Hi All,
New to this space, so pardon any mistakes.
When I was young(er) and foolish, I left some debts in Ireland when I moved abroad (Credit Union Loan, Overdraft etc).
When I came back, I couldn't get credit so borrowed from one of the high interest lenders.
Long story short, I am debt free now. I have paid all my old debt in full and the high interest lenders were paid on time anyway.
My concern now is I plan to go for a mortgage with my partner in ~2years, however I know lenders can see last 5 years of some key indicators, such as past payments due, and this number for the debts I left when I moved away is very high. (Like 50!)
Does anyone know how this might play out? What can a lender actually see if the loan is closed off for the last 2 years?
I note this response here: www. oireachtas .ie /en/debates/question/2021-03-31/86/
However - it still seems to suggest that they will see the final 2 years prior to the loan being closed off. I paid them in full in installments so the past payments due would go 50, 45, 40 etc like that.
Anyway, its all very confusing. I know that in 5 years from November 2023 my report will be entirely clean. So I have that to fall back on but I would love to know what my chances are in lets say November 2025. (pending a deposit saved and neat current account)
Appreciate any guidance.
New to this space, so pardon any mistakes.
When I was young(er) and foolish, I left some debts in Ireland when I moved abroad (Credit Union Loan, Overdraft etc).
When I came back, I couldn't get credit so borrowed from one of the high interest lenders.
Long story short, I am debt free now. I have paid all my old debt in full and the high interest lenders were paid on time anyway.
My concern now is I plan to go for a mortgage with my partner in ~2years, however I know lenders can see last 5 years of some key indicators, such as past payments due, and this number for the debts I left when I moved away is very high. (Like 50!)
Does anyone know how this might play out? What can a lender actually see if the loan is closed off for the last 2 years?
I note this response here: www. oireachtas .ie /en/debates/question/2021-03-31/86/
However - it still seems to suggest that they will see the final 2 years prior to the loan being closed off. I paid them in full in installments so the past payments due would go 50, 45, 40 etc like that.
Anyway, its all very confusing. I know that in 5 years from November 2023 my report will be entirely clean. So I have that to fall back on but I would love to know what my chances are in lets say November 2025. (pending a deposit saved and neat current account)
Appreciate any guidance.