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New application after mortgage restructure

  • 14-12-2016 4:14pm
    #1
    yayatobe
    Registered Users Posts: 15 ✭


    Anyone have any experience dealing with banks when you have a negative mark on your ICB. I had to move out of my house for work so it's rented 5 years now, negative equity so wont be selling it. I restructured this mortgage 18 months ago to reduce the payments. My main reason for this was to ensure that the rent would always cover the mortgage and I thought having smaller payments to achieve would help with a future mortgage application...

    I applied for a mortgage recently and it has really gone against me that I have restructured the previous mortgage... I passed all the stress tests in the branch, good paye income etc.


    Just wondering if I try again in a few months will I get the same response or will I have the wait for a good few years until all the marks drop off the ICB history?


Comments

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


    I am surprised that you were declined just because you restructured your mortgage. Did you restructure because you went into arrears which is a different matter?

    You need to apply to www.icb.ie to see what is on your record.


  • #3
    yayatobe
    Registered Users Posts: 15 ✭yayatobe


    Yea, have the icb report. Nothing else really on it. All payments have been made etc. In a few months I'll have a better savings record so hoping that will tip me over the edge! Have savings there but not a consistent saver which I guess didn't help either!. Just hope that when I re-apply they can look beyond the restructure.

    I read somewhere that no bank will look at ya until at least 24 payments are made on the account after any adjustments so I'm hoping when I reapply this will be the case.


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