The alternative view is 

Start charge €400 a month premium . That 10K stamp duty, if payable, is the same as the start premium over a normal mortgage for 2 years and you are looking at 3 years + an exit charge from them and a 'whats she doing with that shower anyway query' .  

Therefore EVEN if you now have to pay stamp duty its cheaper than start  . 

HTH


----------



## bmg

FIRP is not first time buyer.
He's got a number of properties (don't know all the "ins and outs")

So 100% mortgage won't apply - this leaves us having to source the balance elsewhere!

It's a vicious circle!

*nb: I'm not knocking your suggestions or being negative by the way incase it appears so!*


----------



## Guest107

Assume the worst, 90% mortgage is €25k deposit and €10k stamp duty . The €25k is 'yours' but the €10k is dead money to your local TD a Mr Cowan . Could your parents persuade the BoI to lend you €10k with a guarantee on it ....as a car loan perhaps.  That would be a start because then the bank that originally ICB'd you gave you a loan anyway .....if not a mortgage ???


----------



## gearoidmm

Not to labour the point but:

Step back a minute and think what you could rent in the midlands for even a little more than you are paying at the moment 

http://www.daft.ie/searchrental.daft?search=1&s[cc_id]=c6&limit=8&search_type=rental&id=383270

Brand new 4-bed, 3-bath in offaly for 700/month

http://www.daft.ie/searchrental.daft?search=1&s[cc_id]=c6&s[a_id]=2284&s[mnp]=&s[mxp]=&s[bd_no]=&limit=8&search_type=rental&id=396152

Refurbished 4-bed in Tullamore with mature, enclosed gardens for 850/month

http://www.daft.ie/searchrental.daft?search=1&s[cc_id]=c5&limit=8&search_type=rental&id=390937

4-bed new build in Longford for 700/month

You speak about wanting someplace where you could bring up your kid - all these properties are fantastic with big gardens and will cost half what it would to buy.

In a few years then, when everything else is sorted out you can buy at your leisure without any of this stress.

Sorry to harp on


----------



## bmg

Gearoid, you are not harping on.
The place we are currently renting has a garden and nice to bring up a child. What I meant by "having somewhere nice for our 2yr old" was, somewhere we could settle, enrole him in the nearby school etc - a more permanent thing!

Thanks for your input.

2Pack, maybe I'm wrong here but I thought (not sure why) that there was no stamp duty on a purchase below €250 - or again does this just apply to FTB?


----------



## Guest107

bmg said:
			
		

> that there was no stamp duty on a purchase below €250 - or again does this just apply to FTB?


Read what I said . Its different for new houses but you are not buying one.


----------



## ClubMan

.

We would all love to live in our ideal home but sometimes we have to face the reality of our financial situations and make compromises.


----------



## bmg

*Re: Urgent Advice Needed: Mortgage Refused because I have bad credit - UPDATE!*

Hi. 
I have thought long and hard about updating this thread.
This post will probably be a long and rambling one so I apologise in advance to anyone who reads it. 
Truth is I'm embarrassed & ashamed of where things have gone since I first posted to where they are today. I suppose 'I told you so' is something I don't want to hear (even if you're right)!

My partner and I did go ahead and purchase the house with Start as our lender. It seems there was more to the ICB than I thought but not with me. My partner had finance on a car which turns out was a disaster. Didn't pay for months and then would make a lump sum to clear the arrears and this would repeat every few months, it came near to the car been taken etc etc. This was a major factor along with me having missed a few payment with a bank loan during maternity leave.

The situation went from Bad to Worse....I wanted out at the time, was told it had gone too far as at this stage we had borrowed €43000 from my partners father and put that towards the house. Solicitor said we were at a risk of loosing that €43000 & the original €5000 deposit if we changed our minds....anyway, we purchased and agreed to put the heads down for a few years and remortgage with a prime lender. 

That was all fine until my partner walked out (not even a year after buying). Left me with the mortgage to pay on my own and look after our son. There was another woman involved. 

So my financial situation has gotten dramatically worse over the past 2yrs. 
I am still paying Start - €1275 every month on my own (this is based on an amount of €207000. I have 2 other small loans with the BOI which in total come to about €3800 & €2500 with the Credit Union. These are all being paid and haven't been missed thank God. I've missed one payment with start and am currently trying to catch up on that. That is the only payment I've missed with them and talked to them about it and they have assured me it won't affect my ICB rating. 

I am so stuck in a rut at the moment I don't know where to turn. I suppose this week I've been feeling the pressures greatly and have found myself a bit depressed and maybe for that reason I have come back to post and once again look for the advice so kindly given by you guys back then. 

X partner contributes each week towards the child minding and his son but he doesn't pay the mortgage. He is now renting an apartment for himself. 

I don't know where to turn, where to start or what to do from here. I would love to be able to stay on in the house if possible and keep it for me and my son. He is going to School in September up the road from the house. 

What do I do, where do I go from here??
Would I be able to approach the council for shared ownership or something?? 
Im taking home €2000 a month. I cannot afford to stay in the house and continue paying Start. 

Can someone point me in the right direction?


----------



## ClubMan

MABS?


----------



## stephen1381

BMG 

Very sorry to hear about your troubles. As Clubman said MABS seems like a good start. 

Hope everything turns out ok


----------



## babog

bmg,
I am in a very similiar situation to you. Contact the Community Welfare Officer in your local health centre for information on mortgage interest supplement.
Here is a link to tell you what it is about:
http://www.citizensinformation.ie/c...-welfare-schemes/mortgage_interest_supplement

I hope this is of some help

Babog


----------



## evi3

Hi so sorry to hear about this sad situation. I would consider selling to be honest no point being dragged down by a mortgage you can't afford when you have a young son to concentrate on. Owning a house is not the be all and end all and hopefully in a couple of years will meet someone and start over... Best of luck


----------



## BYG

Hiya as someone who has worked in credit control for 2 of the main banks I can't stress how important it is you go to MABS don't expect miracles but tell them about EVERYTHING all financial undertakings and anything else they will help you find the best available situation. But the most important thing is to contact MABS on Monday not in a few weeks or a few months. And be totally honest with yourself  and MABS.


----------



## bmg

Thanks for the replies. 
I will most certainly contact MABS and arrange a meeting with them. 
Selling the house has been on my mind a lot and I know now, that owning a house is not everything. I suppose in my own way I saw it as stability for me and my son. My only other option is to go back renting should I sell the house. Not very appealing to be honest. I could be in a house 6 months, a year...the owner might want to sell and then I'm up and moving again. I fear that I'm not giving my son the stability he needs by doing this but I'm not fooling myself either by thinking that I can work just to pay the mortgage and have no money left over at the end of every month which = no quality of life for me or my son. 
I suppose the current market is also something to consider. I could be trying to sell it for a long time, there are currently 139 houses for sale in the area I live in according to Daft.ie so it could take some time or a major decrease in the selling price to get rid of it. 

I suppose seeking advice from a Family Law solicitor should be another priority.

I'm keeping on top of the Mortgage (apart from one missed payment in nearly 2yrs) and on top of the other bills also, but by the end of handing out all these payments there is nothing much left over. I also have an overdraft of €500 which I need to get rid of. I don't live a lavish lifestyle by any means, I'm not one of these people who try to 'keep up with the Jones's'
I drive a 9yr old car which is drinking oil....On the way out according to the garage unless I put a lot of money into it..Can't afford to repair this one or get a new one....I don't go out every weekend. Maybe one night in a month with my friends.

Now my ex is planning/thinking about going to Australia/America to start a nice new fresh life for himself. All the time his name will be on the mortgage and I'll be paying it clearing his name from the ICB List. I just find this so frustrating 

I have asked for a pay rise in work and offered to take on extra work if available to get this pay rise..Nothing agreed yet until we see what happens with the Discussion on the National Wage Agreement.
Other than that I've no other ways / means of increasing my income. 

Sorry for another long post. I suppose this is my way of just getting things off my chest....

I just pray for a better future and please God things will get easier in time and improve...

Guess I should have taken the advise of many others back then when suggested that buying with Start was not the way to go...too late now


----------



## ClubMan

bmg said:


> I will most certainly contact MABS and arrange a meeting with them.


Another poster advised you to do this two years ago! Are you sure that you'll do it this time?


bmg said:


> I just pray for a better future and please God things will get easier in time and improve...


Actively doing something practical to sort out your situation might yield better results.


----------



## eileen alana

bmg - Have you lookd at the possibility of renting out a room or two in your house seeing its only you and your child that's living there, it will generate extra income and may enable you to keep your home. If you are managing to keep up with your payments at the moment all you need is a bit extra so you can lead a reasonable quality of life.


----------



## Bronte

To make a decision you need to hear all the advice good and bad.  There is no point trying to pretend that everything will be all right, it's also probably frustrating when you have posters asking for advice, not taking the advice and then a couple of years later coming on here asking for help because they are in a worse situation. 

OP if your ex is leaving the country I really think you need to see a solicitor to get him to sign over the house to you, or to acknowledge that it is you who is making all the payments on the mortgage so that you will in fact be the owner - that's if you decide not to sell the house.  Also if he leaves Ireland how are you going to be able to get him to sign contracts if you decide to sell.


----------



## csirl

If you want the stability of owning your own place, have you considered selling the house and buying smaller place e.g. apartment, that you can afford on you own income? I'd agree that if your ex is planning leaving the country, you would be better getting him out of the picture asap as far as owning where ever you live. Selling would do this - you'd buy the new place in your own name. At the very least you need him to sign the house over to you before he goes, but something tells me that he'd probably want you to buy him out.


----------



## ClubMan

Off topic posts removed. Please stick to the subject in hand.


----------



## whizzbang

I still want to wish you all the best with this.


----------



## bmg

Renting a room is not an option at the moment. The 'spare room' is not furnished. I just don't have the extra cash at the moment to do it up. 

Can I just stress that I'm not looking for sympathy from anyone. 
I am merely looking for opinions / advice of those who possibly have been there before

Bronte, I have already posted myself that 'yes, I know I didn't take on board the advise given by some at the time' and without sounding a little rude, I don't need it pointed out to me again. However I do thank you for the advise given on your post. 

There are a lot of complications. 

Can anyone advise on the following:

If I was to sell my house, I would obviously need to be 're-homed' by the council as I will not qualify for another mortgage on my own, based on my salary. Are there any cases that people know of that the council will actually 'help' you to stay in your home?? I'm not in a town, I'm in house about 7mins drive from town. Is there any options there?


----------



## bmg

whizzbang said:


> I still want to wish you all the best with this.


 
Thank you.


----------



## eileen alana

bmg said:


> Renting a room is not an option at the moment. The 'spare room' is not furnished. I just don't have the extra cash at the moment to do it up.
> 
> Can I just stress that I'm not looking for sympathy from anyone.
> I am merely looking for opinions / advice of those who possibly have been there before
> 
> Bronte, I have already posted myself that 'yes, I know I didn't take on board the advise given by some at the time' and without sounding a little rude, I don't need it pointed out to me again. However I do thank you for the advise given on your post.
> 
> There are a lot of complications.
> 
> Can anyone advise on the following:
> 
> If I was to sell my house, I would obviously need to be 're-homed' by the council as I will not qualify for another mortgage on my own, based on my salary. Are there any cases that people know of that the council will actually 'help' you to stay in your home?? I'm not in a town, I'm in house about 7mins drive from town. Is there any options there?


 

The best thing to do is speak to MABS or the Citizens Advice, at least they will be able to refer you to the appropriate people to deal with your case.


----------



## Audreyc28

BMG, what awful news about your situation, very sorry to hear. i missed your post first time round in 06 and was really rooting for you reading through it tonight. (not a happy ending indeed!!)

i know you are probably tired coming home in the evenings, but is there anything you can do to boost income when baby goes to bed?  are you good with computers/secretarial work? a lot of self employed / trades people are looking for people to organise their typing/files/invoices etc and this could be done in your own home and your own time. i.e. you would operate a virtual office for them, setting up gmails for them/ replying to customers on email/ phone/ sending out bills, organising payment etc.   etc.. i know its small potatoes compared to the money you need, but you could use the  money to buy furniture for that spare room to rent out to help you? it could be a short term solution to help get you on your way to solving the bigger problem.

i agree with earlier posters, you must urgently go to mabs but also to your local community welfare officer and also get some free legal aid re- taking the name of your ex off the papers.  ring them  all tomorrow and make appointments and go in with a positive frame of mind that these people want to help you. you need to be careful that if the ex goes on to pastures new that he may slowly stop paying maintenance and this will leave you in even further financial crisis with smart.


----------



## Vanilla

Were you married?

You mentioned that your partner had two sites on which he was to try to obtain planning- what is the current situation with that? Does he have any other assets? 

Is the house the only property in your joint names?

Originally your partners father contributed the deposit- was this meant to be a gift? OR was it to be repaid- or was there any agreement in relation to it?

How much maintenance is currently being paid?

Have you spoken to your partner about his intentions as regards the house and future maintenance for his child if he leaves the country?

Too many details may make you more identifiable so if you do not feel comfortable putting too much information out there then I suggest you do make an appointment to see a solicitor. The Legal Aid Board may take on your case- you will need to apply to them and there can be a backlog so the sooner you do this the better. Otherwise a private solicitor but you will have to pay. In the long run it would probably be worth while going to a private solicitor at least for an initial consultation because if your partner does not put in place arrrangments for maintenance / the house before he leaves the country it will be impossible after.


----------



## bmg

Vanilla said:


> Were you married?
> 
> You mentioned that your partner had two sites on which he was to try to obtain planning- what is the current situation with that? Does he have any other assets?
> 
> Is the house the only property in your joint names?
> 
> Originally your partners father contributed the deposit- was this meant to be a gift? OR was it to be repaid- or was there any agreement in relation to it?
> 
> How much maintenance is currently being paid?
> 
> Have you spoken to your partner about his intentions as regards the house and future maintenance for his child if he leaves the country?
> 
> Too many details may make you more identifiable so if you do not feel comfortable putting too much information out there then I suggest you do make an appointment to see a solicitor. The Legal Aid Board may take on your case- you will need to apply to them and there can be a backlog so the sooner you do this the better. Otherwise a private solicitor but you will have to pay. In the long run it would probably be worth while going to a private solicitor at least for an initial consultation because if your partner does not put in place arrrangments for maintenance / the house before he leaves the country it will be impossible after.


 
I will need to be careful about giving too much info but just to answer your questions, 
We are not married, the money was not a gift and will have to be repaid. We only drew down a certain amount and combined it with the loan from his Dad. Work was to be carried out on the house, revalued and then we would draw down the rest of the money from Start to repay the loan to his Dad. I am not being put under pressure from his Dad. He is aware of the financial situation and would like to see other things being sorted out first. 
We have no agreement in place for maintenance. I get between €100 - €150 from him most weeks, but not every week. 
We have no other property in our names. All other loans are in my name even though we used the money for the house.


----------



## bmg

Audrey, I have looked into doing a typing service from home.  Unfortunately I don't have a PC/Laptop so that would have to be arranged first.   But thank you for your reply and input. 

Thanks to you also Vanilla. 

Just to mention I *did* phone MABS yesterday evening.  They are sending me out a Pack but also I will be calling into their local office to have a meeting with one of the financial advisors.


----------



## sadie

Just on the issue of doing typing/office services at home. I don't think this is a viable option (sorry). It is something I have considered myself and the sorts of jobs you would get to do at home are so messy and labour intensvie it really isn't worth the hassle for the small beans you would get paid. Bad communication from customers, moving deadlines, re-writes, printers not working, no support for computer breaking down etc etc. You'd end up staying up till 4am trying to fix the tabs and margins right on a thesis some student has re-written and expecting you to complete for the same money. You would be adding extra stress and pressure on yourself and it wouldn't earn you enough to solve your problems. Only way it'd work would be if you could source some nice clean steady well controlled work (like legal reports or something outsourced from your own job) and had experience as a fast dictaphone typist. CVs, thesis etc from home - nightmare.


----------



## ClubMan

bmg said:


> Just to mention I *did* phone MABS yesterday evening.  They are sending me out a Pack but also I will be calling into their local office to have a meeting with one of the financial advisors.


Let us know how you get on with them.


----------



## bmg

ClubMan said:


> Let us know how you get on with them.


 
Of course. 

Sadie, 
Just on the 'Home Work', I have given this a lot of consideration.
I don't have the equipment at home unfortunately so it's not something I can explore further just at the moment.  But I totally get what you are saying.  I work in an office, I know how these damn computers can let you down when you most need them .
It is something maybe to look at when things are not 'so stressful' and I'm more organised. 
Thanks though for your reply!!


----------



## babog

You asked:
"Are there any cases that people know of that the council will actually 'help' you to stay in your home?? "

Yes!!!
Did you check with your Community Welfare Officer? They can help by paying a (sometimes substantial) portion of your mortgage for you each month.

Babog


----------



## bmg

Hi Babog, 
No I haven't approached the Welfare Officer yet. 
I suppose it depends on each individual case. 
I contacted Citizens Advice and they basically asked me what I was getting as in Salary/Tax credits etc.  
I wasn't feeling to confident after speaking with them as they informed me that I'm more or less getting all I'm entitled too. 
Because I'm working full time, I'm a little over for FIS also.


----------



## ClubMan

bmg said:


> I wasn't feeling to confident after speaking with them as they informed me that I'm more or less getting all I'm entitled too.


No harm in applying for other payments anyway. If you don't qualify then the relevant authority will soon tell you.


----------



## bmg

ClubMan said:


> No harm in applying for other payments anyway. If you don't qualify then the relevant authority will soon tell you.


 
Absolutely.

I have contacted Start about that one missed payment. 
They are okay as long as every couple of weeks there is something payed off.  It will not affect my ICB rating as long as this happens and as long as there is no other payment missed. 
I asked them if they offer a 'holiday' from your mortgage for 1 - 3 months like other lenders but they don't offer anything of the sort. 
This would have been a help to get on top of things but it's not to be.


----------



## ClubMan

bmg said:


> I have contacted Start about that one missed payment.
> They are okay as long as every couple of weeks there is something payed off.  It will not affect my ICB rating as long as this happens and as long as there is no other payment missed.


Did you get all this in writing from them?


> I asked them if they offer a 'holiday' from your mortgage for 1 - 3 months like other lenders but they don't offer anything of the sort.


I think that few, if any, sub-prime lenders do.


----------



## bmg

ClubMan said:


> Did you get all this in writing from them?
> 
> *No..just a discussion over the phone this lunch time with a member of their 'customer service'*
> *I probably should have requested a letter confirming our discussion. *
> *He just informed me that the call was recorded.*
> 
> I think that few, if any, sub-prime lenders do.
> 
> *I'm sure that some do, I've known of two cases where people have taken a break from their mortgage for 3 months. *


----------



## babog

Please do apply for mortgage interest supplement.
It is not paid by Social Welfare, instead by the Health Board.
Each case is dealt with on a case by case basis, rather than there being strict guidelines as can be the case with Social Welfare payments.
If you ever want to talk you can PM me, as I am in a very similiar situation to you.
Wishing you all the best,
Babog


----------



## Flax

Apologies if the following post is very harsh, but it is my honest opinion on the matter:

I've read this thread from start to finish. I'm not surprised you are in your current situation.

You put a deposit down on a home even though there was no chance you could get a "normal" mortgage. You have a history of bad credit. You do not understand interest rates. You cannot afford a home without a 100% mortgage.

Clearly you were not in a position to even consider getting a mortgage. I don't believe you understood the seriousness of having debt for 35 years.

You were given an incredible amount of support here, yet you ignored all their advice and stupidly got a high interest mortgage.

I am very sorry to hear you have now split up with your partner.

I do not think you are capable of sorting out this situation. I do not think you fully understand the concept of debt. I am concerned you will do something stupid as a temporary solution to your situation.

This is my advice:

Well done for contacting MABS. You need to follow every word of their advice. Do not override their advice, as I do not believe you are capable of making wise financial decisions.

You need to let the experts decide what you need to do. Do not try to solve this situation yourself.


----------



## bmg

Flax said:


> Apologies if the following post is very harsh, but it is my honest opinion on the matter:
> 
> *Something you're very much entitled to.*
> 
> I've read this thread from start to finish. I'm not surprised you are in your current situation.
> 
> *Either am I, but for other reasons, but I've pointed that out myself and I don't need my nose being rubbed in it.*
> 
> You put a deposit down on a home even though there was no chance you could get a "normal" mortgage. You have a history of bad credit. You do not understand interest rates. You cannot afford a home without a 100% mortgage.
> 
> *First of all, the deposit was given before we had a refusal from IIB. *
> *Secondly, yes back then I was a lot less understanding of Interest Rates than I am today. I don't like the tone of your post, you are almost labelling me as stupid. *
> 
> 
> Clearly you were not in a position to even consider getting a mortgage. I don't believe you understood the seriousness of having debt for 35 years.
> 
> *Well I understand it now!!!*
> 
> You were given an incredible amount of support here, yet you ignored all their advice and stupidly got a high interest mortgage.
> 
> *I have already thanked the people who gave their support and advise back then and indeed in the recent days. Yes, I didn't take it all on board at the time. I let other things cloud my better decisions and done something very foolish and silly. I'm paying the price for it today. *
> 
> I am very sorry to hear you have now split up with your partner.
> 
> I do not think you are capable of sorting out this situation. I do not think you fully understand the concept of debt. I am concerned you will do something stupid as a temporary solution to your situation.
> 
> *If I thought I could sort this out myself I wouldn't be back on this thread asking for advise again would I? No, I cannot sort this out myself and am well aware that I have left myself with heavy financial burdens. But don't tell me that I don't understand the concept of a 35yr dept. I understand it alright. Things changed dramatically since my original post, I'm trying to keep my head above water here and am doing so just by the skin of my teeth.*
> 
> 
> This is my advice:
> 
> Well done for contacting MABS. You need to follow every word of their advice. Do not override their advice, as I do not believe you are capable of making wise financial decisions.
> 
> You need to let the experts decide what you need to do. Do not try to solve this situation yourself
> 
> *I'm sorry if my reply is a bit on the defensive side but I'm not insterested in negativity anymore. I have given myself a hard enough time without having to defend myself on here. *


----------



## Flax

bmg said:
			
		

> First of all, the deposit was given before we had a refusal from IIB.
> 
> Secondly, yes back then I was a lot less understanding of Interest Rates than I am today.


 
You see, this clearly says to me you are willing to dive into a situation without understanding what you're doing.

How could you consider taking on 35 years of debt without understanding -

1. Having a bad credit rating means you cannot get a mortgage. I understand you thought you could just stop paying your loan when you got pregnant, so you didn't realise you had bad credit, but to me that is another symptom of not understanding the basics of debt. Why would pregnancy mean you don't have to pay your loan?!
2. Not understanding interest rates.

These are really basic things, and to not understand them when taking on half a life of debt blows my mind.

I am sorry if I am being harsh, but I only have the evidence presented before me, and I do not think you are capable of managing your debt/money.

That is why my advice is to do everything MABS says.


----------



## bmg

Flax said:


> I understand you thought you could just stop paying your loan when you got pregnant, so you didn't realise you had bad credit, but to me that is another symptom of not understanding the basics of debt. Why would pregnancy mean you don't have to pay your loan?!


 
I did not ever say that I thought I could just stop paying my loan because I was pregnant or on maternity leave.  I struggled with money when I was on Maternity Leave and didn't manage to meet the payments on 3 occasions.   It was the first and last time that loan ever went into arrears.

I'm not going to keep explaining myself.  I know the damage has been done, but continuing to punish myself for it is not going to change things or make things better. 

As I said, you're entitled to your opinion.  But to be honest unless you are on here to offer something more constructive I'm not interested. 
I've learned & learned the hardway, enough said!!!!!!


----------



## Flax

My contructive advice is to not overrule the advice of people more knowledgeable than you, e.g. MABS or people like 2pack, etc.


----------



## bmg

Flax said:


> My contructive advice is to not overrule the advice of people more knowledgeable than you, e.g. MABS or people like 2pack, etc.


 
I don't plan to.
Thanks.


----------



## Angrygirl

Jeez bmg ur really having a hard time eh 

I started reading the post as i had missed it first time round and have to say i was really expecting a happy ending..
I'm so sorry things have turned out this way for you,

I really hope MABS can offer you good advice as it seems to be the only way to go at the moment, also i would get legal advice on the house situation as your ex can't expect you to keep up the repayments and then reap half of the benefits if/when you decide to sell it..

I really only posted to show support as the last few threads i think would've got you down.. Keep your head up x


----------



## magoko101

> I really only posted to show support as the last few threads i think would've got you down.. Keep your head up x



Ditto... people make mistakes and I've no doubt BMG is suffering enough.

I would suggest you take the legal route with your ex-partner. This is not just your responsibility after all and should not be left to you to deal with on your own.


----------



## bmg

Thanks Guys for the support. 

I made a call to MABS this afternoon again, this time to the nearest office to me and am just waiting on a call back to set up a date for meeting.   
I'm anxious & nervous about it but it's gotta be done.


----------



## so-crates

bmg,

don't be too nervous. This isn't a bad thing you are doing it is a positive action and a decisive step, there are others ahead but at least if you take this one, you will have help taking some other ones. Remember, you have kept your head above water and you aren't falling behind on your loans so you are taking this step before you are forced to by circumstances.

One thing I might suggest would be to maybe do some preparatory work before going into the MABS office for your appointment. Have payslips and statement accounts sorted out and put in a folder. Include recent household bills and any other expenditure that you keep evidence of. Look at the MABS website and go through the steps there, or at least make a start at it, this is probably where they will start so no harm having the exercise complete. List your debts and prioritise them. Identify your necessary day-to-day expenses. Identify monthly, quarterly, annual etc expenses. Make a first attempt at a budget in their template. And bring all this with you. Request your ICB report to see how it now stands, bring that along too. Going in prepared will help both you and them.

Best of luck


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## bmg

so-crates said:


> bmg,
> 
> don't be too nervous. This isn't a bad thing you are doing it is a positive action and a decisive step, there are others ahead but at least if you take this one, you will have help taking some other ones. Remember, you have kept your head above water and you aren't falling behind on your loans so you are taking this step before you are forced to by circumstances.
> 
> One thing I might suggest would be to maybe do some preparatory work before going into the MABS office for your appointment. Have payslips and statement accounts sorted out and put in a folder. Include recent household bills and any other expenditure that you keep evidence of. Look at the MABS website and go through the steps there, or at least make a start at it, this is probably where they will start so no harm having the exercise complete. List your debts and prioritise them. Identify your necessary day-to-day expenses. Identify monthly, quarterly, annual etc expenses. Make a first attempt at a budget in their template. And bring all this with you. Request your ICB report to see how it now stands, bring that along too. Going in prepared will help both you and them.
> 
> Best of luck


 
Thanks

Well the pack that MABS are sending me out I'm sure will be of some benefit and help to me. 
I applied online today with ICB for my report, so that should be back in a few days (and no I don't have a credit card - I borrowed my friends) 
I know they are not going to judge me but I feel embarrassed about going in.   But I'm also looking foward to getting the ball rolling and sitting down with someone who knows what they are talking about!


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## coppers

bmg said:


> Renting a room is not an option at the moment. The 'spare room' is not furnished. I just don't have the extra cash at the moment to do it up.


 
You should give this greater consideration; have a look on daft.ie/sharing to see how much you might get in your area. An extra 300-500 tax free per month could make all the difference. Plus help with bills.

I'd move my own furniture in and sleep on the floor if that's what it took, alternatively someone might take unfurnished.


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## Afuera

Flax said:


> Clearly you were not in a position to even consider getting a mortgage.


Some harsh comments there especially considering the predatory lending practises of certain institutions in the last few years. What's done is done so unfortunately your advice can't do much for the OP at this stage. At least they are taking the necessary actions to get it resolved now though.


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## Flax

Afuera said:


> Some harsh comments there especially considering the predatory lending practises of certain institutions in the last few years.


 
The banks cannot be blamed for bmg's situation.

She was given loads of good advice, but she ignored it all.

She made some terrible decisions. I do not believe giving her a hug will sort her out. She needs tough love a this stage.

If she follows the advice of the experts, she can sort her situation out, and move on with her life. If she ignores the advice of the experts, she's in big trouble.

Someone has to tell it as it is...


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## Angrygirl

Flax said:


> She made some terrible decisions. I do not believe giving her a hug will sort her out. She needs tough love a this stage.


 
bmg is fully aware she made some bad choices and she is having a really bad time at the minute (that is punishment enough i think), i don't think having a go at her is helping, you can try and help her situation without making her feel anyworse than she already does at the moment

No a "hug" wont sort out her situation but feeling like she has people to talk to might make her feel a bit better, we all need support sometimes!!


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## Flax

I know she's having a hard time, but if my harsh words focus her mind on listening to experts, then I am happy to give it, even if it makes me sounds like a prick.


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## shoppergal

Flax said:


> I know she's having a hard time, but if my harsh words focus her mind on listening to experts, then I am happy to give it, even if it makes me sounds like a prick.



Alternatively your "harsh words" as you put it might result in her not posting again for fear of being made to feel stupid. I thought the tone of your initial post was so incredibly condescending. Everyone makes mistakes(yes, I'm sure even you). She's trying to sort it out now, no need to make her feel stupid.

Best of luck bmg, I hope you find a solution.


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## Brendan Burgess

Flax

I have just read the last two pages of this and I fully support the approach you are taking. 

Tough love is often necessary. But the person providing it will usually just get abused for it. It's much easier to hug someone and tell them that the banks are really terrible. The "victim" gets a warm fuzzy feeling, but it doesn't help them solve their problem.

Well done!

Brendan


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## so-crates

I think only one person saw fit to indicate (delicately) that perhaps the banks bear some responsibility, no-one else seems to see that as the problem or want to hug the OP for it. For myself, while I think that Flax has a point the trouble is it is too late, the OP has already had the reality check the hard way. No point slapping a child that has fallen off the wall you told them not to climb on, they have already been slapped much harder by the ground.


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## BYG

Don't be embarrassed about going to MABS they don't do miracles they only look for a practical and realistic way out of your situation. The big advantage from a financial institutions point of view is that they will trust what they say as being the truth and more than likely accept a proposal from them. 
  Regarding your ICB record I wouldn’t let it worry you too much you are either going to keep your house or have to sell it either way you won’t be looking for credit in the future. 
  As someone who spent a period dealing with situations where people ICB record is impacted. I feel that people worry about it too much when in general it exists to prevent access to credit in situations where it shouldn’t be given.


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## PM1234

This thread is becoming judgemental and pontificating and is in danger of running off track. Unfortunately  like some of the recent posters, I don't have any constructive advice other than encouraging you to follow the advice of MABS. I'm just posting to wish you the best of luck.


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## Vanilla

Unfortunately unmarried mothers do not enjoy the same protection in law as married ones do. You will not be able to seek maintenance for yourself and in relation to the house you are viewed in the eyes of the law as if you were two strangers who happened to buy a house together. You are entitled only to what you put into the house financially. You are however entitled to seek maintenance for your son and perhaps in view of the fact that your ex partner is saying he wants to leave the country now is the right time to tie down a settlement from him in that regard. You probably should try to arrange a meeting with your ex and ask him his intentions in relation to the house and a proposed settlement for your son. Don't agree to any thing without considering it and preferably with the benefit of legal advice.


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## Bronte

BMG my apologies if I was being too harsh earlier, it's just the way I am with financial advice.  I like your post number 148 you've got guts, and seem to be more mature and I don't mean that in a condescending way, the reason many of us are able to post on here is that we too have made mistakes and learnt from them.  It's really very brave to come on here and detail the problems and I do sincerely hope you suceed.


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## bmg

Brendan said:


> Flax
> 
> I have just read the last two pages of this and I fully support the approach you are taking.
> 
> Tough love is often necessary. But the person providing it will usually just get abused for it. It's much easier to hug someone and tell them that the banks are really terrible. The "victim" gets a warm fuzzy feeling, but it doesn't help them solve their problem.
> 
> Well done!
> 
> Brendan


 
Brendan, for want of better words, I find your post somewhat ridiculous.
I'm not looking for hugs or warm fuzzy feelings, nor have I ever claimed to be a "victim"

I did not come back to this thread to be felt sorry for or to look for sympathy and I know that "hugs & warm fuzzy feelings" won't make things better...jeez, why not just stick a Dunce Hat on me and stick me in the corner!!!!!!

Flax may have his/her points, I just don't see what good they are at this stage. There is no point in "advising" what I _should_ have done back then. It's too late for that now. I don't need my mistakes pointed out to me - reality has done that.
I cannot stress that enough!!
I didn't get defensive because he was 'right or wrong' in what he said, it was the way he worded his post, and he only came short of labelling me as Stupid. 
Sure, he can judge me if he likes based on the information I posted, but frankly at this stage I don't give a damn. 
I've more important things to think about and worry about. 

For the rest of you that have offered your words of support and good luck, as much as i *know* it won't change my situation, it still means something to me....Thanks !


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## ClubMan

bmg said:


> Well the pack that MABS are sending me out I'm sure will be of some benefit and help to me.


Did you get this yet? Did you arrange an appointment to talk to them in person yet?


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## Flax

bmg said:


> There is no point in "advising" what I _should_ have done back then. It's too late for that now.


 
I'm advising what you should do now. My advice is simple: do not override the advice of the experts because all the evidence suggests you don't understand debt or the consequences of debt.



bmg said:


> he only came short of labelling me as Stupid.


 
What you did was stupid. I'm sorry, but it was! There is no point pretending you are a victim. You aren't. You made a series of bad decisions without understanding the consequences of your actions.

Again, I say this not to kick you when you're down, but to make sure you focus on getting help rather than trying to solve things yourself.


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## bmg

ClubMan said:


> Did you get this yet? Did you arrange an appointment to talk to them in person yet?


 
The pack has not arrived yet but my appointment is set for Tuesday June 3rd.  The discussion was brief and I will have to gather up some documentation for them to present on the day.


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## magoko101

Brendan said:


> Flax
> 
> I have just read the last two pages of this and I fully support the approach you are taking.
> 
> Tough love is often necessary. But the person providing it will usually just get abused for it. It's much easier to hug someone and tell them that the banks are really terrible. The "victim" gets a warm fuzzy feeling, but it doesn't help them solve their problem.
> 
> Well done!
> 
> Brendan



I'm astounded by this tough love approach.
Why should advice be dished out in a condescending and insulting tone? There is no need for it. To assume the person wouldn't have appreciated the information without this tone is sad.

Maybe if there was more information available from sites in relation to the potential drop in property values over the past 2 years this individual wouldn't be in this situation.


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## LDFerguson

coppers said:


> You should give this greater consideration; have a look on daft.ie/sharing to see how much you might get in your area. An extra 300-500 tax free per month could make all the difference. Plus help with bills.
> 
> I'd move my own furniture in and sleep on the floor if that's what it took, alternatively someone might take unfurnished.


 
This seems like a good idea.  You give a prospective tenant your bed.  Within two months the rent has bought you a new bed.  After that, the rent is additional tax-free income.


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## Flax

magoko101 said:


> Maybe if there was more information available from sites in relation to the potential drop in property values over the past 2 years this individual wouldn't be in this situation.


 
LOL

Yep, it's AAM's fault!


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## bmg

LDFerguson said:


> This seems like a good idea. You give a prospective tenant your bed. Within two months the rent has bought you a new bed. After that, the rent is additional tax-free income.


 
I certainly don't knock the idea.   I suppose with having a child it's a bit different, If I was on my own I'd have no questions about renting a room. 
Then the area I'm in is out of town and very quiet.  Wouldn't suit everybody I suppose but would suit some.  
However, it's something that could work out very well.  I will look into this.


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## cjh

magoko101 said:


> Maybe if there was more information available from sites in relation to the potential drop in property values over the past 2 years this individual wouldn't be in this situation.



www.thepropertypin.com - shouting about a property bubble/crash since Nov 2006

www.davidmcwilliams.ie - shouting about a property bubble/crash since God was a child

But as the American Indians say "You can't wake a person who's pretending to be sleeping".


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## magoko101

Flax said:


> LOL
> 
> Yep, it's AAM's fault!



Would you prefer me to reply Yes or No to this so you can make some derogatory remark?


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## eileen alana

bmg - Do look into letting out a room, check for references  if you are concerned re the safety of your child etc.  You have had a rough couple of years, what with the money problems and that 'rat' of a partner walking out on you, its enough to make anyone feel down in the dumps. I don't think your are stupid or irrational, true you have made mistakes but which of us hasn't??. You would be surprised how many astrute business people go under due to bad decision making.  You have got a cross section of advice here, people see your problem from all different angles and respond accordingly and that is fantastic because nothing will be missed or overlooked. Sometimes we need to hear the bad as well as the good, however, you are a survivor and your posts show you have plenty of fighting spirit left in you yet so keep your chin up girl and who knows what's just around the corner for you. Goodluck


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## Flax

magoko101 said:


> Would you prefer me to reply Yes or No to this so you can make some derogatory remark?


 


I really don't see any point in trying to blame someone or something else for Bmg's situation. She made the decision, she has to take the blame.

Everything I'm saying is true. I'm sorry the truth hurts, but we have to face reality!

I've made my point clear numerous times, so I don't want to be repeating myself.

Best of luck bmg. Follow MABS' advice and it'll work out ok.


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## Madangan

Bmg,

If I have this right you bought with your ex, he has left, you are paying all mortgage? While you most definitely should see MABS you must also regularise your legal situation vis a vis the house. Otherwise I see you struggling( at the expense of your quality of life and that of your child) to repay mortgage and when the good times come back so will your ex looking for his 50 % share of house.


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## eileen alana

magoko101 said:


> Would you prefer me to reply Yes or No to this so you can make some derogatory remark?


 

I detect a little bit of discord among some of the posts today perhaps this thread needs a little bit of that warm fuzzy feeling (Courtesy of Clubman)injected into it.


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## Brendan Burgess

And on that note...


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