Mortgage k16 search, 10 years post bankrupt

TroyAW

Hi All

I was discharged 10 years ago. Am now about to buy first home ( fingers crossed)
I have passed the hard credit check DIP and full mortgage application going through as we speak.

Credit rating now is excellent and have the usual credit cards etc as if there had never been a problem in the first place.

What I am concerned about is the final K16 bankrupt search just before completion. I have read mixed reports that it searches 5/6 years, others say no time limit - does anyone actually know at all?

Thanks in advance.

iquit

Congratulations on getting so far along after bankruptcy. To the best of my knowledge when you get a mortgage, the solicitor will (as required) conduct a k16 which will reveal previous bankruptcy as the record is held in perpetuity.

downhillfast

Did your mortgage application ask if you had EVER been bankrupt? Had been bankrupt in the last 6 years? Did it not ask at all?

If you have answered honestly then there shouldn't be an issue regardless of how far back the K16 search goes.

ACG

dowhillfast is right, if you answered the question correctly then there is nothing to worry about.

If you lied then there is potentially more to worry about - it is Mortgage fraud knowlingly lying on your application. Best case scenario the lender does nothing, worse case you end up on the national hunter system.

The_Real_Cheddar_Bob

as per the posts above, as long as this has been declared correctly then you will be ok. To give you more hope, i purchased my first house since bankruptcy last year, and that was within the 6 year period.

best of luck

TroyAW

Hi All,

Thanks for your advice.
I am using a broker who has never asked the question - and he has made the full application on my behalf.

On the initial AIP check via Natwest website ( which i did myself before the broker did his hards search) it only asked within the last 6 years.
I’m now just concerned with what may have been asked on the full application, but as I said, I’ve not even seen that so wouldn’t know, so my fingers are crossed it is the same as the AIP stage?

TroyAW

Just out of interest, who did you get your mortgage with?

ACG

Your Mortgage broker did not ask if you have been bankrupt/have any adverse?

MEM62

ACG wrote: »

Your Mortgage broker did not ask if you have been bankrupt/have any adverse?

In the OP's own words

TroyAW wrote: »

I am using a broker who has never asked the question

ACG

MEM62 wrote: »

In the OP's own words

I know that is what they have written but I am just confirming as I am struggling to believe a broker would not ask such an important question.

Our factfind effectivey covers it off twice:
Have you ever been bankrupt?
Have you had any adverse credit?

Aside from that, if for whatever reason it was not covered off, I would expect the customer to raise it in the meeting - the onus is shared but I would put most of the blame on the broker for not asking.

Dutsey

We used a broker who recommended going with Halifax. We made sure we declared our position and they were happy about it but I guess it all depends on the size of mortgage etc as well.