Credit file, old repossesion and mortgage

ACG

Moonwax wrote: »

Acg, one more thing.

If i were to come to you. Disclose all the above, am i likely to get a mortgage. This would be after 6 years is up (were saving for the deposit now.)

I know of one lender off the top of my head who would consider an application. I wouldnt want to say they will accept i dont want to mislead you but there could be options, presuming the deposit is there and everything else stacks up.

Moonwax

ACG wrote: »

I know of one lender off the top of my head who would consider an application. I wouldnt want to say they will accept i dont want to mislead you but there could be options, presuming the deposit is there and everything else stacks up.

Thanks,
Well my credit scores on all 3 agencies are good, above uk average.
We would have the 10% mortgage.

Dave_Ham

Hi there,

Ok, so credit reference agencies are limited as we cannot and definitely should not assume that the information they hold is 100% accurate.

As stated, you can be chased for this money for 12 years as it was previously secured. Now, if I was a debt agent chasing money you are much, much easier target if you own a property as there is equity/asset to go after and can be obtained via the courts.

Forget the morality side of it, you need to declare this information to a broker and then let them stress to find a solution as otherwise you will drive yourself mad.

There will be options are not totally stupid rates, just will depend upon the experience of the broker.

Hunter systems are not public information and the lenders have even more sophisticated systems that again are not public domain and in their protection to have this.

Declare it all, pay a broker and let them earn their money and whether the old debt is on your credit file or not; budget that at some point they will locate you and ask for the money to be repaid. You will be able to arrange to pay this monthly and it is likely to redeem in full, you will be able to do a deal as likely the debt has been sold in any case.

Good luck

ACG

Moonwax wrote: »

Thanks,
Well my credit scores on all 3 agencies are good, above uk average.
We would have the 10% mortgage.

One of my first posts said a 10% deposit wont cut it.

zarf2007

Thrugelmir wrote: »

Moan about the banks. Then on the other hand you wouldn't play by the rules. You cant cut it both ways. Banks have changed. The sooner people realise it the better.

thats complete BS....they wont even lend the money the government is giving them! and the libor fixing recently.....yeah, they have changed...

zarf2007

ACG wrote: »

Then you would be wrong, as the question would usually say "Have you EVER...." - in which case answering this question as no, is a lie and mortgage fraud.


Where was the lecture, i said he could use his deposit to pay off the debt? If you consider that a lecture you should have lived in my house growing up, if i did something wrong you would be claiming my mum was torturing you!

I play by the rules. I quite like having my licenses needed to trade, if i didnt play by the rules and lost my license i wouldnt have a roof over my head. Next you will be saying all footballers are overpaid gambling addicts who sleep with prostitutes old enough to be your gran...

As i said my job is to help people move on with their lives, but i do it the right way. I get mortgages with lenders who will accept peoples history, i dont lie.

Just because your happy to lie, dont tar everyone with the same brush to make yourself look better - double standards... great eh! Next you will be telling me about your principles.

yes because I'm sure the OP can easily drop 50K then save for a deposit, what world do you live in? one with money covered trees?.....

while I have an A1 credit rating and do not need to be economical with the truth, I have friends who were reckless with their finances when younger and have changed a lot now for the better....all I am saying is everyone deserves a 2nd chance....god knows we have given the banks enough.

droiderm

I have recently had a full mortgage offer from nationwide with a bankruptcy and repossession just over six years old
that was for a newbuy mortgage and 5 percent deposit
granted I don't have the keys but everything was disclosed .