Once off - Personal financial advisor

[spring2020]

Hi,

Is there such thing as a financial advisor that can give guidance (without selling a product) - similar to having a doctors appointment/career guidance appointment except to assist with the below in a 1:1 meeting, not on going.

Any recommendations on a reliable professional that can:

1. Obtain my credit file (what is used for applying for mortgages etc)
2. Tell me where I am going wrong and what I need to work on in order to improve it
3. General advice on how to improve so that my finances look healthier to the lenders

I have a job that can afford to pay things back now, not all in one go but if I knew the steps to take to improve it.

Thanks

 

[Mrs Vimes]

If you complete the money makeover template here you will get plenty of suggestions on each of your 3 questions.

Copy and paste the text and put your answers in.

 

[Brendan Burgess]

Hi Spring

Agree with Mrs Vimes - but fill in this template instead.

Key Post - Information required if asking about your mortgage application/refusal

From reading a lot of threads here I cannot help but notice that a lot of information is left out in the original posting and therefore a lot of effort is wasted by well qualified and helpful posters who are trying to help the original poster. I will try to give a number of headings which I feel...

www.askaboutmoney.com

If you want your hand held, a good mortgage broker will be the most practical in telling you how to present yourself best to get a mortgage.

Brendan

 

[spring2020]

Hi,

I’m looking for someone to physically look at my credit file and explain it to me. Are there people that can do this and can help me with tips on how to improve it? I don’t mean a FA that wants to sell me pensions or life insurance.

Thanks,
Laura

 

[Laughahalla]

If you want to find out what information is held on you (credit file) with regards to loans you've had or currently have you should start here.

Central Credit Register|Central Credit Register

The Central Credit Register (CCR) is being established by the Central Bank of Ireland, under the Credit Reporting Act 2013.

www.centralcreditregister.ie

They will send you a file showing your loan history and if you have paid your loans on time. You can sometimes spot things on this that are incorrect and have them corrected. In my own case I had a couple of closed accounts showing open with overdraft when in fact the account had been closed a year. It is worthwhile checking.

If you are straight with the Financial Advisor about what you want they shouldn't try to sell you anything. ( try find a non tied FA)
If you want to speak with somebody about how to present yourself to a bank about a loan application then you could make an appointment with any mortgage broker or financial advisor and tell them you are looking for advice only for now. You will probably need to pay a small fee for this.You will get a good education here for free.

Your own bank will also have a financial advisor who will be able to guide you for free. If they try to sell you a product just tell them straight out (in a nice way) that your are just exploring now and trying to get yourself into a good position in order to borrow down the road.

If you fill out the money makeover template you will get very good advice from people's own experience here for free. (nobody will try sell you a product)

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...

askaboutmoney.com

Some simple steps you can take-
Simplify your expenditure - Try not to have too many accounts and be able to explain where your money goes and comes from
Live within your means
Reduce credit card balance to zero
Do not use your overdraft
Show a savings history ( I would do above (reducing CC/OD) before I started saving)
Show that you can comfortably pay the amount you wish to borrow

Most importantly - If I was to advise my younger self- Only borrow for a home - Don't borrow for anything else.

 

[Protocol]

I’m looking for someone to physically look at my credit file and explain it to me. Are there people that can do this and can help me with tips on how to improve it? I don’t mean a FA that wants to sell me pensions or life insurance.

No need to hire anybody, all the advice is here.

First, get the ICB and CCR reports yourself.

I got my ICB report maybe a year ago, there is no need to get anybody else to explain it to you.

 

[Protocol]

It is very easy to make your finances look good to lenders:

save a regular amount every month, and be able to show exactly where from and where it is saved
never use an overdraft
a credit card is fine, as long as you pay the balance in full each month
no gambling transactions on current a/c statement

Have I missed anything?