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mortgage & bad credit?

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  • 04-04-2006 11:05am
    #1
    dubgirl
    Closed Accounts Posts: 190 ✭✭


    hi guys - If you are an existing homeowner and looking for a new mortgage (higher value) with a not so perfect credit history, is there ways around this?
    Any advice or tips welcome.


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    #2
    Culchie
    Registered Users Posts: 5,047 ✭✭✭Culchie


    I'm afraid there's very little hiding place, the financial institutions have access to the same information (Credit Bureau I think is the name)

    Can you afford a bigger mortgage?


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    #3
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    dubgirl wrote:
    hi guys - If you are an existing homeowner and looking for a new mortgage (higher value) with a not so perfect credit history, is there ways around this?
    Any advice or tips welcome.


    how long ago was the problem ?

    was it a few missed payments of a defaulted loan ?

    what % of your house to you own ?


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    #4
    dubgirl
    Closed Accounts Posts: 190 ✭✭dubgirl


    its actually my cousin so don't know the details of loan but know that they have been back on track for the last year. they own 57% of their house?


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Given their equity in the house is quite high- a bank will probably look at their repayment potential (including their previous defaults) and come up with what they consider a maximum amount that they could repay.
    The default does not rule them out from future loans, but the interest rate they are offered is likely to be a good bit higher than it would otherwise have been. Normal credit checks are over a 5 year period.


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    #6
    boilerkelly
    Closed Accounts Posts: 1 ✭boilerkelly


    hi there,

    i'm new to this discussion forum so bare with me if this is in the wrong place. it suppose to be a reply to the bad credit message. the answer is if you have bad credit rating it not such good news at all but only and only if it appears on the irish credit rating report.

    some loans appear and some dont,some bad missed payments do and some dont. what i suggest you do is do a credit rating on yourself.log onto irishcreditbreau (or however you spell it) and you can download a credit report to fill in and return it to them with 6 euro and they'll send you back the report and it will clearly state whether you have messed up your credit rating.

    the bottom line is if you have there is no fixing it but time is a great healer.


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