From bankruptcy to a mortgage with Bank of Ireland!

Jane09 said:
We told them all about our situation and it was no problem.
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Hi Jane

Well done!

So it wasn't really the CCR which was holding you back?

You told the bank that your husband was a discharged bankrupt but they lent to you anyway.

I get the impression that BoI is the most flexible in this regard.

Did they apply stricter than normal criteria? Could you fill us in on some of the numbers?

1) Cost of home
2) Amount of mortgage approved
3) Your combined gross salaries.

Finally, which was the original bank that made a mess of your CCR?

Brendan
 
Brendan Burgess said:
Hi Jane

Well done!

So it wasn't really the CCR which was holding you back?

You told the bank that your husband was a discharged bankrupt but they lent to you anyway.

I get the impression that BoI is the most flexible in this regard.

Did they apply stricter than normal criteria? Could you fill us in on some of the numbers?

1) Cost of home
2) Amount of mortgage approved
3) Your combined gross salaries.

Finally, which was the original bank that made a mess of your CCR?

Brendan
Click to expand...
Hi Brendan
Thank you
It was the CCR And ICB being incorrectly reported to that held us up.
BOI had no problem lending to us as long as we were 3 years out of bankruptcy.
But as my husbands bank was reporting that he still owed the shortfall boi wouldn’t talk to us.
Cost of home 520,000
Amount mortgage approved 416,000
Needed 20% deposit.
Don’t want to say what our salaries are but we got 3 and a half times no exemptions. (We didn’t ask for one so not sure if we would have got one )
The BOI take it case by case. And asked us in detail why happened and why he could not pay his mortgage and asked for proof and back up of anything we had. So I don’t think they lend to anyone.
The bank my husband had a mortgage with kept reporting that he owed the mortgage until house was sold and then reported he owed the shortfall even though they knew he went bankrupt. I think they had some internal problem with not being able to change it for some reason. They didn’t know how to undo the joint mortgage basically. So we done a lot of research to find legislations etc to point out what they should have known.

Jane
 
Brendan Burgess said:
So normal second time buyer terms

80% Loan to Value
3 1/2 times income.

Brendan
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Yes and normal interest rates :) no other bank would talk to us until we were 5 years out of bankruptcy. Basically when our ccr was clear. Which it is now but we are still only 4 years since bankrupt. Now I could lie and say He was never bankrupt but we don’t want to go down that road.
Jane
 
Great ending.

In terms of BOI, I found them very flexible in different circumstances. They gave me a mortgage as a new proprietary director (daily rate contractor) with no annual accounts. We just painted the right picture with one of their mobile mortgage managers, who must be in commission and has the right relationships in the bank to make the case.

Brendan, maybe worth a thread in this. While the BOI interest rates / cash back combo is not the most favourable overall, they can be a good option for non standard cases.
 
My comment was more about BOI as a good option for non standard cases than anything bankrupt specific. Just a thought.
 
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