Old bankruptcy file

bastilletip

Hi,

I have had a FirstBuy scheme agreed, a mortgage offer from Nationwide in writing, everything going through and exchanging today.

Just reading forums on here though has got me worried.

10 years ago I was bankrupt. This is now not on my file, and my credit history/file is very good. I notice the solicitors do a 100 year bankruptcy search though.

Is this going to affect me? I completed forms through an advisor, and have not been asked about previous history at all, I have not lied or misled just answered the questions asked.

If yes and offer is withdrawn, is my deposit lost?

kingstreet

If the offer is withdrawn after you exchange and you are unable to secure another mortgage in preparation for completion, you could be sued by the vendor and lose your deposit, yes.

kingstreet

This is asked on a Nationwide mortgage application;-

Have you (or if self employed, your business) ever been bankrupt or insolvent or made any arrangements with creditors? Yes/No

If Yes, please give full details on the ‘Additional Information’ section at the end of this form

Did you fully check the answers given on the application before you signed it?

Wh05apk

kingstreet wrote: »

This is asked on a Nationwide mortgage application;-


Did you fully check the answers given on the application before you signed it?

If it was done online, then there would not necessarily have been anything printed off/signed.

Nationwide "may" accept bankruptcy after being discharged for 12 months, however as you are buying on the newbuy scheme at 95% their scoring will be tight. If you have not exchanged yet, suggest you contact your solictor urgently, to delay, and confirm witrh Nationwide that they are aware, better to lose it now, rather than lose your deposit etc after you have exchaned and committed.

droiderm

It's not NewBuy it's FirstBuy.

kingstreet

Wh05apk wrote: »

If it was done online, then there would not necessarily have been anything printed off/signed.

Nationwide "may" accept bankruptcy after being discharged for 12 months, however as you are buying on the newbuy scheme at 95% their scoring will be tight. If you have not exchanged yet, suggest you contact your solictor urgently, to delay, and confirm witrh Nationwide that they are aware, better to lose it now, rather than lose your deposit etc after you have exchaned and committed.

Can you do shared equity with Nationwide via MTE?

TBH I couldn't remember, so I guessed not. Fair point though. If online, he'd still need to answer the question, although he wouldn't actually sign the application form.

kingstreet

Come to think about it, I had an email today saying they've just started accepting "equity share" business online.

Equity Share now available online

Date: 26.11.2012

Equity Share purchase applications can now be submitted via NFI Online and NFI MTE.
Part of being on your side means we're always looking at ways to improve our online systems for you and your clients. So we're pleased to announce that from today, you can submit Equity Share purchase applications via NFI Online and NFI MTE.