Previous repossession

Soran

Hi all,

I am looking at the possibility of buying a house with a 25k deposit and around 80k mortgage. I have been renting for the last 20 years, in total around 8 properties. Before this I owned a flat for around 3 years in the early 90's that I had repossessed due to redundancy and interest rates of 14% :eek:

Is this long since dead from a new mortgage point of view? or is likely to appear on a new mortgage credit check? My credit score is very good now, as I have a few credit cards that I pay more than the minimum each month, and also had a few loans over the years with no issues. If I don't mention it, what consequences are there if it shows up. If I declare it how much would it impact a new application?

TIA

Thrugelmir

You only need to declare it if asked the question. So when completing the application form answer truthfully.

Time does heal your credit profile. A healthy deposit is a major plus.

holly_hobby

Ouch ... I remember those rates !!!

The CML no longer operate a repossessions register, and adverse lasts for 6 yrs on your credit files - so I doubt this will appear on any search.

HOWEVER, as T. has stated, if asked if you have previously been the subject of a possession order you must answer truthfully. Having said that an awful lot of water has also passed in the some 20 odd yrs since, and as long as everything is nice and clean now, and has been for the last 6 yrs, I can't see an issue.

Hope this helps

Holly