FTB with previous bad credit- advice!

lauraphils

Hi, hope someone can help.

I'm planning on buying a house in the near future and have been working hard to get my credit rating to a good point after years of defaults, payday loans and missed payments. All these are well over 6 years old now and have dropped off my credit file, but do I still need to declare this when applying for a mortgage? I want to be honest but don't want bad mistakes from 7 years ago to jeopardise my chances of getting a decent mortgage. If the lenders cant view them on your file, do you still need to advise them?

Anyone that could share some insight on this would be greatly appreciated!

haras_nosirrah

It will completely depend on what is showing on your credit report.
If things are over 6 years ago and are off your report you should be fine.

Get a copy of your credit report to a broker. If you don't know any then there are plenty of us on here. Read the forums and pm who you think may be able to help. We aren't allowed to approach people but can respond if people approach us first.

ACG

You answer the questions as they are asked. If it asks have you EVER then the answer would be yes. If the question is "in the last 6 years" then the answer would be no.

Some lenders do also keep internal records going back further than 6 years.

lauraphils

thanks, there is nothing on my credit report now and all scores are good from the 3 main agencies. i wasn't sure if a lender can still use it against you if you advise them that you previously had defaults etc

Mortgage_Adviser

You woudn't normally be asked about any adverse apart from bakruptcy and reposessions over 6 years ago.

foxy-stoat

lauraphils wrote: »

thanks, there is nothing on my credit report now and all scores are good from the 3 main agencies. i wasn't sure if a lender can still use it against you if you advise them that you previously had defaults etc

If you use a broker then they will know which lenders to go to. Lenders ask have you ever been insolvent, you have to answer truthfully, but only care if its within 6 years for example.

I dont think I have being asked if I have ever had a default though, its normally defaults within 5 or 6 years.