high street mortgages possible?

stoveman

hey guys

got a few defaults totalling about £8,000 on m credit file and been with a subprime mortgage lender for 2 years.

all of my deafaults went on my file on or around Feburary 2003 and have been told they drop off after 6 years. so come feb/march i should have clean slate?

Ive been told that once the defaults have come off, no one will ever see that i had defaults when they credit check etc.

So my question is when I remortage in march once the defaults have gone can I go back to the Highstreet? ive been told they dont credit score they just credit check for defaults and bankruopcy etc

any ideas? Im paying 7.69% now so wanna move away from that if possible, so just trying to work out what to expect

cheers

dean

John_Pierpoint

If you go back to the original lenders of the 8K, they might well "remember" you.

homer_j_3

It is correct that they "fall" off your credit history. The question will be whether the lender asks if you;

If you have had any defaults in the last X number of years? or

If you have ever had defaults.

The answer to this question could obviously influence the decision but you should be ok going mainstream again.

With regards to the above comment - if you go back to the lender that has had a default with you, I do not know whether they would ignore that or even realise that they have had a default there in the first place if it is not on your credit file. They may have other systems in place though but as long as you answer the questions honestly, the worst they can say is no.

John_Pierpoint

Are you allowed to make the "legal lie" as you are with the rehabilitation of offenders act? (I believe).

homer_j_3

what do you mean?

John_Pierpoint

http://www.yourrights.org.uk/your-rights/chapters/the-right-to-privacy/spent-convictions-and-rehabilitation-of-offenders/spent%5Fconvictions%5Fand%5Fthe%5Freha.shtml

http://www.yourrights.org.uk/your-rights/chapters/the-right-to-privacy/spent-convictions-and-rehabilitation-of-offenders/provision_of_services.shtml

http://www.yourrights.org.uk/your-rights/chapters/the-right-to-privacy/spent-convictions-and-rehabilitation-of-offenders/employment.shtml

http://www.yourrights.org.uk/your-rights/chapters/the-right-to-privacy/spent-convictions-and-rehabilitation-of-offenders/exceptions_to_the_rehabilitati.shtml

homer_j_3

With mortgage applications, I believe that it asks whether you or anybody residing at the house has ever had any criminal convictions whether spent or not - excludig motoring convictions.

If I am incorrect - do not have any apps to hand that I can look at then there may be a time limit on the question where you simply have to declare. If this is the case then you simply need to answer the question they ask.

My overall point is that you answer the questions honestly. If they dont ask it then they clearly do not need to know to make their decision..

John_Pierpoint

It would appear that you can reply NO when the real answer is YES. The offence is the person who lets slip the truth about another. Mind you is 6 months for "twocing" aged 17 relevant to employing a petrol head aged 19 in a garage?

(See link about Insurance Policies, which are normally subject to the "utmost good faith" rule and you have to answer questions the insurance company has forgotten to ask.)

homer_j_3

With insurance policies, I am sure that the wording is EVER had convictions other than those of motoring offences.

You have to declare for the insurer to decide whether or not they want to insure you. IE someone who has been done for theft or dishonesty convictions will be unlikely to get insurance.

With mortgages, I have found a downloadable mortgage form and it states that:

I have never been convicted of any criminal offence nor is any prosecution pending, excluding motoring or 'spent' offences by virtue of the rehabilitation of offenders act 1974 or ROA (Northern Ireland)order 1978

John_Pierpoint

Hi Homer,

I think we agree about mortgage applications: It is OK to be a rehabilitated criminal, after a matter of a few years, but having defaulted over money (even if perhaps not your "fault") then this sin follows you about for longer.


I too found a mortgage application form:

36. Have you ever:
a) missed any payments on:
i) any credit, rental or mortgage agreement?
ii) any mortgage or secured loan;
iii) or on any unsecured loan?
No
Yes
If yes in the last 2 years, have you missed payments for 3 or more months.
No
Yes
etc. etc. etc

But when the form gets to the criminality bit it is not allowed to ask:


37. Criminal convictions
Have you or any person who will reside in the property to be mortgaged, received a formal
police caution in the last 5 years, ever been convicted of, or have any prosecutions pending,
for any offence other than for parking or speeding, excluding any which are spent under the
Rehabilitation of Offenders Act 1974?
No
Yes

We even have the ridiculous situation that after a conditional discharge you can deny it after 12 months but a caution (not used in 1974?) follows you around for 5 years?!?
[FONT=Georgia, Times, Serif]Conditional discharge, probation order, binding over,
care order, supervision order - 1 year after conviction of
the order or 1 year after the order ends, whichever is the longer[/FONT]

The insurance angle seems a bit more "iffy". The "Liberty" web site says:
[FONT=Arial, Helvetica, Sans-serif]Provision of services[/FONT]

[FONT=Georgia, Times, Serif]Some contracts, such as insurance polices, are governed by the legal principle that all relevant information must be disclosed by the person seeking insurance, whether or not it is asked for - otherwise the contract could be treated as invalid. Clearly, the existence of a driving offence or an offence of dishonesty could be relevant to an insurance company's assessment of the risk and the appropriate level of the premium. However, the the Rehabilitation of Offenders Act 1974 clearly states that your duty to disclose all relevant information does not extend to disclosing convictions which are spent.

[/FONT]