Will short term arrears prevent me getting mortgage

P

Pat Sorrn

Registered User
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Hi,
I have an interest only tracker mortgage for btl properties. They pay for themselves plus I make some money from them too. Loan is with ptsb. I went into arrears for about 4 months last year due to bad advice. I thought tracker would be taken from me and I was thinking I might have to use a pip. I'm paying back arrears now and should be finished by July, or I could pay it all off today if it would help
I'm now looking for a joint mortgage with my wife ( who is not involved with my previous loan ) to buy a family home. We will have the necessary income plus 20% deposit and are both in full time employment.
My question is how should I explain my arrears, and is there any way I can get approval.
We have been renting for last 5 years and have bank statements to show we always paid on time.
Thanks
 
I would imagine your bigger problem will be that the bank will look at whether your income is enough to pay the current mortgage(s), probably on a repayment basis as well as the new mortgage. Some banks will take a proportion of rent receivable into account.
 
Check your ICB record to see whether arrears position is reflected on it. If so then you may well encounter a problem!
 
Pepper Homeloans will look at applicants with less than perfect ICB records. None of the others I deal with will (KBC, PTSB, AIB).

As Mrs Vimes said, affordability could be an issue too. Getting a home mortgage is a lot more than having a deposit. Level of debt and affordability are major issues.


Steven
www.bluewaterfp.ie
 
Thanks for all the advice, I've applied for my credit rating. I might give you a call at work Stephen in relation to Pepper Homeloans
 
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