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Mortgage default
warmad
Posts: 1 Newbie
Hi am new to this site but hope that someone can help me.
7 years ago My husband and I had problems with paying our mortgage. We entered into an agreement with the bank to sell the property. The bank and ourselves agreed on an offer and the sale went ahead. The bank did not and still have not asked us for payment of the difference between the selling price and what we were due on the mortgage. We no longer bank with them. We are staying in a council property and would like to purchase this house. The house was not repossesed as we entered into a voluntary sale agreement with the bank. Could someone please advised me of how long these details will stay on our credit records and whether they will stop us from getting a mortgage now. Thanks
7 years ago My husband and I had problems with paying our mortgage. We entered into an agreement with the bank to sell the property. The bank and ourselves agreed on an offer and the sale went ahead. The bank did not and still have not asked us for payment of the difference between the selling price and what we were due on the mortgage. We no longer bank with them. We are staying in a council property and would like to purchase this house. The house was not repossesed as we entered into a voluntary sale agreement with the bank. Could someone please advised me of how long these details will stay on our credit records and whether they will stop us from getting a mortgage now. Thanks
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Comments
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You need to get copies of your credit files from equifax, experian and callcredit and check what they say. Details only stay on there for 6 years so in theory you should be clear now.
In the meantime, check with your old bank if you owe them anything. Your new lender might want written confirmation that you don't have any outstanding liability.
Regards
XXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0 -
I wouldn't check with the old bank, there is a time limit after which they can't chase you (may be 6 years?). Let sleeping dogs lie.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Isn't it 12 years for property secured debt and 6 years for other debt? It is obviously important to find out and hopefully someone will confirm one way or the other.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
find out, but dont ask your branch of your bank !0
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I was hoping someone on here would know!A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
snap leave weeell alone talk about shoot yaself in footsilvercar wrote:I wouldn't check with the old bank, there is a time limit after which they can't chase you (may be 6 years?). Let sleeping dogs lie.You're not drunk if you can lie on the floor without holding on0
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