Mortgage ICB query can you help?

R

Ratcliffe

Guest
I hope you can help me? - myself and my partner applied for an 100% mortgage with PTSB and it was approved on condition of satifactory ICB check.
They have come back with a query/issue relating to my check and have requested that I obtain a copy of the credit report ( which I have done) and then come back to them with an "explanation" on the problem. ( I don't know what this is as yet)

I do know that a few years ago I had missed a few loan payments, but am up to date now, and also had a MBNA card revoked 5 years ago. At which stage I came to an agreement with the Cash Flow services to pay this off monthly which I am still doing.
I have never had a loan refused since this though.

I suppose my question is as to how likely it is I get my mortgage now?
If it was a particulalry bad mark on my record surely they would have refused straight out rather than asking for an explanation?

I hope someone can put my mind at rest as I am having serious sleepless nights at the moment, as I don't want to lose the house!
 
The problem would clearly seem to be your missed loan repayments and your revoked cc. Why did these happen - were you out sick from work or were you unemployed or was it simply bad money management? Can you convince PTSB that you won't have problems with your mortgage payments in the future in the light of the fact that you missed previous loan payments and you came to a special arrangement your cc issuer?
 
Thanks for your reply.

Yes I was actually out sick and then got in a bit of a mess trying to catch up with everything when I got back two months later.

In my current position I would not have a problem keeping up repayments on the mortgage, (it is actually less than half the price of my current rent). Would you say I have a good chance if I explain this to them?
 
I would explain to them without delay why you had previous financial problems and get an answer one way or the other and yeah I would say you have a chance though I don't work in a bank. If they say no there are lenders out there who will deal with highere risk cases though I have no personal experience of dealing with any of them. You can have a look in here and here to get an idea of the type of cases theses lenders deal with - mortgages would typically be more expensive the higher the perceived risk to the bank so expect to pay more if this is the route that you have to take.
 
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