Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage application - how tough are the banks about missed payments?

Options
  • 20-09-2014 7:16pm
    #1
    oddballpost
    Registered Users Posts: 18 ✭


    So im exhausted of looking for a new rental and a house has just come up for sale in an area we like. We have a deposit saved and enough to cover all the costs involved with a mortgage. We both work fulltime and are saving 800 a month atm.

    My partner had a blip in july. The bank took out our savings first then his loan repayments (small amount owing on this still). And as his wage hadnt gone in yet its showing overdrawn on his statement. Would they refuse us for this?? Im panicking now as I really want this house.
    If they do refuse could we still put in an offer and try draw it out until they agree our mortgage? Any advise at all would be great. Tia


Comments

  • Options
    #2
    MB05
    Registered Users Posts: 334 ✭✭MB05


    I am not an expert by any means but if this is the only blemish and they can see that his wages went in a day or two later they can work out what happened. I'm sure you could explain it away.

    As long as they can see you can save regularly and pay rent regularly that is in excess of the monthly repayments you have a good chance.

    You just have to demonstrate that you can comfortably meet a stress tested mortgage repayment.

    Things like how permanent your jobs are and what other outgoings you have that will still be there after you draw down the mortgage (car loan, creche costs etc)


  • Options
    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    You need to talk to your lender- they are a lot stricter these days than they were in previous times. Some lenders have a policy where direct debits that fail are presented up to 5 times at 24 hour intervals, following a failed payment (this is what BOI used do)- and if the payment were made in a subsequent request- it may not go on your record.

    You really need to talk to you lender- and get a copy of your credit record- to make sure that this one instance is in fact the only blemish- and if not- to work out how to mitigate the record.

    Talk to your lender.......


  • Options
    #4
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    oddballpost wrote: »
    So im exhausted of looking for a new rental and a house has just come up for sale in an area we like. We have a deposit saved and enough to cover all the costs involved with a mortgage. We both work fulltime and are saving 800 a month atm.

    My partner had a blip in july. The bank took out our savings first then his loan repayments (small amount owing on this still). And as his wage hadnt gone in yet its showing overdrawn on his statement. Would they refuse us for this?? Im panicking now as I really want this house.
    If they do refuse could we still put in an offer and try draw it out until they agree our mortgage? Any advise at all would be great. Tia

    OP, the loan repayment was made, the account it came from just went overdrawn and that just means you pay a few euro penalty. If it direct debit had bounced back then you would have "missed" the repayment. Don't worry, the bank will be concerned about your overall fiscal health and ability to make repayments in the long term.


  • Options
    #5
    oddballpost
    Registered Users Posts: 18 ✭oddballpost


    Thanks for your replies. Will know either way soon as handing all the info over this week. Going to put an offer on the house anyway in the meantime and see where we go from there.


Advertisement