I recommended someone to you in the first reply. If you're lucky he might come back and say whether you have any chance. But based on your credit history I'd say you have no chance. Presumably your wife does. Has she an excellent credit record? She has a permanant job. Not sure how much they will lend based on her salary. Not sure how a bank will react to her applying for a mortgage on her own. Is the property in both names?
My wifes Credit History is clear except for the mortgage 4 years ago. That was a joint mortgage. But before it came to even looking at Credit Histories, the banks I talked to would not give a mortgage on the family home without both people. To answer your question as to whose name the house is in... the fact is, it can be in whatever name would give us a chance of mortgage.
This post is a classic example of someone giving a story looking for advice but it being clear when clarified that the situtation is entirely different to what one thought. It is really important that posters give as much financial data as possible.
To be fair, I origionally posted just looking for the name of a good professional financial advisor, so the details weren't really relevant. When it was apparant that the posters here might be able to offer a bit more than just that, I told all.
Outgoings:
Can you post up the repayment amounts, interest rates, and terms. Whose names are these loans in. This will help with ideas on restructuring.
All loans are in my wife's name. I did have one but finished paying it this year.
2 Credit Union Loans of €50k and one for €60k. The repyaments on these are roughly €700 each. All 3 are 10 year loans
1 BOI loan for 10k with repayments of €300
Interest Rates, I don't have to hand.
Property valuation:
Can you clarify what a similar house in your area is selling (Daft/auctioneers). And what one actually sold for at the height of the boom. As far as one can tell prices have dropped 50% to 60% depending on the area. Could you give an idea of the location, county even. You could telephone an auctioner for advice on what they think it would sell for, so you have an idea before you start looking for a mortgage. A bank will require you to do a valuation later so it's a good idea to know the value now so you won't be disappointed and ask for too much.
Sure, you know yourself the way things are today, we could have a whole thread on valuation alone and I don't want to get bogged down on it here.
But to Answer your question.... In The same area as mine...
There is one house similar to mine, about 300 sqr feet bigger and a slightly better site... advertised for €775k. But that is just mental - It would never sell for that.
There are two houses further houses similar to mine. They are both advertised for €450k. But personally, I would say there are worth about €350k. My house is about 300 sqr foot bigger than these and I would say my site is also better.
But, I don't want to get bogged down in valuations... Let's just, for the sake of argument, accept that it is worth €400k. If I got to the point with a bank of debating the value of the house, I'd be very happy.
Bad credit history:
You do indeed have a bad credit history but to your credit you have paid back everything. Banks do not look at it this way. They will classify you as a bad risk. There is no way I can think of around this. Especially as one of them is only 2 years ago.
Yes - It's the 2 year old one that is really breaking me. But, as much as it is 100% my own fault, it was a genuine honest mistake as opposed to not having the money. I went to my local Bank Manager 2 years ago who I have a very good relationship with from working with him through our business. I was 100% up front with him with everything. As he has worked with me over the years with the building of the business, he could see how it had grown and was continuibng to grow and he backed me 100%. He helped me put it together to see if he could do anything for me. Then he came back a few days later saying Head Office had come back saying my ICB report is showing a current loan 7 months overdue. That was the first I heard of it. And Yes, I know, I should have made it my business to know it... But I was building a house, running a business and raising a family. I was hearing nothing from the bank, so I thought everything was ok.
The thing was, the total outstanding amount was only about €2k and I cleared the loan straight away. But it still comes up in black and white on the ICB report as 7 paymenst overdue which obviously looks terrible.
Other property
You mention getting a loan against other property, do you have other assets?
To be honest, not really. I could possibly look at getting other property in my name but I don't think I am desperate enough to do that. I was just throwing out a few options.
Guarantor
Based on your credit history, you should not ask any family member to co-sign a loan for you. Sorry to be blunt. In any case it's rarely a good idea.
I accept your point - that my history does look very bad on paper. But I have explained some of it above. I am from a very close family, as is my wife. We have helped out both in the past. If having a guarantor was a real option, then I certainly could get one. But again, banks don't seem to really be considering them anymore
Money makeover
Would you consider doing the money makeover, it's amazing where one can make savings and that thread generally can throw up ideas.
Well, the next step I have to do if this doesn't work out (whick I do know it probably won't) is just accept that I have to keep paying away those loans for another 12 months and sit down and do a budget based on that.