Mortgage query

Johnson_76

If you have a bad credit rating is it possible to still get a small mortage of approx 120k if someone guarantees it ?

Is this something Irish banks do does anyone know ?

Happy Christmas to you all. Thanks

Johnson_76

Johnson_76 wrote: »

If you have a bad credit rating is it possible to still get a small mortage of approx 120k if someone guarantees it ?

Is this something Irish banks do does anyone know ?

Happy Christmas to you all. Thanks

Just putting this up near the top

Rob Thomas

Johnson_76 wrote: »

Just putting this up near the top

In any mortgage application the first concern for the lender (outside of the standard percentage and deposit rules) is ability to repay. If affordability is a concern an application won't get support regardless of anything else. This is still the reality in Ireland. There are no asset or security based lenders.

Past performance or the option of a guarantee are obviously important but secondary to affordability.

After that they will assess issues with previous credit on the basis of the circumstances which caused the default and if those factors are still an issue. E.g. a borrower may have run into trouble on a loan previously because they lost a job but subsequently got new employment and corrected the position. These are genuine realities of the bust. In these circumstances a guarantor may appeal to the lender.

If I were you I would consult an independent broker who will know the best lender to approach based on your circumstances.

Good luck

Johnson_76

Rob Thomas wrote: »

In any mortgage application the first concern for the lender (outside of the standard percentage and deposit rules) is ability to repay. If affordability is a concern an application won't get support regardless of anything else. This is still the reality in Ireland. There are no asset or security based lenders.

Past performance or the option of a guarantee are obviously important but secondary to affordability.

After that they will assess issues with previous credit on the basis of the circumstances which caused the default and if those factors are still an issue. E.g. a borrower may have run into trouble on a loan previously because they lost a job but subsequently got new employment and corrected the position. These are genuine realities of the bust. In these circumstances a guarantor may appeal to the lender.

If I were you I would consult an independent broker who will know the best lender to approach based on your circumstances.

Good luck

Thank You

Bigserious1

Most banks will consider a personal guarantee worthless these days.

But credit ratings in Ireland aren't as important as in other countries and your situation now is far more important than if you defaulted on something before.

Although if it was recent it could be an automatic decline unless you have a strong explanation.