Success! I got a mortgage 4 1/2 years after being declared bankrupt

Discussion in 'Personal Insolvency, bankruptcy, etc' started by MikeL2007, 27 Sep 2018.

  1. MikeL2007

    MikeL2007 Registered User

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    So folks after over 2 years of applying, we got mortgage approval back in July and we'll finally be getting the keys to our new home next week.

    For the doubters out there (@Brendan Burgess being one - couldn't find the quote where we hadn't a hope of getting credit)........I'll be raising a glass in your honour.
     
  2. Jane09

    Jane09 New Member

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    Hi mikel2007
    Congrats on getting the mortgage and buying your house. You must be thrilled that gives us all hope :) can you tell us what bank you got it off and if you needed 20% deposit ?
    Thank you
     
  3. Brendan Burgess

    Brendan Burgess Founder

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    Well done Mike. It's not often people have a drink in my honour, so do enjoy it.

    Interested in hearing the details Jane asked for as it will help others.

    And what date were you declared bankrupt?

    Brendan
     
  4. MikeL2007

    MikeL2007 Registered User

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    Thanks folks. It's been a long road - to give a brief summary on our situation:

    Self adjudicated bankrupt in Feb 2014
    Discharged in late July 2016

    Bank is BOI and they did insist on the 20% deposit alright. We do get 2% back in cash back though within 45 days of draw-down.

    Most important piece of advice I have is never give up and most important of all, ensure your credit report with the ICB is correct!
     
  5. Brendan Burgess

    Brendan Burgess Founder

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    Hi Mike

    That is much earlier than I would have expected. Only 4 1/2 years after being declared bankrupt. It's great to see Bank of Ireland having such an open mind.

    Did you take the mortgage out on your own or were you a joint borrower? If so, was your fellow borrower a discharged bankrupt as well?

    Brendan
     
  6. MikeL2007

    MikeL2007 Registered User

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    It was a joint mortgage application but the joint applicant was my wife who was also declared bankrupt on the same date.
     
  7. AH2017

    AH2017 Registered User

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    Well done Mike it gives hope. I am in the middle of attempting to get my icb report corrected. Any tips would be well recieved
     
  8. glic83

    glic83 Frequent Poster

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    Congratulations Mike, best of luck with the new home
     
  9. Stuboy

    Stuboy Frequent Poster

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    Hi Mike, great news. I'm also with BOI since bankruptcy, we've found them great to deal with. Myself and wife went bankrupt in January 2015 and exited in July 2016. We were recently given credit (card and car loan) this year. A credit card application was declined by them last year, so they obviously have a system in place internally regarding credit to bankrupts. The next step will be mortgage planning, probably a few years away due to deposit, but great to hear you got one.
     
  10. Ciara Lee

    Ciara Lee Registered User

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    I am thrilled for you! Great news. We have just noticed multiple mistakes on our ICB report which is very annoying. Can I ask, did you deal with the banks/lending institutions yourself over the mistakes on your ICB or did the ICB do this for you? Not sure where to start.
    Appreciate any advice. Thanks and all the best!
     
  11. Ciara Lee

    Ciara Lee Registered User

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    Can I ask - Did you declare to the banks that you applied to that you were Bankrupt? Once this dissapears from the ICB report, are you obliged to volunteer this information?
     
  12. Magpie

    Magpie Frequent Poster

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    You also need to check your Central Credit REgister report which will be more extensive, and what lenders will be checking as well as the ICB.
     
  13. MikeL2007

    MikeL2007 Registered User

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    Hi Ciara,

    The ICB only report on the data that is sent to them by the banks so you have to deal with each on of the banks directly.

    Best way to get them moving is lodge a complaint with the Financial Services Ombudsman!

    Mike
     
  14. MikeL2007

    MikeL2007 Registered User

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    Hi again Ciara,

    The debt is still listed on our ICB report but we listed it in our initial application that we were both bankrupt.

    Best approach when dealing with the banks is to be open and honest. If you don't disclose information from the outset and they then find it out it heightens the impact of the non-disclosed information.

    Mike
     
  15. Open air

    Open air Frequent Poster

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    Well done!
     
    MikeL2007 likes this.
  16. Carol18

    Carol18 New Member

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    Good to read this.
    Looking to apply for a mortgage. Just got my ICB report multiply errors, from 2 separate banks. Declared bankrupt in the UK Jan 2014. KBC still show outstanding balance owed to them...
     
    MikeL2007 likes this.
  17. Fresh-Start

    Fresh-Start Registered User

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    Well done MikeL - I'm off to BOI - fingers crossed
     
  18. Mistermagoo2019

    Mistermagoo2019 New Member

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    I had some credit card debt back in 2012 which I worked out with the bank and paid it off in a lump sum once they'd paused the repayments. Got an ICB report done about 2 years after and it states on it Crdit Card revoked. I'm wondering now that it's been over 5 years maybe its cleared like in the UK or does it stay for life? Maybe I dont need to declare it now for a mortgage applic. Any thoughts?
     
  19. vandriver

    vandriver Frequent Poster

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    There will be a removal date on each debt on the ICB report.
     
  20. Mistermagoo2019

    Mistermagoo2019 New Member

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    Thanks a lot for your reply - do you mean it wont be there but will have something like - "significant issue removed"? I'm so worried this will stop me from ever being able to buy a home.