Mortgage advice 10 year old reposession

barrysmith2480

Hi all

I am after a little advice in 2010 i had a bit of a mental breakdown and ran away from home stopped paying all my bills and ran up all my credit cards.  I went through a pretty rough time due to some stuff going on personally and never went home again, left my wife and basically after about 2 years i decided to rebuild my life.  During this two year period my flat was repossessed and I assume all my credit cards where chasing me around or it was passed to debt agencies, I really dont know what happened but i have never recived more than say 2 letters in the past 10 years referring to any of this. 

So over the last 8 or so years ive completly rebuilt my life, I started getting credit again in 2016 and when i look at my report there is nothing on it at all from my past which i always though was strange.  I have looked on experian and credit expert and have very good scores, excellent history of payments over multiple accounts for several years.  I have several credit cards all managed well, a loan , a car on pcp , have had HP in past 4 years but all paid off now, i even have cards with lenders that i had owed considerable money to in the past. 

So im not at a point in my life where i have a job paying more than i would ever have dreamed on a good income (48K), I want to try again to own my own house so i dont have to keep paying 1k in rent lining someone elses pocket.  i have been looking at shared ownership schemes round my way as building a vast deposit is still out of my means and they would help me take the next step in getting back on track.  However my concern is my repossesion I dont know the date it actually happened but i stopped paying the mortgage in april 2010 and it was taken sometime after that, my ex wife refused to leave and i believe she stayed until the day it was taken although i cannot confirm this as she has never spoken to me since the day i left.  Will this totally stop me from ever getting a mortage later this year ? do i need to wait a certain amount of time to pass ?

Any advice would be much appreicated, also I would prefer if no one gave me a lecture about my irresponsible actions in the past , I was not in a good place and fully regret some of the decisions I made but was not of sound mind.

THanks

MovingForwards

Speak with a broker as repossessions are not a good thing, as you know, but some lenders appreciate the past is just that, especially as you have shown responsibility since.

Hopefully, one of the brokers will be able to clarify that side.

Regarding the mortgage debt, if there was one, they have 12 years to pursue it.

Regarding the historic debts, they had 6 years to pursue / issue court proceedings. That limit has gone. Due to the age of them they wouldn't show up on your credit history reports as they drop off 6 years after default / closure.

barrysmith2480

thanks , what do u mean by mortgage debt - if they repossession didn't cover the balance ? if i recall i bought the place for 78k and had put 15k deposit down to in relative terms it was a small mortgage id imagine they would have got more than i bought it for as i renovated it extensively.  

Carrot007

barrysmith2480 said:

thanks , what do u mean by mortgage debt - if they repossession didn't cover the balance ? if i recall i bought the place for 78k and had put 15k deposit down to in relative terms it was a small mortgage id imagine they would have got more than i bought it for as i renovated it extensively.  

+ fees for evitcing your ex

+ sold at auction in who knows what condition bitter ex left it it.

+ others!

There may well have been a shortfall.

csgohan4

barrysmith2480 said:

thanks , what do u mean by mortgage debt - if they repossession didn't cover the balance ? if i recall i bought the place for 78k and had put 15k deposit down to in relative terms it was a small mortgage id imagine they would have got more than i bought it for as i renovated it extensively.  

Spending X on renovations, doesn't mean it will go up by X I am afraid, as above there may well be a shortfall which may be picked up if you apply for another mortgage. You need to contact your old mortgage provider to check. 

MovingForwards

Yes mortgage debt = shortfall as described above.

ACG

With it being 10 years old I would expect you to be relatively ok.
I think there is another issue here in that you had multiple debts that defaulted also. While everything may have dropped off your credit report, some companies keep internal records going back much further and so you may find you are declined because of internal records.

You probably need to draw up a list of debts you did not pay and there would be no harm speaking to a broker but in the main Iw would expect you to be ok, although shared ownership will limit your options.