First Time Buyer With Bad Credit Rating

M

MANDY

Guest
We Are First Time Buyers One Of Us Has A Perfect Credit Rating The Other Has A Revoked Credit Card And Some Missed Payments On A Loan The Loan Is Clear And The Credit Card Is Now Cleared And Closed

Will We Get Refused For A Mortgage Because Of This
Has Anyone Got A Bad Credit Rating Like This And Got Approved For A Mortgage If So With Who
 
Try this
[broken link removed] - 18k
- Is the person with the good credit rating the principal applicant? Does the person with the bad credit rating have any other lines of credit that will show thwem in good stead? ie - on time payments.
I would get a copy of your ICB file and see exactly what info is on the person in terms of defaults - missed payments.
There are mortgage comapnies out there that provide bad credit loans, but you usually end up paying through the nose in terms of interest. I would examine your chances with the regular mortgage provider first before you consider other comapnies
 
Last edited by a moderator:
yes we got a copy of the credit rating on his it shows a few missed payments on a loan but most of them paid and his credit card revoked but we cleared that and got a letter stating

i was just wondering if anyone else get a mortgage with things like this on there credit rating.

it was stupid but he was only young and didnt realise how important his credit rating actually was
 
yes the good credit rating is the principal applicant
 
Hi there,

My partner and myself applied for a mortgage via a broker early last year and got a bit of a shock when we were refused by the 3 lenders that the broker approached. I had been approved on my own before and had thought it wouldn't be a problem. As it turned out my partner had something on the Irish Credit Bureau that he was not aware of (outstanding debt of 1500 euro on a car loan from 1996 which he was never informed about by the lender). Paid up but still couldn't get it with two banks when then approached ourselves. I then found out that EBS was the only bank that was not a member of the ICB (at the time they now are) and I went to them. Got the mortgage in the end.
I've since heard of another person who got a mortgage up North but cannot get on here because of his credit rating on the ICB. Not sure if it does any good to add your justification to the bad credit rating on the ICB,which you can do.

Sorry I haven't got better news for you
M.
 
all this mortgage approval is confusing me we went to a broker and sent him all the relevant details he said we are approved by P.TSB and IIB but we got a copy of our credit rating in the post and it didnt show that P.TSB ran a credit check we had to sign a Decleration form from P.TSB today does this mean we may not get the approval

EBS is requested a longer bank statement now. they havent refused us yet they say we are approved subject to bank statement
 
Yes, it is possible to still get mortgage approval. There are a number of specialty lenders that deal in this area. (No, these are not loan sharks!!!) The rates are a bit higher, but if you can build 24 months good repayment history with them, you can refinance to a regular lender who can see your good repayment history.
 
if you are relocating from uk with a "not too good credit history"(only in the last 12 months) then will irish banks have access to this data or will i start a fresh?

thanks

sinead
 
Probably not but they will probably look for documentary evidence as to your past financial situation and will be wary of obvious holes in it.
 
Hi

Depending on how bacd the credit rating is, you may indeed be refussed a mortgage, if so you might consider:

A) putting more equity into the property yourselves (if you have it) and then reapproaching the lenders who declined you indicating that their risk on the mortgage is lower to offset their previous concerns on repayment history

B) consider (as a near last resort) approaching IFG / GE Capital - they togeather, have a joint venture business lending to "more risky" applicants seeking Homeloans. Watch out the rates are higher than any other homeloan provider but they may suit your requireemnt ... later, one could always swap lender when a better credit history is established etc



Cheers


G>
 
Unregistered said:
if you are relocating from uk with a "not too good credit history"(only in the last 12 months) then will irish banks have access to this data or will i start a fresh?

thanks

sinead
Click to expand...

Unlikey - Little sis was in the same situation a while back and got a mortgage here no problem - she is an irish resident though and maintained Irish bank accounts and credit cards well enough while over there, so she came up in a good light on ICB.
 
You must log in or register to reply here.
Back
Top