Poor credit history

H

Homebird3

Registered User
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Hi there, first post.
Husband and I went to a broker today to talk mortgages. Everything seemed positive until I showed him a loan taken out of €17,000 in 2007 which I have recently reached settlement on with Cabot. €1100 paid to settle €1100 remaining. We have no other debts, deposit of €20,000 and if everything was ok capacity to borrow €200,000. I am paying €500 rent per month and saving €200 a month so I know we would have no problem paying a mortgage. I was a single mother then, lost my job and wasnt In a great place with my mental health. My husband has excellent credit rating but the reality is , my credit rating could put a dampener on everything and we could get nothing. I’m so embarrassed and worried for our future. Does anyone have any positive experiences with banks in this regard? We will continue with mortgage application but just worried sick.
 
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This is a difficult position to be in I know from experience. Unfortunately it is unlikely the bank will agree to finance your mortgage. You will be considered a bad debtor for 5 years after the loan is settled . I suspect your only option is for your husband to make a sole application
 
Thank you for your reply. The broker said today that as we were married my husband wouldn’t be able to make a sole application. Even if he could, it wouldn’t be enough to buy a house here with central bank rule 3.5 times your gross. I assume it will be the same problem with the Rebuilding Ireland home loan. We are both 41 so this is an absolute shame for me I didn’t get this sorted before now.
 
Homebird3 said:
Thank you for your reply. The broker said today that as we were married my husband wouldn’t be able to make a sole application. Even if he could, it wouldn’t be enough to buy a house here with central bank rule 3.5 times your gross. I assume it will be the same problem with the Rebuilding Ireland home loan. We are both 41 so this is an absolute shame for me I didn’t get this sorted before now.
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No shame in it . Everyone has different circumstances. The rebuilding Ireland may be more accommodating. Has the broker provided you with any alternatives?
 
Homebird3 said:
The broker said today that as we were married my husband wouldn’t be able to make a sole application.
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Yes, correct.

The first thing you need to do is get copies of your credit reports (both ICB & CCR) and see how the debt is recorded. It's a positive that you've now repaid it fully, but that's a small positive.

The 5 years is no longer a hard line taken by banks. It'll stay on your history for 5 years, but once you've 2 years clean history banks will look at individual circumstances. Does your broker deal with Finance Ireland?
 
RedOnion said:
Yes, correct.

The first thing you need to do is get copies of your credit reports (both ICB & CCR) and see how the debt is recorded. It's a positive that you've now repaid it fully, but that's a small positive.

The 5 years is no longer a hard line taken by banks. It'll stay on your history for 5 years, but once you've 2 years clean history banks will look at individual circumstances. Does your broker deal with Finance Ireland?
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Thank you for your reply. Yes the broker told me to order the ICB credit report and drop it into him as until he sees that he said he dosnt know what he’s dealing with. That’s understandable so we didn’t discuss too much more then. He did say that we could explain out the circumstances of the time .. and if not there would be another option so that could be Finance Ireland, I’m just reading a little more about them. My husband works in the North so we are limited also in the no of banks that will deal with us as it’s sterling income.
 
Introuble83 said:
No shame in it . Everyone has different circumstances. The rebuilding Ireland may be more accommodating. Has the broker provided you with any alternatives?
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Not just yet, I’ve ordered my ICB report which he needs to see and Wel need another appointment to discuss what happens then. Anxiety levels are high!
 
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