Effect of Split Mortgage on ICB Credit Rating

Dublin Divorce

New Member
Messages
8
Does anyone know the effect of a split mortgage (20% in a moratorium) on a credit rating? Thanks to family there were never any arrears, late or missed payments while it was negotiated and everything agreed has been paid on time since.
I believed my credit history was clear as nothing was ever due outside of agreements, but AIB have just refused a car loan on the basis of a credit check.
I've requested a copy of my ICB report but it will take time to arrive, so thought I would ask here if it is automatically the restructure doing the damage or the possibility of an error on the file?
 

Brendan Burgess

Founder
Messages
37,462
How can you afford to borrow money to buy a car when you can't afford to meet your mortgage repayments? It would have been grossly irresponsible of AIB or any other lender to give you a loan, when your mortgage has been restructured.

Of course, the split mortgage is recorded.

I advise people who have a split mortgage to review whether or not they still need it so that they can start repairing their credit record.

Brendan
 

Dublin Divorce

New Member
Messages
8
Thank you. That’s very clear.
The terms of the restructure were that if I had any increase in income 50% was to be paid as a monthly overpayment and I could keep the other 50% which is what, following a good promotion, I have been doing. I was looking to use my 50% to upgrade my car to give me better reliability, but completely get the point that I do have excessive lending in my name (thanks to my ex leaving me with responsibility for the full joint mortgage payments).
Thanks again.
 
Last edited:

demoivre

Frequent Poster
Messages
2,563
Plenty of garages out there offering car finance to people with impaired credit records.
 
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