Bank of Ireland mortgages

jprice86

I have a Bank of Ireland mortgage, about 2/3 years ago I split wit my partner she moved and and I had an injury and was unable to work, I don't receive sick pay as I am a scaffolder. Anyway I went into arears and now pay a bit more each month onto of my monthly repayments to help clear this. At the monent because of falling house prices and the arears the mortgage amount is more than the properties worth eg. £97,000 is the value of the property and I have £103,000 outstanding on my mortgage. Because of this I have a bad credit file, I need £13,000 to make a few home improvements, buy a car and go on a well deserved holiday!! I cannot get a loan, would bank of Ireland be willing to loan me the money and add it on to my mortgage amount? Or would they be willing to remove the missed payments from my credit file? Any help is appreciated, my credit score is a very very poor 321!!

Thrugelmir

jprice86 wrote: »

I need £13,000 to make a few home improvements, buy a car and go on a well deserved holiday!!

You don't need. You want.

Adding further debt to your mortgage, even if it was possible, is a recipe for disaster.

Take a lodger in or find another source of income. To solve your problems.

ACG

Also, your credit score isnt bad because your property is valued at less than the outstanding mortgage, its due to the arrears.

But to answer your question, no they wont remove the missed payments, they wont lend you more and i dont know of any lender who would...especially whilst your in negative equity and arrears.

Sorry to be blunt but it will atleast stop you wasting time trying to find a lender.

jprice86

The holiday part was more said in yest, the home improvements are a necessity, replacing the boiler and a new bathroom (as its basically the same as when the house was built in the 70s) and the car, as I drive a massive amount of miles a day for work I need a reliable car. I've tried buying old cars that are cheaper, they work our more expense in the long run because you either have to keep repairing them or get one new one

Thrugelmir

jprice86 wrote: »

The holiday part was more said in yest, the home improvements are a necessity, replacing the boiler and a new bathroom (as its basically the same as when the house was built in the 70s) and the car, as I drive a massive amount of miles a day for work I need a reliable car. I've tried buying old cars that are cheaper, they work our more expense in the long run because you either have to keep repairing them or get one new one

We do have empathy with you. Unfortunately this doesn't help you.

So not being judgemental merely factually.

jprice86

ACG wrote: »

Also, your credit score isnt bad because your property is valued at less than the outstanding mortgage, its due to the arrears.

But to answer your question, no they wont remove the missed payments, they wont lend you more and i dont know of any lender who would...especially whilst your in negative equity and arrears.

Sorry to be blunt but it will atleast stop you wasting time trying to find a lender.

It's not blunt thanks for you input! Have you any suggestions what I could do in the short term to either get a loan (very very unlikey) or improve my score quickly?

Some of the loan would be paying off arears from the mortgage so would that help me?

jprice86

Thrugelmir wrote: »

We do have empathy with you. Unfortunately this doesn't help you.

So not being judgemental merely factually.

Ok, basically nothing I can do then? Thank you anyway for taking the time out to help! I appreiciate it

ACG

Nobody will lend you money to clear arrears as thats just maskng the problem.

If you need a boiler/car that badly i think you may be better reducing the amount your overpaying by in order to get them - this wont help your creidt file though.

I dont think anyone will lend you money in your current circumstances.

jprice86

ACG wrote: »

Nobody will lend you money to clear arrears as thats just maskng the problem.

If you need a boiler/car that badly i think you may be better reducing the amount your overpaying by in order to get them - this wont help your creidt file though.

I dont think anyone will lend you money in your current circumstances.

I'm only over paying £100 a month agreed with BoI, so it would still take a long time to get there!

ACG

Extra job or overtime then.

If you cant do them, then you will just have to wait.

jprice86

ACG wrote: »

Extra job or overtime then.

If you cant do them, then you will just have to wait.

Your right, I guess I'll have to wait, the only thing is I miss out on a lot of work because I can't travel as far and at short notice so that's why I need it all as soon as, never mind!! Thanks tho