S
Sol7
Guest
Hi guys,
I have been on looking to obtain info for myself on the previous threads regarding debt and mortgages and I couldn't see any information that will help me. Here is my story or problem, should I say;
About 7 years ago I was foolish to have signed up for a credit card, young and naive I didn't think of the consequences till now!! I only had a limit of 1k, and it was even less when it was in the old money, right so, I paid the minim payments and thought no more about, until I went to Australia for a year. To be honest I didn't even think about paying some money into it. When I came home it went into the hands of a debt collector, at the time I owed €1500 that was including the interest, I started to pay it off and now it's clear since last year.
My situation is now, myself and my partner are very egger to get on the property ladder and both earn decent wages. The problem is no lender will give 100% mortgage if you have bad debt, i.e. on the ICB, I'm on the ICB as a result of this. We tried a broker and they said most places wouldn't touch us and we could only get a 90%, and could we not get a "present" of our parents for the 10%?? Seems outrageous to me! We could go and get a further loan to get the 10% of the purchase price but we'd be paying out a mortgage and a loan, not to mention all the other bills each month! Madness!!
Is there anything we could do? I'm in a state over this and can't see light at the end of the tunnel? Can you buy yourself off the ICB or can any lender get round this for us???
I have been on looking to obtain info for myself on the previous threads regarding debt and mortgages and I couldn't see any information that will help me. Here is my story or problem, should I say;
About 7 years ago I was foolish to have signed up for a credit card, young and naive I didn't think of the consequences till now!! I only had a limit of 1k, and it was even less when it was in the old money, right so, I paid the minim payments and thought no more about, until I went to Australia for a year. To be honest I didn't even think about paying some money into it. When I came home it went into the hands of a debt collector, at the time I owed €1500 that was including the interest, I started to pay it off and now it's clear since last year.
My situation is now, myself and my partner are very egger to get on the property ladder and both earn decent wages. The problem is no lender will give 100% mortgage if you have bad debt, i.e. on the ICB, I'm on the ICB as a result of this. We tried a broker and they said most places wouldn't touch us and we could only get a 90%, and could we not get a "present" of our parents for the 10%?? Seems outrageous to me! We could go and get a further loan to get the 10% of the purchase price but we'd be paying out a mortgage and a loan, not to mention all the other bills each month! Madness!!
Is there anything we could do? I'm in a state over this and can't see light at the end of the tunnel? Can you buy yourself off the ICB or can any lender get round this for us???