Best way to try and get a mortgage with a nightmare credit record.

Long story but bought a home with a partner years ago. We split up before we moved in and there started a huge fight regarding the house. Ex partner washed hands of house and left it to me to sort whilst putting blockades in my way. My financial situation worsened and I missed payments for years. My ex never made any payment ever to the house. House was sold by bank to private company who did a deal with me. Basically I handed over house, paid back what extra I could and rest of debt written off. Ex kept causing delays and became difficult. Before deal finalised, the house went on fire (thankfully empty at time) and that delayed solution for another 2 years. Deal signed and sealed just over a year ago so credit report will eventually not have any of this on it.

Fast forward to today. I’m married and combined household income is approx €200k per annum and savings of €85k. Late 40’s. Renting. No assets of note but our household also has no personal debt. Looking for mortgage of approx €300k-€350k. Has anyone any advice as to what we might do to try and get mortgage? Should we try and approach bank? If so, what one? Should we approach mortgage broker? If so, do any specialise in this kind of thing?

Any advice appreciated. Happy to answer queries.

Bank of Ireland is the most flexible lender when it comes to people who have been in difficulty but acted responsibly.

But maybe best to consult a broker who can present your story in the best possible light.

Brendan

In my experience brokers don't want 'awkward' cases - they'll cherry pick the easy ones.

Start by taking a look at the requirements and pull all your paperwork together; there's a lot these days. Get a copy of yr credit record while you're at it.

Would you be able to raise sufficient, even for a smaller / cheaper place on your partner's salary alone + savings?

Thanks for that. I got a copy of my credit report and the only untoward thing on it is the lack of mortgage payments. Nothing else on it.

As for my spouse going alone on a mortgage. Given we are married I believe we have to be jointly assessed for any mortgage thus my years of non-payments will probably prevent that.

I also note what you say about mortgage brokers but I would happily pay a decent fee for a consultation or for a mortgage brokers time if they felt that they could help get a mortgage application over the line or assist me with the explanation as to what happened my previous mortgage and help me find a way out of this mess.

Open to PMs if anyone wants to fire me a message.

TheBargyman said:

Given we are married I believe we have to be jointly assessed for any mortgage

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Strategic separation agreement would allow your partner to apply for a mortgage in their name alone.

Open to correction, but I thought brokers weren't allowed to charge applicants.

TheBargyman said:

I also note what you say about mortgage brokers but I would happily pay a decent fee for a consultation or for a mortgage brokers time if they felt that they could help get a mortgage application over the line

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Just ring a few up and ask.

I’ve always found them very willing to talk. Every call is a potential commission for them.

DannyBoyD said:

Open to correction, but I thought brokers weren't allowed to charge applicants.

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They can. And it would be much better for the consumer if they charged an hourly fee.

Brendan Burgess said:

Bank of Ireland is the most flexible lender when it comes to people who have been in difficulty but acted responsibly.

But maybe best to consult a broker who can present your story in the best possible light.

Brendan

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Last time I got a mortgage with BoI, they didn't work with brokers. They did, however, have Mobile Mortgage Managers, who appeared very incentivised financially to get toy a mortgage and in my case was excellent at presenting a non standard case (proprietary director with no accounts). https://personalbanking.bankofireland.com/borrow/mortgages/mobile-mortgage-manager/

Some advice from: https://switcher.ie/mortgages/bad-credit-mortgages/ with some ideas around non-standard lenders like Credit Unions ot Local Authority loans?

Has your spouse ever owned property before. If not, you could be treated as Fresh Start buyers which again may give access to a Local Authority loan. https://localauthorityhomeloan.ie/

TheBargyman said:

Thanks for that. I got a copy of my credit report and the only untoward thing on it is the lack of mortgage payments. Nothing else on it.

As for my spouse going alone on a mortgage. Given we are married I believe we have to be jointly assessed for any mortgage thus my years of non-payments will probably prevent that.

I also note what you say about mortgage brokers but I would happily pay a decent fee for a consultation or for a mortgage brokers time if they felt that they could help get a mortgage application over the line or assist me with the explanation as to what happened my previous mortgage and help me find a way out of this mess.

Open to PMs if anyone wants to fire me a message.

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Finance Ireland could be the best lender for your circumstances. They have a product called Progress Plus and is for people who have had bad credit history within the last 5 years. . The rates are higher but you could lock into a shorter fixed term and then switch lender when your credit is clear.

Hola145 said:

Finance Ireland could be the best lender for your circumstances. They have a product called Progress Plus and is for people who have had bad credit history within the last 5 years. . The rates are higher but you could lock into a shorter fixed term and then switch lender when your credit is clear.

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I think you have to have 4 years of good credit before they’ll look at an application.

Have heard that BoI will look at someone with bad credit history after 2 years - anyone know if this is true?