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bad credit history and loans but need mortgage

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  • 04-11-2014 8:13pm
    #1
    40whit
    Registered Users Posts: 56 ✭✭


    In the boom we took out loans and one of them went bad, we couldn't afford to keep up repayments and the bank never came looking for it, there were no payments made for 2 years bit in the last month the credit union has really helped us out they topped up my wife's car loan to cover the loan that went bad she now has a loan of 16,000 and I have a loan with my own credit union of 10,000. We have 4 children and have moved in with my wife's parents to save on rent, they own a second house which they have a 100k mortgage left on, if we cover the mortgage they will sell to us but we don't know how we are ever going to get a mortgage now with our past mistakes haunting us. We can absolutely afford whay the repayments will be, we were thinking of a council mortgage, do they consider credit history the way banks do? Can anyone tell us what our options are or if we have any? Thanks


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    #2
    matt70iu
    Registered Users Posts: 415 ✭✭matt70iu


    Hi

    Many of the councils are members of the ICB (Irish credit bureau) like the banks.

    However, membership of the ICB does not mean they make decisions the same way as the banks. With a Bank, a black mark on your ICB rating will likely mean you won't or are very unlikely to get the loan/mortgage.

    I recently applied for a loan with my credit union. It was a small loan, nowhere near the amount of your average mortgage.

    I have a bad mark on the ICB from when I lost my job in 2009 after the banking crisis, they obviously saw this, declined the loan, I appealed, they asked me to come into the board meeting.

    I explained what happened to the board and the loan was approved.

    I would suggest checking you ICB rating, and taking it from there. The point I'm trying to make is, with the council, there more humans involved, not just computers, like the banks and unlike the credit untions who will look at the member and not the computer!!


    Best of luck!


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    #3
    ANXIOUS
    Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    Could you not just move in and take over the payments?


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    #4
    badgerbroc11
    Registered Users Posts: 141 ✭✭badgerbroc11


    ANXIOUS wrote: »
    Could you not just move in and take over the payments?

    Depending on who the mortgage is with the rate on the existing mortgage could be better than rates out there at the moment as well

    Good suggestion but be careful about the tax implications. While you may see it as simply taking over the mortgage the revenue may see it as rental income for your parents-in-law


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