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Trying to get a mortgage with poor credit rating

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  • 25-03-2019 2:37pm
    #1
    Dub turned Culchie
    Registered Users Posts: 2 ✭


    Partner (and myself) looking to build. Told architect to keep the design of the house within a budget. Have PP, ground works and raft done (out of partner's pocket) while we were waiting on costs for the bank from the engineers.

    Engineers think the house is going to cost the budget plus €60k!!!

    Partner had approval in principal for budget amount. Hence wanting to keep the house design within that price range.

    I have poor credit rating (had a car loan, lost job and struggled to pay, bank at the time didn't want to know or restructure) loan is nearly paid off now, at the time I wasn't thinking of the future, young and stupid etc.

    Has anyone managed to get mortgage with second applicant having a poor credit rating? I assume it is impossible.

    I am back in a job but only getting back on top of things financially (I had to go back to college to retrain and had huge fees to pay), myself and partner currently have separate finances, so they were going to get the mortgage in their name and I was going to pay my share of the repayments, but I don't think this is going to work now.

    Also house is a bit too big for the rebuilding Ireland loan, we have already looked at this, and as the raft is in there is nothing we can do about the size.

    Not looking for any hate on this, useful info please. Thanks


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    If you have decent equity in the new build or a good loan-to-value ratio it might be worth trying one of the secondary mortgage providers.

    If you do find one that will accept you, be prepared to pay higher than usual interest rates.

    Might be worth talking to a broker.


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    #3
    spaceHopper
    Registered Users Posts: 3,991 ✭✭✭spaceHopper


    Can you look up your credit score, unless you had a court judgement against you it might not show up.

    Go talks to the bank declare the loan as just a loan. If it comes up say you lost your job had to go back to collage and now that you working it will be paid off by x date.


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