Do I legally need to notify a lender (If they ask about previous repossessions) of a repossession if it's older than 6 years or if its not on my credit report?

Thanks

-- Would rather not say (Private@private.com), August 03, 2000

Answers

Yes, otherwise it is classed as mortgage fraud. Entries on your credit file will only stay on there for 6 years, but repossessions and bankruptcies show on what are known as 'Hunter'searches to stop people from doing this.

You could go through a mortgage application with no problems until the solicitors carry out their searches prior to completion and then be turned down, costing you a lot of money in wasted solicitors costs etc.

If there is an outstanding balance, a high street lender likes to see that it is repaid.

If you do get turned down by a high street lender (do apply but provide all relevant details)please do not hesitate to contact us as we are a mortgage broker who specialises in helping people who have had credit problems in the past.

-- Mark Lance (marklance@jwmortgagesolutions.com), August 08, 2000.