Mortgage with previous credit issues.

C

County2019

Registered User
Messages
9
Hello - does anyone have experience obtaining a mortgage with previous credit issues less than 2 years.

2 incomes and Healthy regular savings (20%+ deposit) not overextending ourselves etc.

I’ve heard of finance Ireland but can’t find much on any experience threads or info. When we spoke to our bank they said 2 years clean which is 2021 and ideally we would like our own bank (PTSB) to give first refusal but looking at finance ireland as a back up as they seem to operate differently.

also does anyone know if we are successful with Finance Ireland are we able to switch mortgages after a few years? I’ve heard they are different to banks so this could cause issue?

thanks for reading!
 
I would not get your hopes up to be honest . A bad ccr/ icb is usually a red flag for all lenders . Very hard to get them to see past this . A broker might know a way around it but it’s unlikely. You may have to wait the 5 years until your record is cleared
 
Introuble83 said:
You may have to wait the 5 years until your record is cleared
Click to expand...
Banks are a lot more open to specific circumstances than waiting 5 years.
2 years is generally required, but again with genuine reason for credit issues.

Finance Ireland will look at specific cases, but you'll pay a higher interest rate if you've had credit issues.
There won't be any issues switching to a mainstream bank later so long as you've a clean credit record at that stage.
 
Thanks for the replies much appreciated. I have no debt now and regular savings, my previous issues would be a thing of the past but understandably they will see me as risk. We are really hoping for 2 years as we have to go into the rental market from next month but hopefully that will strengthen our case even with saving reductions.
 
Hi County2019, I am in a similar situation. I had some arrears on my student loan and cleared it fully last year also a student credit card that I cleared last year. I am in permanent full time employment now in my chosen career, have deposit saved but I am so anxious that I will never get a mortgage. Have you found any more information on Finance Ireland? I emailed a broker today for information and to ask if they would accept an application as it's not two years since loan was cleared. Any information would be appreciated.
 
I haven’t had any progress unfortunately. Things are taking another turn for us as our current living arrangements (with a family member) are changing and we may need to go into the extortionate rental market. I understand how you feel it’s like a never ending but it will happen- keep going!
 
You must log in or register to reply here.
Back
Top