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New Mortgage With Historic Debt?

KentSecurityOfficer
KentSecurityOfficer Posts: 1 Newbie
in Mortgages & endowments
Hi, I want to know if I can get a mortgage even though I have debt which I have evaded for 7 years due to not being able to pay when I was out of work? My equity far outweighs the value of the mortgage by £210k t o £30k, so I have a lot to lose should I default!

I have also been in full time employment for 3 year now, as well as changing my name (for other reasons) 8 years ago.

How far back do the banks check?

Comments

  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Having debt is not a problem, having debt not being paid is.
    What is on your credit report? arrears? default? arrangement to pay? and when? That is what is important.

    Banks check back 6 years, although some can check internal systems further back than that.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The finance house or lenders you defaulted on won't have forgotten.
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