Historical debt, no mortgage?

jennlx

Anyone care to speculate on chances of a mortgage? My husband had a loan with Abbey National in about 2004 for about £8k. He defaulted when he was made redundant around 2005 and the debt was passed to Moorcroft. He made regular monthly payments to them until 2009ish when he was again made redundant. We got financial advice about the debt and requested statement and copy of agreement. The statement showed he had been filling Moorcrofts coffers and very little of the debt (still £6k owing) and there was no paperwork, so they returned debt to bank. Advice at that point was if they had no paperwork, to ignore as they couldnt collect the debt. Tried to contact Abbey to settle but they wouldn't collect as they had sold on.

We have had copies of all 3 credit agency searches, and there is no sign of this debt.

My own history is two late payments this year (annoyingly!). I do have a few credit cards (4) but only as I like to get the money back on purchases. I pay all of them within the 30 days each month (except the slip ups this year!).

Is there any point consulting brokers or should we stick to renting?

wrkactjob

jennlx wrote: »

.......We have had copies of all 3 credit agency searches, and there is no sign of this debt....

You should be good to go...what you see on those credit reports is all the lenders can see..though avoid applying for a mortgage with any lender you have previously had any past unpleasantness with as they may hold records still on what happened.

A broker is always handy in anything but a straightforward situation as they take in your total situation and can guide you to a more sympathetic lender but if your CRA files are clear you should be fine!

Phoebo

jennlx wrote: »

He defaulted when he was made redundant around 2005 and the debt was passed to Moorcroft.

If the default was registered in 2005, I wouldn't expect to see it on his credit report now as my understanding is that they disappear after 6 years. I would get a broker to help though just in case but I think you'll be fine.

Arina

The default would've dropped off in 2011. I think you will be fine but assign a broker. They are worth more than you think x

ACG

Based on what you have said im sure you will be fine getting a mortgage... although that is literally based on what you have said and nothing more.