Bad icb report. Mortgage impossible?

S

Sanparom

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I've asked a few questions here before about getting a mortgage, but I shouldn't have bothered. I got my icb report today and it's dire. I had a credit card revoked a few years ago (not a large sum, but admittedly I was irresponsible and didn't realise the repercussions of not paying up. Bad, bad mistake. I know). It's cleared in full, but obviously the fact that it was revoked (and cleared) is showing up on my report. I also fell into arrears of a few months on a loan repayment and this is on the report (loan was for over €18,000, all paid in full). There is also other info re my current mortgage repayments which has never been in arrears and credit union loans which were paid off without issue. My husband and I are 40 years old. We would have a decent lump sum in savings and equity in our home. I am traumatised by my financial foolishness and idiocy. Go on, give it to me straight - there is no hope. Or is there? Thanks.
 
Pepper may be an option...one of their target markets is people with non-standard credit histories.
 
Gordon Gekko said:
They're higher (which is fair enough), but they're not very high or ridiculously high.
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Thanks Gordon. A naive question, but do you know if it's possible to switch mortgage away from them after a few years, like you can with the high-street banks?
 
Sanparom said:
Thanks Gordon. A naive question, but do you know if it's possible to switch mortgage away from them after a few years, like you can with the high-street banks?
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I received advice from a broker stating that it is possible to switch from Pepper
 
it may be that your best course of action may be to wait and ensure you don't add any further issues to your report. According to the ICB website, they are only looking at the last 5 years so in due course, the credit card issue will drop of initially

[broken link removed]
 
Thanks for that information, Sean. Handy to have.

Thedaddyman, in theory I agree with you, but due to our ages, we really wanted to get mortgage approval asap. We have a sizeable deposit. It's just the icb report that is getting on our way now. The CC issue won't be off it until 2019.
 
in the same situation as you sanparom. i really dont want to wait. the pepper rate for this
product is 5.05%. my broker has told me that once you have a clear icb for 4 years
that they will reduce your rate to current svr rate which is 3.67%(id be dubious of this)!!
does anybody know if this is true?
 
Sanparom said:
That's very interesting, Finance. I'd also love to know if this is true.
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i have also been told by 2 brokers that switching once icb is clear wont be an issue once the finances stack up.
but as they are so new to lending here theres obviously no cases of this yet
 
Sanparom said:
I've asked a few questions here before about getting a mortgage, but I shouldn't have bothered. I got my icb report today and it's dire. I had a credit card revoked a few years ago (not a large sum, but admittedly I was irresponsible and didn't realise the repercussions of not paying up. Bad, bad mistake. I know). It's cleared in full, but obviously the fact that it was revoked (and cleared) is showing up on my report. I also fell into arrears of a few months on a loan repayment and this is on the report (loan was for over €18,000, all paid in full). There is also other info re my current mortgage repayments which has never been in arrears and credit union loans which were paid off without issue. My husband and I are 40 years old. We would have a decent lump sum in savings and equity in our home. I am traumatised by my financial foolishness and idiocy. Go on, give it to me straight - there is no hope. Or is there? Thanks.
Click to expand...
Pepper will consider approving an application if the last adverse credit event was more than two years ago.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl (LinkedIn profile and client testimonials)
 
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