Mortgage after repossession

Sissy

My bottom line question is, how would a mortgage lender know that you had a previous repossession?

A few years ago we had a very troublesome tenant who knew every loophole In the law and how to get away without paying rent for over a year, appealing all evictions first because she was pregnant, then because her children were to young and she couldn't be made home less etc. etc. during this time we had no rental income, the property was losing equity due to the house price crash and we were spending a lot of money in legal fees for letters and going to court etc. after a lot of stress and heartache we decided it was easier to let the property go and let the lender evict her which he did after about 6 more months. We have now nearly paid all our debts, we are going to offer F&F to two creditors and our credit will be restored completely. The repossession does not show on the credit report and somebody told me that a register used to exist where details of repossessions were kept by credit agencies, however this register was stopped and all documents destroyed in 2010. So going back to the question how would a lender find out that your previous property was repossessed? Should I risk trying to get a mortgage? Thanks

droiderm

The non fraudulent answer is, you must declare it, if asked.
I do understand why you might think you don't need to, but it's your risk if you choose not to. The will be a risk of fraud markers on your credit file though.

I am currently waiting for a Decision in Principle with declared bankruptcy and a repossession.

holly_hobby

The CML repossessions register does indeed no longer exist - however your arrears and repossession will show on your file with CRAs for 6 yrs from default registration.

The question whether to reveal a repossesion is given in that all mge apps will ask the question, to which you must answer truthfully (no matter how long ago).

How much it will impact your present mge app, will depend upon time passed since the event, other credit profile info, your status and deposit, and whether you can demonstrate a change in circs from that time to this.

To not declare it would amount to a fraudulent application, upon discovery you would be placed on the CIFAS (fraud) register. You may think it will be easy to hide, esp if you are approaching a different provider, but don't forget even if the account has fallen off your 6 yr CRA history, ther are an awful lot of lenders whom have over recent yrs been taken over or merged with other banks and lenders, so the risk of being discovered from any archive bad debt search is a very real one I'm afraid.

Of course ulitmately the choice is yours, but you'll have to stand by this decision and the fallout if it all goes Pete Tong !!

Honesty is always the best policy ..... I promise.

Hope this helps

Holly x

Yorkie1

BombAtomically wrote: »

i want to try an spread this video around as much as possible,

7 times on these forums is spam.

Reported.

holly_hobby

Oh for gawds sake .... I'm getting tired of this persecution complex that the board has suddently become full of ..... !!!

Off for a lie down in a dark room .....

H