Bank of Ireland Mortgage with a 5 year old default paid off 1 year ago.

ddonq1412

Currently looking to move house i have a offer on mine for 96k looks like im going to accept. Im currently in a fixed rate off i have about 1200 pound in ERC to pay. Has anyone been in my situation looking to port a mortgage with BOI. The default will be 6 years old in April 2022. Don't think i can wait that long to move house. Looking to see if other have been in a similar situation. Affordability would be good. joint income with my partner of nearly 58k current debt is about 7k between car and credit cards. (car= 6.5k) (creditcard = 550) Car finanice is is about 4 months old no missed payments, credit cards are active about 3 years no missed payments. At present my credit score falls under low fair to high poor for the 3 of them but the numbers are going up each month a little. Do I have a chance with current bank. PS might be helpful info current mortgage is under 40k and would be looking additional borrowing of around 30 at most.

lspell1

BOI are not very good with adverse.
Depending on deposit level, there should be options with other lenders, including a couple of mainstream lenders.

[Deleted User]

They are a clean lender on the whole so dont have the greatest criteria on adverse.   However they only take into account any defaults in the last 3 years so they should ignore the actual default.  They wont ignore the impact on your score so its going to be a suck it and see approach unfortunately.  Will all come down to their internal scoring system so no way to 2nd guess that

ddonq1412

was looking at porting the mortgage, equity i would be around 45% of the new house cost.

lspell1

ddonq1412 said:

was looking at porting the mortgage, equity i would be around 45% of the new house cost.

Give them a call and see if they accept you, it's the only way to be sure. Then you'll know where you stand at least.
They'll be plenty options elsewhere if not.

K_S

ddonq1412 said:

was looking at porting the mortgage, equity i would be around 45% of the new house cost.

@ddonq1412 Unfortunately, even with porting you will need to meet current criteria and affordability for borrowing. In effect all you are 'porting' are the terms and conditions associated with the original product that you took out.

ddonq1412

Just called BOI affordabilty was fine for extra lending of 35k they spoke with an under writer who said they would have to wait till i put in a full application and look at my full report. to see if they is any other issues in regards to missed payments or high debt levels. So I will start looking at houses to see where i can go from there,  last year i was able to get a mortgage offer from halifax so they could be my other option as they could issue me another mortgage offer and i just take a hit on the ERC payment.

[Deleted User]

did they not do an Agreement in Principle?  That should do a credit check to see if you get through their scoring

ddonq1412

Didnt mention doing a credit search on me. I was asking questions about it. If its not viable i will not entertain them when i have found a house. Ill keep doing overpayments to i have it maxed. For this year and the next financial year to reduce my erc