Mortgage Application - ICB Query

[deltrotter]

Hi All,

I will hopefully be applying for a second time mortgage in the coming 12 months. I spoke with a lender and they suggested getting an ICB check done so I did. It returned with 2 issues on my mortgage payments shown over a 24 month period. This was down to a late payment rather than a missed payment. I spoke with the lender explaied the position and no interest was charged and the account is fully up to date. Other than these 2 I have paid my mortgage for nearly 10 years without ever an issue. I have substantial savings (more than a 20% deposit for putchase price) and my credit card history came back clear.
I was wondering if this will go against me in the next 12 months? I am plannjng on contacting my lender on Monday to discuss further.

If anybody had any helpful advice on this I would really appreciate it. I'm worried sick over it and having sleepless nights.

Many thanks

 

[Gerry Canning]

its good that lender asked you to get ICB done before progressing .It gives you time to formulate about how it happened.

.1. Late payments are MISSED payments and if it was you had enough in Deposit but had let another account get low , that should be ok.
If it was a case you did not have funds elsewhere to cover payment then that is financial stress and will definitely not help your application..
explain what happened and say you didn,t understand (which you didn,t , of glitches on your icb)

From your short post, it looks like you had funds {substantial savings} even though you missed a structured payment ,so you should be OK .

Good luck.

 

[deltrotter]

Hi Gerry,

Thanks very much for the reply. I appreciate it.

I have put measures in place to ensure this does not happen again. I was not aware this impacted icb status.

Thanks again

 

[deltrotter]

Hi All,

Just to bump this thread. So I got back on to the potential lender and was up front about my ICB report and they have asked for an up to date ICB report (the previous report I have is about 6 months old). Since then all is good from my end of things.

So to summarise for the ICB report in the 24 month period for my mortgage there are 2 1's in the little grid to illustrate 1 month in arrears at 2 different points. On my part it was a late payment and I put my hand up and accept responsibilty. On either side of the 1's are ticks all the way. I have had my mortgage for over 10 years and this is the only 2 marks against me. It's very frustrating and worrying from my point of view as I wasnt even aware of the ICB and I had thousands in savings so it wasnt a case I didnt have the money to meet the repayment. My credit card history is 100% good - all ticks beside it and my last few bills were €0.00.

So my questions are:

There was no scoring on the ICB report. Should there have been one?
How likely do you think the potential lender will look at me with this on my record?
Over the 24 month period in the next few months one of those 1's will disappear. If I am declined would I have a better case if I only had one strike against my name and everything else was in order?

I would really appreciate some feedback on this. This has been a really worrying time for me.

Thank you very much.