Alan Murphy
Registered User
- Messages
- 3
Hi,
All advice appreciated.
Summary
Married, combined income of €120k plus €25k bonus.
My wife has 2 existing mortgages totalling €240k, the properties are valued at €390k. Net equity of €150k and rent covers mortgages.
Neither of the properties are in a suitable location for work so we presently rent for €1,100/month. We are hoping to purchase a property for €170k that needs another €50k of renovations. We have access to €50k deposit. Net borrowing would be €170k.
I however have a poor credit rating. I missed 2 credit card repayments and my card was revoked in 2010. The account was cleared in January 2013. I also had large property debts as I was a developer during the boom, I have just cleared those debts completely with a final settlement equating to approximately 65%.
Do we have any chance of getting a mortgage?
Has anyone successfully secured a mortgage with similar credit rating issues?
I look forward to your responses.
All advice appreciated.
Summary
Married, combined income of €120k plus €25k bonus.
My wife has 2 existing mortgages totalling €240k, the properties are valued at €390k. Net equity of €150k and rent covers mortgages.
Neither of the properties are in a suitable location for work so we presently rent for €1,100/month. We are hoping to purchase a property for €170k that needs another €50k of renovations. We have access to €50k deposit. Net borrowing would be €170k.
I however have a poor credit rating. I missed 2 credit card repayments and my card was revoked in 2010. The account was cleared in January 2013. I also had large property debts as I was a developer during the boom, I have just cleared those debts completely with a final settlement equating to approximately 65%.
Do we have any chance of getting a mortgage?
Has anyone successfully secured a mortgage with similar credit rating issues?
I look forward to your responses.