FTB Mortgage Old History

H

HeresHoping

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I often lurk on here though this is my first post so here goes.

My spouse and I have been saving for the past few years to buy a home. We would like to apply for a mortgage in the next couple of months to take advantage of the additional interest relief for FTB this year and also because it would be a good time personally for our family situation. We do not plan on moving for a long time.

We have saved 40000 and both have permanent public service jobs with a combined income of just over 100000. Our banking records for the last few years are spotless. We have no loans, zero credit card balance and no other debts.

The tricky thing is a number of years ago my spouse had a bank loan (<10000 euro) which for various reasons was paid erratically. We moved
abroad temporarily around the time and a judgement for the loan was made in the district court I think, though we only discovered this after the fact. My spouse contacted the bank in question and made repayments over the course of a year before agreeing a final sum in full and final settlement.
The full and final settlement was paid in 2006.

This is not on my spouses ICB record anymore. We are wondering do we have to mention this in mortgage applications and also how it might affect an application.
 
I would not see any need to mention it if you have had spotless accounts for over 5 years.
 
As part of any mortgage application form, you will be asked to declare in writing whether or not you've been in arrears on any previous loan, had a court judgement etc.

If you answer this question honestly, a lender will seek full details of the event. Whether or not they choose to lend to you then will depend on the circumstances that caused the arrears in the first place. Given that it was settled six years ago, a lender now might take the view that it's no longer relevant, especially if you can show that all the contributing circumstances no longer apply to you.
 
ftb mortgage history

gosh thats tough isnt it. its lkke you can never get away from it. i dont feel too optimistic about the banks seeing it as not relevant in this climate. cant see how well ever get a mortgage at this rate
 
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