Getting a mortgage, partner's credit history

M

mrdobalina

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Im looking for some advice on our situation. We hope to look for a mortgage this year from the bank – we're getting married in Spring. We'd be looking to buy in dublin so would need 175 – 200k.

I earn €50k per year + €500 per month pension contribution.
Am a director of a company with a small stake in the company I joined in 14 months ago.

My partner currently works part time (3 days per week) earning €14k. We have a daughter aged 15 months, cared for by my partner and family when she is working.

We have a car loan (5k) and about 1k on our credit card. We have savings of 1,500 currently, have had a savings account on the go for 3 years.

We have a deposit of €25k through inheritance.

My partner defaulted on a small personal loan about 12 years ago. My credit rating is good, but in her case she has no real history – I did get a report from the ICB – there was no sign of the bad loan.

So, my questions are - do we have any chance? Will my partner's bad loan stop us getting a mortgage and is there anything we can do about it? Should we (or could we) apply just in my name given that we will be married?

Any insight appreciated.
 
You will need to apply in both names when you are married as most banks insist on that but if there is no sign of the bad loan on the ICB then unless you tell the bank??? Mind you applying to the same bank that the loan was with might not be a good plan :)
 
The ICB record is cleared after 5 years.

If she still owes the money to a particular bank, I don't think that they would lend to you again. If she paid the loan, then it should not be a problem.

Brendan
 
Monbretia said:
You will need to apply in both names when you are married as most banks insist on that but if there is no sign of the bad loan on the ICB then unless you tell the bank??? Mind you applying to the same bank that the loan was with might not be a good plan :)
Click to expand...

According to the ICB they only hold the record for 5 years once the loan is closed. I dont know when the loan was 'closed' - at a guess it would have been longer than 5 years ago but wondered if it was going to show up anyway.

Yeah, I dont envisage applying to the same bank. I wondered is there any value in trying to settle the loan, or should we just say nowt.
 
@Brendan Burgess – Thats something I was wondering about – should we approach that bank and clear the debt? Would that clear things up for us now, or would we need to wait a period of time before applying?
 
Mr dolbalina.
You do not have an ICB issue today over loan from 12 years ago.
As Brendan says pay it if you have funds. Always good to have a clean slate!
That Bank will be surprised and you will have 100% closure.

In answer.
1. You do have a chance , give Bank your figures and see.
2. Bad loan is no longer an issue, so do not bring it up. But see can you sort it for closures sake.
3. Apply in both names.
 
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