# Any chance of a new mortgage?



## Arches1 (28 Apr 2014)

Hi all,

I posted previously and you were all very helpful, thank you for that.  I am still going through stuff with house but it is mostly to do with ex partner now and not the bank.  I will be selling the house which is not in negative equity, however when I appealed a restructuring arrangement the bank put the mortgage back up to the full amount, I fell in to arrears (approx 2500).  I was told over the phone that mortgage restructuring would be retrospective so not to worry about arrears. However, I have since found out this is not the case. I agreed to loan extension and restructuring of arrears which I thought would wipe them out. Myself and partner will be looking for a new house but my arrears are still showing on ICB report as 'fresh'.  I phoned the mortgage business side of the bank and they said not a chance would I get another mortgage, come back in a year.  Is it likely I would get one in a year? If I clear arrears asap will it still take 5 years to clear from ICB or the full term of the mortgage? I'm so confused. We have good salaries, he has savings, no loans, no other credit issues. Thanks in advance.


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## Bronte (29 Apr 2014)

You may well be confused but it is not at all clear what you are doing or asking?


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## Lucuma (29 Apr 2014)

Arches I assume you are selling the house you own with your ex before buying one with your new partner?


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## Arches1 (29 Apr 2014)

Apologies, I wrote that on my phone last night!  Yes Lucuma, I am selling a property in positive equity that I owned with my ex partner (he left in 2009).  I am hoping to buy a propery with new partner in the future but I had arrears on my current mortgage due to a number of factors. The arrears are minimal and the bank agreed to re-capitalise them but I just found out they could be paid back through a gift of money.  These arrears however are a black mark on an ICB report so I was wondering whether it was likely if I would get another mortgage?


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## Lucuma (30 Apr 2014)

No it was just the way you said you phoned up asking for a new mortgage and were told to come back in a year, it sounded like you were looking for the new mortgage now before selling the house you own with your ex? I mean do you think you will have your current house sold and everything settled in 1 year? 

I guess first things first - sell the house asap and settle the existing mortgage, then go about applying for a new one? And deal with the ICB issue then.


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## Arches1 (30 Apr 2014)

Thanks Lucuma,

That is what I think I will do, going to save a bit more etc first.  Houses in the area have been selling in a matter of days so I don't see a problem with that side hopefully!  There may be an issue with distribution of any remaining funds to myself and my ex after paying the mortgage to ICS, but that will be for another day to work out.  Thanks again, hopefully the ICB report will be sorted when we go to look for a mortgage.


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## Lucuma (30 Apr 2014)

Arches1 said:


> Houses in the area have been selling in a matter of days so I don't see a problem with that side hopefully! There may be an issue with distribution of any remaining funds to myself and my ex after paying the mortgage to ICS, but that will be for another day to work out.


 
That is not a bad problem to have on here !!! 

By the way Arches, looking back at your original situation in 2012: 
_Amount outstanding: 258,000
Value of home: Bank says 180,000 
_
Have house prices really increased that much in <2 yrs that 80k of negative equity was wiped out?


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## Arches1 (30 Apr 2014)

Lucuma,

I know, very lucky to have this problem if it sells, though in fairness I didn't expect to be selling up at all this soon. Yes , or so I've been told from estate agents. The last 'new' house in the estate sold for €250000. There are no more available. I do think the bank's figures were lower at the time and there wasn't much in the way of proving them wrong as not many houses were selling.


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## Lucuma (1 May 2014)

That's a fantastic outcome for you Arches. Your neg equity has disappeared and (I presume) your ex is amiable to selling. The end is within sight!


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## Arches1 (1 May 2014)

Lucuma,

I hope it all works out, I will keep you updated when I apply for a new mortgage if we are sucessful.  Thanks for your help.

Arches


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## Arches1 (18 Jun 2014)

Just thought I'd update you all. My house is on the market a few weeks, lots of interest but no offers yet. The bank I have my mortgage with rang me today to say we have been approved for a mortgage with them, despite arrears (now paid off) and despite extending the term. The mortgage we applied for is 40,000 less than what I owe on my own and my partner has a civil service job like myself. Just to show it can be done and people may not have to wait 5 years till icb records are clear.


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