Life after repossession?

Mrs_Luff

My home was repossessed (voluntarily) over 7 years ago. This repossession is now off my credit files and I have had no other credit problems since then. i would like to now buy a property so can anyone tell me, would I now be classed as a first time buyer? WIll I be asked for details further back than 7 years and if so, could the lender check on these details? Your help would be much appreciated before I go and commit fraud. Many thanks.

mightymouse

Hi

You need to discuss this with a whole of market mortgage adviser.

Have you actually seen your credit file or are you relying on the 6 year rule for ccj's.

You should not have any problem once your situation has been discussed, however just curious but has your previous lender tried to get in touch regarding any shortfall from the repossession.

Dont worry let the adviser deal with it.

silvercar

mightymouse wrote: »

Hi

It is not my intention to correct anyone but this is an area where some lenders interpret the wording to their advantage or just ignore it completely.

I notice that the FSA now say that proceedings have to be commenced within 6 years.

If the op is no longer registered on the repossessions register (6years) I would want to interpret any question about previous repossessions very carefully and try to restrict the answer to within 6 years.

Also I take the view that if the question was answered 'no' then the greater view should prevail in that it was no longer detrimental and therefore should not be considered.

(I know not strictly true but even offenders after time do not have to reveal all)

http://www.cml.org.uk/cml/consumers/consumerfaqs/arrearsfaqs


These are my thoughts only.

Absolute gobbly-gook.

If you are asked on an application form, "Have you ever had a property repossessed?" You have to answer truthfully. To lie is fraud, obtaining money by deception, could result in a criminal record etc.

You can't say "Have you ever had a property repossessed?" really means "Have you had a property repossessed in the last 6 years and the details remain on the repossession register?" Which translation package are you using?

I'm not trying to have a go at anyone who has unfortunately been repossessed, just trying to ensure they don't end up in further !!!!!!.

There are lenders that will lend to people in these circumstances. Far better to use a broker and find a lender suitable to your circumstances than lie and worry you could be caught out.

mightymouse

Hi

I take it you do not agree, I have just spoken to the Halifax (recorded) who say they dont actually ask the question and would rely on credit check etc.

Just trying to help.

silvercar

mightymouse wrote: »

Hi

I take it you do not agree, I have just spoken to the Halifax (recorded) who say they dont actually ask the question and would rely on credit check etc.

Just trying to help.

Silvercar wrote:

There are lenders that will lend to people in these circumstances. Far better to use a broker and find a lender suitable to your circumstances than lie and worry you could be caught out.

So we do agree!

Leon_W

There are quite a few lenders that do not ask the question and a good broker will know of these.

If you answer all the questions on the form honestly and a certain question isn't asked then there really is no problem.