6 years...

Chappaz

Make sure you buy proper copies of your credit reports from all three agencies before you apply for the mortgage.

This information is available free via the websites mentioned above, but it's usually updated monthly (and some information can be delayed a while - particularly in the case of Noddle).

By pulling a statutory report, you'll be able to get the most up to date information they hold on you at that moment.

Regarding the application, while you must declare it, lenders are not as strict when the bankruptcy is more than 6 years old. The rule if thumb is generally carried over from the credit reporting, so a 6+ year old bankruptcy is not as bad as a 1-5 year old one.

Many lenders will still reject you. However, you'll be able to find lenders who will accept you - absolutely. They're just a bit trickier to find, but this is where a good mortgage advisor/broker is essential. They will be worth their weight in gold in this case.

sultanabran

Potbellypig wrote: »

What's the repercussions for not admitting it? Are there any horror stories on here from people who didn't admit it and it bit them on the backside?

A potential scenario is you don't admit to it and you are offered a mortgage. Then a day or two before completion, your solicitor, while doing their standard searches, uncover that you were bankrupt recently. As they are also acting on behalf of the lender, they are obliged to notify them of this. Your mortgage offer will be withdrawn and you'll be left in a situation where you've exchanged contracts to buy a property that you have no way of funding.

Might be a worse case scenario but why risk it?

[Deleted User]

Potbellypig wrote: »

Thanks, I'm signed up with Clearscore too but I haven't checked that as I thought it was a bit wishy washy.

To be honest they are all wishy washy!! Good for a howler I think it was clear score that said one of the negatives was my telecoms bill was to high! (It's my freeview, Internet and landline in one aha) though I did like the presentation of clear score.

Short term loans gravely listed as long term?!

3 of the so called free one's nearly got me shot! Wasn't till I accessed Call Credit via a lender I got yet another picture presented. More hassle then it's worth.

Stick with the orginal CPA's.

Fireflyaway

Don't just rely on one credit file. My credit club score is 997 but with clear score its only deemed 'fair' and with noddle I'm 'poor'.

sonstream

Potbellypig wrote: »

I went bankrupt on 19th May 2011 and I thought that it would go off my record on the 19th May 2017. I've just signed up to this MSE Credit Club thing and I've got a score of 999 and there is no sign of bankruptcy.

have you added the address the bankruptcy was registered at if not your current address? in theory it should come off your credit report on the 20th of May this year as the 19th would still be within 6 years if that makes sense

Potbellypig

Arleen wrote: »

Lying on a credit application is more commonly referred to as a fraud. When caught doing that
the consequences will be quite severe; starting with a CIFAS marker and potentially leading to criminal charges, not to mention that your mortgage agreement will be invalid (if you will manage to get it).

And this can and will be, easily found out, as mortgage providers can query the Insolvency Service who hold a permament record of your bankruptcy.

Deleted_User wrote: »

It may mean you don't need to worry about paying the mortgage anymore, as alternative accommodation will be provided, free of charge.

sultanabran wrote: »

A potential scenario is you don't admit to it and you are offered a mortgage. Then a day or two before completion, your solicitor, while doing their standard searches, uncover that you were bankrupt recently. As they are also acting on behalf of the lender, they are obliged to notify them of this. Your mortgage offer will be withdrawn and you'll be left in a situation where you've exchanged contracts to buy a property that you have no way of funding.

Might be a worse case scenario but why risk it?

Christ, that seems a bit serious. Are there any horror stories floating around the internet where the preverbial has hit the fan and someone's ended up either in prison, faced criminal charges or had mortgages cancelled after they've been agreed?

Potbellypig

Chappaz wrote: »

Make sure you buy proper copies of your credit reports from all three agencies before you apply for the mortgage.

This information is available free via the websites mentioned above, but it's usually updated monthly (and some information can be delayed a while - particularly in the case of Noddle).

By pulling a statutory report, you'll be able to get the most up to date information they hold on you at that moment.

Regarding the application, while you must declare it, lenders are not as strict when the bankruptcy is more than 6 years old. The rule if thumb is generally carried over from the credit reporting, so a 6+ year old bankruptcy is not as bad as a 1-5 year old one.

Many lenders will still reject you. However, you'll be able to find lenders who will accept you - absolutely. They're just a bit trickier to find, but this is where a good mortgage advisor/broker is essential. They will be worth their weight in gold in this case.

How do I get a proper copy of my credit report? Is that the one's that cost £15 a month?

Potbellypig

sonstream wrote: »

have you added the address the bankruptcy was registered at if not your current address? in theory it should come off your credit report on the 20th of May this year as the 19th would still be within 6 years if that makes sense

Yes, it's at the same address I'm at now. That's what I thought too.

[Deleted User]

Potbellypig wrote: »

Christ, that seems a bit serious. Are there any horror stories floating around the internet where the preverbial has hit the fan and someone's ended up either in prison, faced criminal charges or had mortgages cancelled after they've been agreed?

A quick google brings up a few stories where people have been jailed for misrepresentation in mortgage applications.


http://www.bedfordshire-news.co.uk/father-son-sentenced-37-months-jail-mortgage/story-27448720-detail/story.html

http://www.bbc.co.uk/news/uk-england-25862838

ellison007

I echo most of the sentiment expressed on here; better to be honest - not worth 'trying it on'.


The bankruptcy question in my experience tho' can be articulated in two ways.


Halifax for instance states;


1.


The Bankruptcy question should be answered as YES if you have had a bankruptcy/IVA/Debt Management Arrangement or Debt Relief Order within the last 6 years or still have an outstanding Bankruptcy Restriction Order.


So, if you apply in June this year, you can honestly answer NO to this sort of question asked in this manner.


IF however in the mortgage application it asks if you have EVER in your lifetime been made bankrupt, then answer YES. I have seen more of the former tho' than the latter style of question so I think you will be OK.


Best of luck, I hope all works out well for you.