Mortgage chances with poor credit rating

P

Pepe

Guest
Does anyone know the likelihood of being approved for a mortgage with a bad mark on your ICB history?

Have a 'W' mark on my ICB from MBNA 3.5 years ago. Fell on tough times & they were unwilling to reduce payments and it ended up in arrears & then passed to a collection agent. The debt (€4k) has been paid in full with said company since then

No other marks on my record, have 6 other records all perfect, just this one with MBNA is an issue

Looking for approx 150k & have a 75k deposit built from savings over 3 years.

Income €45k per year & no children, will be a solo applicant.

Thanks
 
These days people with a clean ICB can't get mortgages... are Start or some other subprime companies still doing loans... might be your only chance. Other option is wait until your ICB is clean.... 1.5 yrs time.

Sorry I'm sure its not what you wanted to hear.
 
Agree it's worth waiting 1.5 years to get a clean record.

As you are single, there is little pressure on you to buy.

Probably worth checking with a broker towards the end of the year to see if you can avail of the special tax incentives for this year.

Brendan
 
Stay as far away from subprime lenders as you possibly can ! You have a great savings record & in a short space of time you will be in the clear & with even more savings - I"m sure. You will be in a fantastic position. Well worth waiting for
 
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