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'bad credit' / getting a mortgage?

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  • 28-04-2016 7:32pm
    #1
    anonnygirl
    Registered Users Posts: 3 ✭


    Hey,

    I went into the bank today to find out about getting a Mortgage, everything was going great until they checked to see had I an account. When she looked it up, I had a 29 euro overdraft which they wrote off and now I have bad credit. When she found this out, she seemed deflated, whereas before she was all smiles and saying I was doing great. Is 30 euro really gonna deny me a mortgage, or should I still work towards applying? Is bad credit, bad credit, regardless of the number?

    TIA.


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,712 Mod ✭✭✭✭Henry Ford III


    Seems a bit harsh.

    p.s. Enquire can you repay the debt now, and get your record back to scratch.


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    #3
    Butters1979
    Registered Users Posts: 1,164 ✭✭✭Butters1979


    Seems very harsh but any written off debt is a red flag. it just makes it more difficult but when they dig in if that's the only issue I can't imagine them denying you a mortgage.

    Remember banks make a lot of money off mortgages that don't default, if they review the whole situation and decide you are not a risk, they'll give you the mortgage.

    In this situation it might be better to go through a mortgage broker. Maybe someone who has gone through one of those can give you more ideas.


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