Mortgage credit check question.

hertsman1

Hi All,

This is my first posting so please go easy on me!

A friend of mine reckons that a typical mortgage lender will only look at the past three years of your credit record in order to decide your credit-worthiness for a re-mortgage.
As I have a settled default that is almost three years old, I would be interested in any comments on this.

Many thanks
P

GMS

Lenders will look at all data available so usually 6 years worth.

Which part of this they choose to use is at their discretion so some may want clean credit for the whole period whilst some may want no issues in last 2 years for instance.

All depends on the lender and the level of adverse.

When was the default and for how much? When was it satisfied?

How much are you looking to borrow? How much deposit do you have?

kingstreet

IIRC the period shown for payments to a credit agreement is 36 months, so a late payment 37 months ago may not show up.

However, a default or a court judgment isn't limited that way, so your friend is right and wrong at the same time.

fellwalker09

Hi. When I last applied for a mortgage back in end of 2007, our broker said the lenders only checked the last 12 months of credit file. Guess it's all changed again in view of the present problems?