Mortgage application after suffering a repossession.

felcher

Hello.


During a nasty marriage break up we had our house repossessed. This was 15/16 years ago. Since all that time I never heard from ex-wife or the bank, so I have no idea if the house was resold for profit or loss.


Since that time I have had no problems passing credit checks whenever I have had to have one. So my question is: if I wanted to apply for mortgage do I need to inform the bank of the repossession in my past or can I apply without mentioning it?

Thrugelmir

If asked the question you should answer truthfully.

felcher

I would like to answer truthfully.
However if the truth will result in me not being allowed to have a mortgage then how is that beneficial to me?




I am in stable job and a stable marriage and would like to buy a house.

silvercar

felcher wrote: »

Hello.


During a nasty marriage break up we had our house repossessed. This was 15/16 years ago. Since all that time I never heard from ex-wife or the bank, so I have no idea if the house was resold for profit or loss.

Time to find out. At the very least search the land registry site for the date the property was sold (It should tell you if they have sold price information available and the relevant date.) For £3 you will be able to see the sold price and should be able to work out if that paid the mortgage off or not.

I would think that if the mortgage hadn't been cleared the lender would have chased you at some point, but not unknown for people to fall through the net.

Since that time I have had no problems passing credit checks whenever I have had to have one. So my question is: if I wanted to apply for mortgage do I need to inform the bank of the repossession in my past or can I apply without mentioning it?

A broker would know which lenders ask the question of whether you have EVER been repossessed and which don't. Which lenders will never lend to anyone that has been repossessed and which ones will consider.

You need to find this out before applying, so that you are not wasting time and so that you are not damaging your credit record by too many applications.

I would like to answer truthfully.
However if the truth will result in me not being allowed to have a mortgage then how is that beneficial to me?

A conviction for mortgage fraud won't be beneficial to you either.

chanz4

felcher wrote: »

I would like to answer truthfully.
However if the truth will result in me not being allowed to have a mortgage then how is that beneficial to me?




I am in stable job and a stable marriage and would like to buy a house.

cifas for mortgage fraud wont help you als0

Thrugelmir

felcher wrote: »

I would like to answer truthfully.
However if the truth will result in me not being allowed to have a mortgage then how is that beneficial to me?

Making a false application is considered fraud. Which is viewed extremely seriously.

The likelihood is that the event won't stop you obtaining a mortgage.

felcher

Many thanks for all your replies.