Getting a mortgage with bad credit rating

I have 2 kids running amok here and I can't think straight, so please excuse the stupidity of this question.

I'm just wondering how likely it is to get a mortgage with no outstanding debts/credit card balances etc, but with loans and cc recently cleared - ie if I cleared all loans etc 6 months ago, would it be another 4.5 years before I'd get a mortgage? Is it possible to get a mortgage before the 5 year period is up?

Thanks!

Having debts and credit card balances does not mean you have a bad credit rating.

It's only if you were defaulting on them.

Assuming you do have a bad rating, it depends on how bad that rating is. If it was a temporary problem, Pepper make loans to "near prime" borrowers, but they are more expensive as they are classified as higher risk.

Brendan

Pepper allow 2 missed payments on unsecured debt up to €750. No missed payments on secured debt in the last 2 years.

The other banks have lightened up slightly. They will allow a less than perfect record if there is a perfectly reasonable reason for it, such as you were moving at the time but you had money in the bank.

Have you got a copy of your ICB record?

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)