Mortgage on bad credit historyHELP

Miss28cork

Ok so myself and my partner are both employed we have our 20k deposit, only i have bad credit history, missed payments on a loan a few years back. Ive paid for my credit rating check and of course it shows up. We have been turned down by 2 lenders and basically feel its pointless at this stage half the places we go in and talk to stop us once they hear out my history. On his earnings alone its not really worth getting approved as you couldnt even get a house at what they would offer. 117k?! Lol. Cork area by the way. Any house in that price is to small or needing wayyyyy to much work doing to it,

We have a child aswell so they take that off his income. I have asked banks do they take second incomes on single applicants which they dont. Even the home choice loans with the local athority ask you to contact a mortgage company first who then refuse to take it any further once they no you have bad histroy. Its a no win situation.

Is there ANY mortgage company who are willing to take on applicants with one applicant having a bad history but has since recovered (i mean there was a recession after all even the flippin banks needed balling out) i wouldnt mind, the credit union has since lent to me several times.

All the advice accepted. Thanks folks.

bleary

There were a number of banks that used to lend in cases like this, like step stone etc. a lot of these subprime lenders charged very high interest rates and were first taking a lot of the repossession cases.
First check that you have cleared the debts and that that is reflected on your record
Second can you discuss with the bank maybe removing the details from the ice records. Banks may do this in some cases (where there was a mistake)
Finally it should be purged after 5 years of the loan being cleared
You should probably use a broker for applications and in the meantime save

Miss28cork

The loan was cleared, it was with the credit union who i dont think would take the history off the ICB check

Were saving but house prices are going up so fast everything we save is non existant in the case of house price risings

leahyl

Better suited in Accommodation and Property Forum, OP

Easyliving

Find the best mortgage broker you can and take it from there. How long ago did failing to meet loan repayments occur?

seamus

As frustrating as it may be, the best route to take is probably wait out the ICB history and let the missed payments fall off it. Once five years have passed since the loan was closed, they will no longer appear on it.

In the meantime you can make things look better by actually taking out loans. Yes, crazy, I know. Short term personal loans - take out €1,000, go on a nice holiday, pay it back within 12 months and it'll cost you €75. And it'll look like a good solid paid back loan on your ICB report.

Keep saving your cash and don't panic about house prices. They have slowed significantly and will pull back a little in the next couple of years. For the sake of waiting a couple of years, if you go with a higher interest lender, you could end up paying way more than you need to.

Miss28cork

Easyliving wrote: »

Find the best mortgage broker you can and take it from there. How long ago did failing to meet loan repayments occur?

About 3 years ago.
Tried one mortgage broker who wouldnt even entertain us. Will keep trying. If anyone knows any mortage company or broker who do take on bad credit history would appreciate the names of the companys. Thanks

Miss28cork

seamus wrote: »

As frustrating as it may be, the best route to take is probably wait out the ICB history and let the missed payments fall off it. Once five years have passed since the loan was closed, they will no longer appear on it.

In the meantime you can make things look better by actually taking out loans. Yes, crazy, I know. Short term personal loans - take out €1,000, go on a nice holiday, pay it back within 12 months and it'll cost you €75. And it'll look like a good solid paid back loan on your ICB report.

Keep saving your cash and don't panic about house prices. They have slowed significantly and will pull back a little in the next couple of years. For the sake of waiting a couple of years, if you go with a higher interest lender, you could end up paying way more than you need to.

Yeah am doing that at the moment its so frustating knowing the company who i fell short with is willing to lend to me regardless. Thanks for advice.

leahyl

Miss28cork wrote: »

ok thanks. Is there a way to move it or do i make a new post? I only registered yday trying to get the hang of it

I moved it for you

whippet

unfortunately bad credit reports are there for a reason. Behind every bad debt / negative credit score is a story .. yours while harsh is still correct. Wait out the couple of years and reapply.

BTW .. does anyone else get shivers when they hear phrases like

Were saving but house prices are going up so fast everything we save is non existant in the case of house price risings

it's 2015 not 2005

Miss28cork

whippet wrote: »

unfortunately bad credit reports are there for a reason. Behind every bad debt / negative credit score is a story .. yours while harsh is still correct. Wait out the couple of years and reapply.

BTW .. does anyone else get shivers when they hear phrases like



it's 2015 not 2005

Oh i no. Im asking does anyone no of any banks or lenders who are prepared to take on cases regardless of history. There was a recession after all, i cant be the only person in ireland who got into slme debt.

Kristopherus

Miss28cork wrote: »

Oh i no. Im asking does anyone no of any banks or lenders who are prepared to take on cases regardless of history. There was a recession after all, i cant be the only person in ireland who got into slme debt.

There are. But they are sub-prime lenders. Think "vulture" when considering them, and then steer well clear.

Th3B1tcH

Some local authorities/county councils will do a mortgage type loan if your refused by banks , might be worth checking them out
Here's a link to 1 http://www.homechoiceloan.ie/
not sure about others ask in council offices for more info

Miss28cork

I rang one of the lenders/brokers on the list of that website and they also turned me down as they only deal with couples who have been turned down but meet the criteria to be given a mortgage.

alane20

I think it's just the culture of banks to say no if you have any blip on your record, credit unions do carry out icb checks, unless it's a loan under shares amount, I know in the c.i.e credit union I'm a member and lads have been turned down for even 1k loans because of icb, I think you just have to ride out the 5 years and take small loans keep payments upto date and try in the future, best of luck

Lux23

This worries me, I was out of work for over a year and I was only making a payment of €40 a month on my loan. The only saving grace is that I am in the public sector so I might get a mortgage in 3 to 4 years. No point looking until then though.

Miss28cork

Lux23 wrote: »

This worries me, I was out of work for over a year and I was only making a payment of €40 a month on my loan. The only saving grace is that I am in the public sector so I might get a mortgage in 3 to 4 years. No point looking until then though.

If you pre arranged with your credit union to lower ur loan to the 40euro then you should be ok. Were i was making smaller payments than the agreed price without discussing with them i was then hit big time when checking my credit rating. I rang the credit union to ask why this had happened and they said i should have discussed it with them, im also working in the public sector