Mortgage and ICB

J

JDQ0604

Registered User
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Hi, myself and my wife are applying for a 2nd time buyer mortgage from our existing lender (UB). We were told to apply at the end of August as there was one referral fee on one of our accounts which will be gone by that time and that we should have no problem at that stage, good employment etc.. We got our ICB reports done ourselves which arrived today and it shows up that my wife had a revoked credit card going back to 2013. There were mitigating circumstances but to cut a long story short are we snookered now? All other loans etc including existing mortgage with UB have been paid off over the years no problem. Really gutted to be honest. Thanks
 
Revoked credit card is not the best and UB definitely won't like it, only hope is explain the mitigating circumstances upfront but to be honest I don't think underwriters these days are allowed make exceptions to policy, gone are the days when a bit of experience based decisions were made.
 
Banks have loosened the "perfect ICB" rules but only by the smallest amount and it usually applies to missed credit card history. Typical example is someone missing a payment due to emigrating to another country. If it is a good reason, they will accept it but you need to have all your ducks in a row regarding the rest of the application.

Otherwise, Pepper Mortgages will look at a case like that.


Steven
www.bluewaterfp.ie
 
Perfectly good application otherwise. What a waste of time! Anyone have any experience of applications like this getting through??
 
I know there are other options here like pepper etc but we stand to lose out big time as UB were letting us take the tracker rate to the new property. Thanks..
 
Is it not the case that a bad credit is removed from ICB report 5 years after it has been paid in full?
 
Yes but that's not going to help OP right now. If they deferred your application because of one referral fee it doesn't look good on a revoked card but all you can do is ask them to put in a query with the underwriters explaining the circumstances, if it is a good enough explanation who knows!
 
Thanks, this has frustratingly turned out to be a lot less straight forward then first thought. ICB won't be clear until 2018, our house is on the market already with offers flying in! Back to the drawing board..
 
JDQ0604 said:
I know there are other options here like pepper etc but we stand to lose out big time as UB were letting us take the tracker rate to the new property. Thanks..
Click to expand...

But they won't give you a mortgage. Isn't that losing out by even bigger? Unfortunately, you don't have many options.

By the way, why didn't your wife mention that she had her credit card revoked 3 years ago? It wasn't that long ago and I would have thought it would come up in conversation when you already had an issue with your ICB record??


Steven
www.bluewaterfp.ie
 
SBarrett said:
But they won't give you a mortgage. Isn't that losing out by even bigger? Unfortunately, you don't have many options.

By the way, why didn't your wife mention that she had her credit card revoked 3 years ago? It wasn't that long ago and I would have thought it would come up in conversation when you already had an issue with your ICB record??


Steven


That's not very helpful. She knew she missed some payments. She didn't realise it was revoked. We had no issue with our ICB record- if you read my initial post we had a referral fee- these are for missed DD's/SO's. They do not show on your ICB.
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Hi JD,

Don't give up on your mortgage over ICB. When I got ICB for myself and my husbands, the credit card on his ICB showed 3 missed payments from 2013. (Similar situation to yourself, he had no idea) He paid off the credit card later that year which means the record won't be removed until 2018. I just thought that's our chances out the window but I applied individually to two banks anyway. One laughed us out of the building but one had the insight to know that sometimes people are human and make mistakes along the way. We sat and explained to EBS what was on the ICB. By being honest and up front, our application was processed and successful.
You can't second guess what banks will do but if everything else is good (savings record, other loan repayments, job security) they may consider your application.
I wish you the best of luck with everything.
 
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