We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Declaring bankruptcy when applying for a mortgage
Mrsmull2007
Posts: 11 Forumite
I've recently applied for a right to buy but was subject to a bankruptcy 11 years ago. I've been discharged for many years and it no longer shows on my credit profile, in fact my credit report it great with a score of 930 and no adverse credit for a long time. However I've just applied for a right to buy mortgage through the Nationwide and they said no! They said my bankruptcy is still showing, this isn't the case - can anyone help. I subscribe to CreditExpert so I know I'm right. If I don't declare my bankruptcy to another mortgage lender could they still find out?
0
Comments
-
Have you checked all 3 credit referencing agencies? May be NW also use an independent database of bankruptcies?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
If they ask about it you have to declare it, simple as thatI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As far as i know, all mortgage applications ask if you EVER been declared bankrupt.0
-
You have to declare a bankruptcy when or if asked. (I doubt you would ever get a mortgage now)
Although you may not see it on your credit report it is still there.0 -
Mrsmull2007 wrote: »If I don't declare my bankruptcy to another mortgage lender could they still find out?
This would be a criminal offence, you would be obtaining money by deception and they stand a good chance of catching you out i strongly recommend you don't go down this route!
You could end up losing your home, left with a massive debt and a criminal record, you may end up doing time too.0 -
Being made bankrupt 11 years ago ought not to preclude a mortgage, but you may need to speak to a mortgage broker. The building societies tended to be more risk adverse in the past.0
-
You need to be precise here. It is not an offence not to declare a bankruptcy if you are not asked. The deceit is to declare you never have been if this would be untrue.This would be a criminal offence, you would be obtaining money by deception and they stand a good chance of catching you out i strongly recommend you don't go down this route!
You could end up losing your home, left with a massive debt and a criminal record, you may end up doing time too.
Maybe mainstream lenders won't help. But if you take the problem to the Mortgages and Endowments section of the forums, you will probably find some useful advice.(I doubt you would ever get a mortgage now)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Mrsmull2007 wrote: »I've recently applied for a right to buy but was subject to a bankruptcy 11 years ago. I've been discharged for many years and it no longer shows on my credit profile, in fact my credit report it great with a score of 930 and no adverse credit for a long time. However I've just applied for a right to buy mortgage through the Nationwide and they said no! They said my bankruptcy is still showing, this isn't the case - can anyone help. I subscribe to CreditExpert so I know I'm right. If I don't declare my bankruptcy to another mortgage lender could they still find out?
Did you tell Nationwide that you hade been bankrupt previously? As far as I am aware all mortgage providers ask this question. The details of both bankruptcies and IVAs is on the Insolvency Register permanently, which is checked by mortgage providers. So it fallls of your credit record but remaians public knowledge, permanently. This should have been explained to you before your entered the BR arrangment.
If you failed to declare BR on your form to Nationwide, they will reject you outright for failure to declare relevent information. You need to check whether they have registered a CIFAS warning indicating potential fraud.If you've have not made a mistake, you've made nothing0 -
Thanks for your replies. I DID declare my bankruptcy and NW said they use Experian. I have been using a mortgage broker and they are the ones that recommended NW mainly because they are known to lend to people who have been BR. I only want to borrow £31,200 - hardly a kings ransome - I've gotten a 35% discount with it being a right to buy. I earn almost £30k p/a and only have 1 small bank loan. It's crazy!
To be honest - I would never not declare it, I just wondered whether it is logged somewhere, and it's useful knowing that it is indeed logged for life.
Thanks0 -
NW only use Experian apparently - so I didn't check with all three, but having looked at other relplies, doesnt seem like I need to. ThanksDVardysShadow wrote: »Have you checked all 3 credit referencing agencies? May be NW also use an independent database of bankruptcies?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards