Urgent Advice Needed: Mortgage Refused because I have bad credit

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Re: Urgent Advice Needed

2pack...I'll beg & plead if I have to....
Your advice has been great and if anything has lifted my spirits! This time yesterday I was sobbing my heart out like a child who just had their lolly taken from them ;(

Roxy and the rest thank you for your support. I suppose if I've learned anything it's that I'm not the only one who had financial problems at one point...I think I was embarrassed too about the whole thing.

Since my last post, i've been in touch with our broker. She had advised me that IIB will not change their minds but she is going to send our application to the Ulster bank with the letter (from Bank of Ireland) enclosed and see what they say.

What I'm worried about here is If she sends our Application to the Ulster bank and we go to the Bank of Ireland ourselves with they clash....as in if the UlsterBank refuse will the Bank of Ireland not only see we were refused by IIB but the Ulster Bank also???

Our solicitor will try and delay things for us as much as he can but he is under pressure from the "Sellers" solicitor at the moment. They want the sale closed ASAP.

If I come out the other end of this without a nervous breakdown I'll be doing well!!!!

You guys are great though!
 
Re: Urgent Advice Needed

BMG - can I ask where you are based? and what you do?

IMHO I wouldn't use a broker. Go direct to the bank. We used IIB in COrk. We were told by other banks that cos we were just back in Ireland and had only started work they wouldn't even consider us for a mortgage until we had been working for a year (feckers!! Cead Mile Failte my ass!).

IIB on the other hand were very sympathetic and cos they can clear certain decisions in the cork office we got cleared. Took time, effort, some near tears from my wife and an overall conversation with the girl in the office about how f'd up Irland is in relation to lending - but in the end we got there.
 
Re: Urgent Advice Needed

Ned...Glad you got sorted out.

I'm based in the Midlands. I work in Administration.
Hopefully approaching the Bank Of Ireland ourselves might help...
I guess I'm so disheartened by the whole thing I'm finding it hard to be positive.
 
My last "computer sez no" experience was based on a misscore . I went in , collared a human in the branch , got him to correct the misscoring and then reminded him of my glowing record on the last loan (paid back early no + score for that possible back then) and he got on the phone and that was that .

I did not have a black mark but I was indignant at the mistake and lack of brownie point for previous efforts .

You will need to speak to a "mortgage centre manager" level person. They deal with this kind of stuff every single day. Only larger branches have a "mortgage centre manager" in BoI .

Once you show

cleared CC every month
good record before and after episode .
good income/prospects
discuss the local property market in the area you want to buy in in a clear and intelligent manner , the person will know it well and will know a good deal .
show clear understanding of your cashflow
have a nice cup of latte in claw for all present at meeting :p

Everything can be sorted from that.
 
BMG
Just wanted to say best of luck, I too was tight on the old funds when on ML so I know the feeling!!!

Let us know how you get on and stay positive. You will get there no matter what
 
2Pack...
Unfortunately I'm from the Midlands and dealing with smaller Branch off BOI. However the person who we are meeting is the person who approved me the first loan to begin with so we'll see what happens.

On the following what do you think?
We approach BOI first ourselves
Let our broker approach First Active with the letter from BOI...
I'm thinking go to BOI first.

Lord...my head is all over the place.
 
Even if you clear your BOI loan you will remain on the ICB for at least five years - No prime lender will consider you for a mortgage! Sorry four trouble.
 
2 pack - Brokers make less from start than from most lenders!
 
Sloopy said:
Even if you clear your BOI loan you will remain on the ICB for at least five years - No prime lender will consider you for a mortgage! Sorry four trouble.
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Never mind him :D bmg . He did not read the whole thread and all the advice you were given.

from

[broken link removed]

9. What if there is a mistake on my report?

Mistakes can and do happen. They may be caused by either you or your lender .

[broken link removed]​
you might make a mistake in completing your direct debit form and miss a loan repayment on the due date;
or
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your lender might have agreed to let you postpone payments for a period, but forgot to change the report it sends to ICB.
By law, financial institutions must ensure that information they hold or give to anyone else about you is correct and up to date. So you have the right to insist that they correct any incorrect information about you.

If you find a mistake in your report, ask your lender to write to the ICB with details of the change, and request a copy of their letter.

Most lenders will act to correct any mistake and amend your credit report immediately however, if you experience problems or delays or if your lender fails to put things right for you, you can consider making a formal complaint and referring the matter to the Office of the Data Protection Commissioner.

Please note: ICB cannot change your credit report unless a lender requests it to do so in writing.
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I just also wanted to say Good Luck :) You seem to really want to own your own first house and I can really emphatise with that, I am no good with advice except I really think it helps talking face to face with people.
I hope it all works out for you.
 
Morning Folks...well today's the day I approach the Bank.
Jeez it's sickening but has to be done and as someone said I've nothing to lose but a house to gain....;)

My partners Father came to have a "chat" with us last night. He is a business man with a number of Pubs and has offered to go
Guarantor for us. Was very kind of him to offer but don't think the bank will pass any heed on this. The only other option is for him to buy the house with with my partner but this cuts me out I guess ;(
I'll be paying the Mortgage with my partner of course and can have my name on the deeds etc but I feel sad about it (it's almost like I feel the house won't be mine, if that makes sense) At the same time, if it gets us the house then maybe it's the way to go.

I spoke to a friend of mine who works in Bank of Ireland and knows a little about the mortgage set ups. Basically he knows of cases where peoples
Mortgages have been granted with a letter of explanation regarding any arrears on the account. As long as the reasons are genuine they are "sometimes" sympathetic!!!

Thanks for all you kind messages and support!
 
You have my sympathy. When I applied to the ICB for a credit check myself for €6, nothing showed up. I was quite surprised since I had a loan out and had already disclosed that fact to the bank! After further investigation I discovered that they mispelt my address on the form they sent back to me! Apparently unless the details match up exactly, it doesn't appear. Anyway caused me major hassle at the time, but finally got it sorted out, and I'm sure you will too.

Have you done a credit check on yourself? well worth the money.
 
Legin said:
Anyway caused me major hassle at the time, but finally got it sorted out, and I'm sure you will too.
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Thanks Legin...Unfortunately there is no mistake on the ICB. I did go into arrears at the time of my Maternity Leave. They bank informed me that had I approached them at the time of the leave we could have all come to some arrangement to suit us all. Why I didn't approach them I'll never know. Definitely paying the price now!!!!
The ICB list will not be amended but they will do a letter just to give reason as to why the arrears occurred! Better than a poke in the eye with a sharp stick huh???

I think I'll just go and live in an igloo somewhere and leave all my troubles behind.:mad:
 
How much is left on the original Bank of Ireland loan? It might be worth paying it off early, either from your credit union savings or even by redeeming your SSIA early (and losing out on the government bonus, but it might be worth it if you have your heart set on this house.). Paying the loan off early won't remove the missed payments from your records, but it will force BoI to update your entry to show that the loan was paid off in full, which might alter how badly the record is viewed.
 
Legin said:
Can you enable your email address? I might have a suggestion.
Click to expand...

Why not just send a private message?

Also, if your solution is likely to be of benefit to others, then it would benefit more people to post it on AAM.
 
Thankyou CCOVICH, new to this forum and wasn't aware of Private messages.

It related to a private experience, and I'd rather not post publicly (even anonymously). If it turns out to be useful, I might open up a new thread for discussion. Until then It may be better to delete my last post and this one as they do not contribute anything useful to this thread.
 
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