Icb report mortgage

Jake5991

My partner and i are trying to buy a house and we have mortgage approved in principle . She is buying the house and i already have a house and am renting it out so she is going to buy it on her own as a first time buyer , i gave her half of the deposit . Everything was going well until the bank got back in contact with her today asking for an ICB report .

What is this report for and can it stop us being fully mortgage approved ?
This is a bit of a setback as i thought we had the house and am not sure whats gonna happen next .

Nigzcurran

Jake5991 wrote: »

My partner and i are trying to buy a house and we have mortgage approved in principle . She is buying the house and i already have a house and am renting it out so she is going to buy it on her own as a first time buyer , i gave her half of the deposit . Everything was going well until the bank got back in contact with her today asking for an ICB report .

What is this report for and can it stop us being fully mortgage approved ?
This is a bit of a setback as i thought we had the house and am not sure whats gonna happen next .

It’s a credit history report, surely they already did a check before you got approved or has your situation changed since?

Jake5991

No nothing has changed she did a masters back in 2009 and was in debt for a little while but it says it gets cleared after 5 yrs. she had an overdraft in her bank but never owed any money on a loan

L1011

An ICB report is a normal part of absolutely every mortgage application. They bank are looking for consent to get it. You would have done one back in the day for your own house but its easy to not remember something minor enough in the piles of stuff that buying involves.

You can get a copy yourself if you want to check there's no horrors on it but the bank may find the delay odd.

https://secure.icb.ie/cr_personal.jsp

Its very unlikely to have anything on it in that scenario. Loans paid off on time are more a positive than a negative normally.

Dav010

I’m sure you know this, get legal advice on what happens if the relationship breaks down. She will own the house.

Jake5991

Ye i cant remember half the stuff i had to fill out it was a long time ago .
The bank said that something negative came back from her initial credit check

L1011

Jake5991 wrote: »

Ye i cant remember half the stuff i had to fill out it was a long time ago .
The bank said that something negative came back from her initial credit check

An "initial check" is probably the Central Credit Register which an also be got to take a look at

https://www.centralcreditregister.ie/

This has some hire purchase and finance house things on it that people may completely forget can be considered debt - e.g. Creation Finance who do the buy now pay later on some websites, Flexifi, Oxendales clothes are all CCR reporters.

ICB only has a much more limited range of more serious reporters.

Jake5991

Ok well i dont know why then . So this icb report would be deemed to be pretty serious then ?

L1011

Jake5991 wrote: »

Ok well i dont know why then . So this icb report would be deemed to be pretty serious then ?

If there's a particularly bad event on it yes. But its completely and utterly normal for banks to check them.

Jake5991

What else can be reported to icb besides loans ?

L1011

Jake5991 wrote: »

What else can be reported to icb besides loans ?

Debts to County Councils, credit cards, car finance, leases on stuff. Creation are actually there as well, didn't actually know that; as above they do the buy now pay later for some shops. There's vastly less submitter than the CCR but it goes back longer for some.

http://www.icb.ie/membership.php has the entire list of submitting members.

Having credit cards up to the limit is something that would not be seen as good either even if they're all being paid on time monthly

Jake5991

Ok thanks we will have to wait and see we shouldnt have anything to worry about

Jake5991

Ok so quick update the report came back and basically it sàid no accounts found on ICB Database. Is this good ? Does it mean the loan for mortgage will be approved ?

Lux23

I think it's ok, my partner's ICB is blank and they weren't bothered about that at all.

L-M

It just basically means she has no credit history.

Jake5991

Ye but we read online that if you dont have a credit history there is a chance they can reject your mortgage loan. Thats why my family told me to borrow for atuff because it kooks good when you are able to pay back

wench

In the States and Uk, but not here.
They just want to see that you have no black marks. They care much more about you savings history.