Preparing for a Mortgage Application

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ADMCA30

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Hi Everyone,


I’m looking for expert advice on applying for a mortgage, as my partner and I are beginning our mortgage journey.


The first step I took was checking my credit report, and I’m concerned about an old loan I took out with Ulster Bank in 2019. Due to financial difficulties at the time, I was unable to keep up with the payments, and with the added impact of COVID, I missed a significant number—at one point, my report showed 40 missed payments.


I fully acknowledge that financial responsibility rests with me alone. Thankfully, I was able to regain stability and cleared the loan in full in 2023.


Now, in 2025, my partner and I are preparing for our mortgage Journey, aiming to apply by late 2026. I understand that once a loan is repaid, it remains on the credit report for five years before being removed, meaning it will disappear in 2028. However, I’m unsure how this affects my chances of approval in 2026.


Since repaying the loan, I have taken out and successfully repaid a small loan (€2,500) and a hire purchase agreement (€20,000), with all payments made on time and without any issues.


My main question is: If I apply for a mortgage in 2026, will lenders review my credit history for the two years prior (2025 and 2026), which would only show the loan as fully paid? Or will they see records from 2023 and 2022, including the history of missed payments?


I’d appreciate any expert advice on whether I have a reasonable chance of being approved in 2026 or if I should wait the full five years until 2028. Additionally, I’d love recommendations on which banks might be more willing to consider my application, as well as any general advice that could help.


Thanks in advance!
 
There's no harm in applying - that's the only way to know for sure. Having repaid credit since your issues will help.

Some might say that a good broker may know which lenders are likely to treat you more favourably, but I'm sceptical of that myself.
 
ADMCA30 said:
My main question is: If I apply for a mortgage in 2026, will lenders review my credit history for the two years prior (2025 and 2026), which would only show the loan as fully paid? Or will they see records from 2023 and 2022, including the history of missed payments?
Click to expand...
Almost certainly they'll look at all 5 years of your CCR reports. What they do with that information depends on their lending policies.
 
40 missed payments are going to seriously concern any underwriter...I'd recommend getting a good broker to manage this application...even then it's an uphill battle.

Bit dated but likely still relevant....

Credit report- Mortgage application

Hi, I had a missed payment on a BOI loan in 2011, loan was fully paid in early 2013, and only then did i realize there was arrears (long story, but letter etc went to an old address and received no calls from the bank so was oblivious due to poor monitoring of my accounts at that time.) Anyway...
www.askaboutmoney.com
 
Bank of Ireland is the most flexible but Mugs' advice to go via a broker is good.

Is there any possibility of your partner buying the house without you?
 
Hi Brendan.

Unfortunately we will need a joint application, do we know the criteria with bank of Ireland or any advice on brokers?

Thanks in adavnce
 
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