Mortgage Advise

sarahb7538

Me and my partner as due to see a Mortgage advisor in the next couple of days to discuss applying for a mortgage.

I haven't had the best financial history in the past, and had some significant debts but I am now on the straight and narrow. I was in a DMP for a number of years but this has been settled and there is no reference to this or any of the accounts that were included in this on any of my credit files. All defaults and accounts included in the DMP have dropped off my file in the last couple of years.

I havent told my partner about my past financial issues as they are exactly that the past and I don't want them to know as I was young and stupid.

The only blemish I now have is two pay day loans from over two years ago, that I used between finishing my second degree and starting my full time employment. I have worked very hard over the last three years to ensure that I have used credit in a responsible way and have no negatives on my file.

Long story short, the broker has emailed me a copy of the form they will complete with us and it asks if you have ever had a default or made an arrangement with a creditor. Obviously I have done both but as there is no longer any reference to this on any of my files, do I need to tell them? ( all defaults were from 2009/10 - so dropped off my file a while ago along with all reference to the accounts )

ACG

If the broker has asked EVER then you need to tell them about it.

Hiding anything from your broker is pointless, they want to get the mortgage through as much as you want it. So give them the whole truth and nothing but. They can do the research in the know.

I do not charge my clients a fee if their application gets declined, unless they have lied or withheld significant information, in which case we charge an admin fee of £250 for wasting our time.

Give them what they have asked for and they will work with it. You might think lenders can not access it, but sometimes they can access things further back. For example, if you did not pay a tesco/mint/rbs/natwest credit card, Natwest and RBS may still be aware of it forever more.

Some financial institutions are linked together and they may keep information for more than 6 years for a number of reasons.

Thrugelmir

sarahb7538 wrote: »

I havent told my partner about my past financial issues as they are exactly that the past and I don't want them to know as I was young and stupid.

Better to be upfront and honest. Than submit mortgage applications only to be rejected. Lenders retain internal records a lot longer than 6 years.

Obviously I have done both but as there is no longer any reference to this on any of my files, do I need to tell them?

How do you expect your broker to help you find the right lender?

sarahb7538

I was under the impression that after the 6 years, and the fact that everything had dropped off my file I would basically have a clean slate, looks like this is not the case? That's pretty gutting news.

So I need to keep away from anyone I've had debts with in the past (& linked institutions)?

Thanks for the advice, I don't know if I should email them before we meet to give them the heads up. I don't want it to be a waste of time.

ACG

There is nothing to say you can not get a Mortgage with those lenders before or after the 6 years are up. But some lenders hold a grudge more than others.

Explain it to the broker in the factfind and maybe a quick overview in an email and they will ask any questions if they feel it necessary.