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Clueless first time buyer :)

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  • 06-08-2013 12:02pm
    #1
    RachaelDevins
    Registered Users Posts: 7 ✭


    Hi myself and my partner are first time buyers and have recently saw a house that we are very interested in now all we need to do is get a mortgage :)

    I have a permanent job in the public sector, my partner works in private sector but has worked for the same company for 5 yrs who recently offered him a pay rise. We have a good record of regular savings and have enough saved for a deposit! We pay rent on time every month and have been renting the last 3yrs! Bills are paid regularly but have missed payments a few times :(
    I took out a car loan 5yrs ago with insurance, 9 months after getting the loan i was made redundant and claimed from the insurance, but by the time the insurance company paid out my loan was sent to a debtors. I was back working within 3 months and started paying off the loan through the debtors, i finished paying off the loan last yr. I was worried this would effect my credit rating so applied for my credit report from the ICB to my delight there was no evidence of the loan on my report! So does this mean when we apply for a mortgage I'll have good credit rating?? Or could this still effect our mortgage approval??
    The guide price for the house is €139000 and have a 10% dep so we are looking for €125000, what do you think are our chances of getting a mortgage?

    Any advice for clueless first time buyers is very welcome and much appreciated thanks :)


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Very hard to respond to your post without more detail such as what ages are ye and what are your gross earnings and if both of you are in permanent employment. Also find it hard to believe that the payments you missed on your car loan are now shown up on the ICB. Do you have any short term borrowings at the moment and how much do you save monthly and how much rent do you pay.
    Trish 56


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    #3
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Some lenders do not subscribe to the ICB


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    #4
    RachaelDevins
    Registered Users Posts: 7 ✭RachaelDevins


    Trish56 wrote: »
    Very hard to respond to your post without more detail such as what ages are ye and what are your gross earnings and if both of you are in permanent employment. Also find it hard to believe that the payments you missed on your car loan are now shown up on the ICB. Do you have any short term borrowings at the moment and how much do you save monthly and how much rent do you pay.
    Trish 56

    Thanks for the reply :) i am 24 and my partner is 26, I am permanent but my partner isnt hes on a contract but there is no end date to his contract, our gross earnings are €72,000. Missed payments didnt show up on ICB could it still effect my credit rating? We have no loans and save over €1000 a month and pay €580 on rent a month. Any advice would be great
    Thanks


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    #5
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    Missed / late bills won't show on ICB. I presume you are referring to utilities like gas, electricity etc.

    If they were DDs that your bank bounced then I still doubt it. Open to correction but isn't ICB just concerned with loan / credit card repayments?


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    #6
    RachaelDevins
    Registered Users Posts: 7 ✭RachaelDevins


    nlgbbbblth wrote: »
    Missed / late bills won't show on ICB. I presume you are referring to utilities like gas, electricity etc.

    If they were DDs that your bank bounced then I still doubt it. Open to correction but isn't ICB just concerned with loan / credit card repayments?

    Thanks for reply, not really worried about missed bill payments, more concerned about my old car loan that I paid off through a debtors, but it doesnt show on ICB report is there any other company that lenders check with???

    Applied for a mortgage with bank of ireland last friday have been told we can borrow the amount we want to pending credit history! how long does it normally take before they get back to you. Haven't heard from them yet....biting nails all week :(


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    #7
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    RachaelDevins wrote: »
    Thanks for reply, not really worried about missed bill payments, more concerned about my old car loan that I paid off through a debtors, but it doesnt show on ICB report is there any other company that lenders check with???

    Applied for a mortgage with bank of ireland last friday have been told we can borrow the amount we want to pending credit history! how long does it normally take before they get back to you. Haven't heard from them yet....biting nails all week :(

    Don't think so. Here's a list of the ICB members. http://www.icb.ie/membership.php

    Only those members submit info.

    Waiting times - the official has to prepare a lending submission and submit it to their credit department. Same for any bank. Generally there's a service level agreement between the branch and the lending department for approving/declining applications - usually 5 - 7 days I'd say. However they can defer their decision and seek more information / clarification etc.


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    #8
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Based on the information you supplied and that you have a clean credit bureau you should have no problem qualifying for a mortgage of 125k. I presume you did not borrow from Bank of Ireland for the car loan because if you did the missed repayments will show up on their records.
    Best of luck
    Trish 56


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