Old bad credit, getting a Mortgage, will the Mortgage company find out?

Chief71

Hi

Just applied for a mortgage and gone through the various checks, which all came out ok and the mortgage company have agreed to provide the money, all good.

My credit report is great, even excellent..but i previously had terrible credit (more than 6 years ago) and a few CCJs I believe (tough times). My question is, will the banks credit checks find out about old information?

I was never declared bankrupt or anything similar.
One of my defaulted debt was with the mortgage lender in question and nothing has come up on their system (was 10 years ago).

I don't want to lose my deposit, please help.
Thanks

starbarboy

Hi there

If you haven't already done so it may be worth double checking all the credit reference agencies to make sure any past defaults have now dropped off - if they are over 6 years old then I would imagine they have but it's always worth checking.

Not sure how applying for a mortgage with a lender that you have previously had defaults on will affect the application - I guess it depends how joined up their systems whether they would link the 2 together. however it sounds like you have a Decision in Principle already from the lender so fingers crossed everything should be all right.

Good luck and hope it all goes well.

Stephen

holly_hobby

Adverse credit is recorded with Credit Ref Agencies until their 6th anniversary of registration - at which point they (should) effectively disappear from your records - which means that they will not be revealled under any credit search.

However, even if no longer displayed with CRAs, if any application (financial or employment) asks if you have EVER had payment difficulties, CCJ/Default or Bankruptcy Order, regardless of when they occurred - then of course you must duly disclose this.

Hope this helps

Holly