Urgent Advice Needed: Mortgage Refused because I have bad credit

Status
Not open for further replies.
mugsgame..I've a feeling the Manager might suggest this himself when we meet, if there are any benefits to it then it's worth a shot alright.

legin..I got your PM, thanks for that and I've replied!!

On the Guarantore issue with my Partners Father, is this a help does anyone know? If I thought it would help I could mention this to the Bank Manager also!
 
bmg said:
On the Guarantore issue with my Partners Father, is this a help does anyone know? If I thought it would help I could mention this to the Bank Manager also!
Click to expand...
Hi bmg
When I took out my mortgage, my father went gaurantor for a portion on it. I think that on my own they would give me £105,000, he went guarantor for £30,000 , so I was able to get a mortgage for £135,000.
That was 5 years ago.

I moved my mortgage last year, to release equity, and because my salary had increased I didn't need him to be gaurantor on the new figure.

So, in my experience, it certainly did help.

Best of luck with your meeting today.
-Blinder

ETA: Just a note , that I didn't have a problem with bad credit at the time. My problem was getting a mortgage large enough to buy a house in Dublin. so my experience may not apply to you.
 
Thanks Blinder!

Failed to mention also that my Partner inherited some land recently which would make two good sites at approx €40000 each. We really thought we could use this as colaterol too...jeez when I think about it we thought we would have no bother because of the inheritance etc.
Before anyone suggests, they cannot be sold just yet until the percolation is carried out and also planning permission to be applied for (to get more money of course).
 
BMG, they are fields with agricultural value right now and thats the collateral value.
 
2Pack said:
BMG, they are fields with agricultural value right now and thats the collateral value.
Click to expand...

Yes that's true.

I suppose I'm just trying to view all avenues here at the moment.

What's your view on the guarantore?
 
banks can be sniffy about guarantors and certainly sniffier than a few years back but if your father in law has an investment property he owns outright to pledge as collateral ....and not his own home....its much simpler then.

if he puts his own home (PPR) up his missus must also sign.
 
Well folks,
Just back from the BOI, meeting went well (ish).
The manager wouldn't say yes or no but did admit he was half hopeful.
I know his words are no grounds for me to get my hopes up but it's a bit brighter than yesterday.

He is going to do his best re- ICB and will cover me best he can re the maternity leave etc..
If all goes to all, we asked him about the guarantore and he said it is a bonus to have someone to do that with a good financial background but he'll only use this if we are refused on our own strenghts.

We are hoping to have word on Wednesday / Friday of next week.

Send all your good vibes my way pleeeezzzzeeee!!!
 
Will definetely be keeping everything crossed for you, your stomach will probably be in knots all weekend because of it but try your hardest not to think about it too much. (Easier said than done I know!) What will be will be, but I really hope all will work out for you. :)
 
Thanks Roxy...Appreciate the good wishes!
I will be thinking about it but at the same time I didn't fully believe he would even bother filling out an application form because of the situation and the refusal from IIB.
We still haven't got it but hey...it's not a no until they say no!
Lets hope they don't!
He also admitted that my record before and after the maternity period was fine.
I've a headache now...
 
Delighted to hear things seem a bit more positive for you BMG, will keep it all crossed for you........!;)
 
Thanks LollyMc...I'll let you know how it goes!
It will be a long few days but hopefully it will be worth the wait!
 
Its refreshing to see so many people wanting to support you not everyone interested in greed and money brings back faith in mankind,anyway i agree with previous peoplethat you should go to boi because their familiar with your situation.Before you go to boi may i suggest you go to your local credit union they have whats called "compasinate loans" this loan will enable you to clear boi and hopefully start a fresh. Good luck
 
No matter how much 'support' the OP gets here or elsewhere, it is unlikely to make much difference to their case. Sound advice based on facts is likely to be of much more benefit.
 
good luck!! will be thinking of you. I'm going on maternity leave myself in a few weeks and I know paying back loans will be the last thing on my mind.

I have to disagree with you ccovich - support and good wishes can make bmg feel more positive and confident about the whole situation, which her bank manager may pick up on when she meets him. Body language is very important in interviews and situations like these.

I think its heartening to see so many people gunning for you bmg. You got sound advice based on facts BUT you also got lots of people wishing you luck. You go girl :eek:)
 
bumps said:
I have to disagree with you ccovich - support and good wishes can make bmg feel more positive and confident about the whole situation, which her bank manager may pick up on when she meets him. Body language is very important in interviews and situations like these.
Click to expand...

It's ultimately central underwriting that make the decision-you don't get to meet them so body language etc is irrelevant. They will base their decision on hard facts.

Btw, I certainly don't wish the OP any ill will and hope they get sorted out, it's just that 'good vibes' etc are of little or no use IMHO.
 
Status
Not open for further replies.
Back
Top