Mortgage after DRO, am I right in this?

James-may

Oops....can of worms .
I do have a broker, but they haven't got back to me like they promised they would by yesterday.
I'm annoyed by them now, so may just apply by myself.
Wether I mention the dro if I'm not asked or not, I'm undecided now.

[Deleted User]

@fatbelly and @sourcates you’re both arguing against a mortgage broker ie someone who deals with mortgage lenders for a living. Perhaps lenders should be clearer if a DRO is to be treated the same as bankruptcy or an IVA on a mortgage application and I wonder if it is wise for you both to be telling people to answer, “no,” to the question. What would be the consequences for an individual who had a DRO in a past life and answered, “no?”  

fatbelly

Lover_of_Lycra said:

@fatbelly and @sourcates you’re both arguing against a mortgage broker ie someone who deals with mortgage lenders for a living. Perhaps lenders should be clearer if a DRO is to be treated the same as bankruptcy or an IVA on a mortgage application and I wonder if it is wise for you both to be telling people to answer, “no,” to the question. What would be the consequences for an individual who had a DRO in a past life and answered, “no?”  

You answer the question honestly.

The question that's asked, not the one that should have been.

I'm going round in circles now. 

James-may

There's the thing, I just assumed it was classed as bankruptsy so wasnt a doubt I'd say yes if asked.
However legally it seems it isn't, you aren't in the London gazette, and your name won't be linked to bankruptsy in any documents other than the original creditors records.
So I'm not sure how they would find out, or given that a dro isn't bankruptcy how, even if they did find out what they could do given you answered the question legally right.

Of course, if I was using a broker, which I did actually contact and right off the bat told her my complete story including dro, as i wouldn't want her to tick a box saying Id never had a dro, as it wouldn't be true, and could therefore get her into trouble, maybe serious trouble.
However going at it alone, unless they ask, I see no point volunteering things they don't ask for.
Really they should be asking have you ever been made insolvent, the fact they haven't either means they don't mind dro being in your history, or they haven't bothered to update their questions, I don't see it as my duty to question what they are asking and why.
I will simply be honest with everything they ask.

[Deleted User]

fatbelly said:

Lover_of_Lycra said:

@fatbelly and @sourcates you’re both arguing against a mortgage broker ie someone who deals with mortgage lenders for a living. Perhaps lenders should be clearer if a DRO is to be treated the same as bankruptcy or an IVA on a mortgage application and I wonder if it is wise for you both to be telling people to answer, “no,” to the question. What would be the consequences for an individual who had a DRO in a past life and answered, “no?”  

You answer the question honestly.

The question that's asked, not the one that should have been.

I was thinking along the lines of a CIFAS marker if you answered no to something that, in the eyes of a lender, should be yes. 

James-may

Lover_of_Lycra said:

fatbelly said:

Lover_of_Lycra said:

@fatbelly and @sourcates you’re both arguing against a mortgage broker ie someone who deals with mortgage lenders for a living. Perhaps lenders should be clearer if a DRO is to be treated the same as bankruptcy or an IVA on a mortgage application and I wonder if it is wise for you both to be telling people to answer, “no,” to the question. What would be the consequences for an individual who had a DRO in a past life and answered, “no?”  

You answer the question honestly.

The question that's asked, not the one that should have been.

I was thinking along the lines of a CIFAS marker if you answered no to something that, in the eyes of a lender, should be yes. 

See I know nothing about what that is, I'm a first time buyer with little knowledge of how things work.
But as I said I will answer every questions truthfully that they ask.
But as I don't really know what is searched at the legal search stage, there could be some register somewhere that contains my name that I don't know about.
It's why I went to a broker initially, but since she doesn't seem interested as not getting back to me, I'm going to just save £400 and apply myself, answering any questions they ask truthfully.

sourcrates

Lover_of_Lycra said:

@fatbelly and @sourcates you’re both arguing against a mortgage broker ie someone who deals with mortgage lenders for a living. Perhaps lenders should be clearer if a DRO is to be treated the same as bankruptcy or an IVA on a mortgage application and I wonder if it is wise for you both to be telling people to answer, “no,” to the question. What would be the consequences for an individual who had a DRO in a past life and answered, “no?”  

Thing is, they don`t ask specifically about a DRO, but they do specify Bankruptcy and IVA.

They also don`t ask about debt management, so would you choose to disclose that if you had ever been in such an arrangement ?

Likewise, they don`t ask if you have ever driven a green car, would you feel compelled to divulge that also ?

Where do you draw the line here ? 

Common sense dictates you only answer the question that is asked, no more, no less.