After agreeing a full and final settlement with Nationwide and Eversheds a few years ago, I have restored my credit rating, and have decided to re-mortgage with my partner, to get an extension.

Nationwide have agreed a mortgage in principle but have now decided they want 6 months bank statements and repo details, will this open up the alleged debt or should we feel safe in supplying the details?

Might sound crazy, but we don't want to pay over the odds for a mortgage because of previous troubles.

-- marne small (marne_s@hotmail.com), September 08, 2003

Answers

Question:- Are you on the repossession register?

If so, then whichever mortgagee you choose, as soon as they look on the register, it will show up your previous problem. Best advice then is to stay with your application with Nationwide and prove to them you are now in a stable financial environment by providing the six months bank statements and a full explanation of the previous problem.

If you are not on the register, then look carefully at the questions on residence - some only ask for previous addresses when you have been resident at current less than 3 years, with others it is 6.

Also worth bearing in mind, is whether or not there was ever a formal CCJ over the Nationwide debt before you settled it. Again, if your previous address is requested, this will show up on a status search - it might be worth getting a copy of your credit record from one of the agencies (find out which one the prospective mortgage lender uses). Very often what happens is that you are taken to court, and a suspended possession order and suspended judgment is made and these do not come into play unless you disobey the terms of the court order on what to pay each month. If you do not keep to the terms, then the PO is enforced by a Warrant of Execution and the suspended judgment becomes an absolute one and is registered.

-- David J. Button (davidjohnbutton@supanet.com), September 08, 2003.

Hi DAvid

My credit record is good - have checked the experian equifax all clean - What worries me are your last few lines - you mention them taking us to court?

We only want to increase our current mortgage and put my name on it, to get an extension. If this means going to court and paying any money then we wont bother!

Thanks for your advise

Marne

-- marne small (marne_s@hotmail.com), September 08, 2003.

Marne

The repossession register as controlled by CML (council of mortgage lenders) is kept on file for a period of 6 years from the date of possession.

Therefore if it is now after this period and you dont want to bother with showing evidence or cannot find the paperwork I would recommend that you re apply with someone else and you will no longer have the problem!

I am confused - is the current property which u want a remortgage on with Nationwide - if it is didnt your full and final settlement with them not include a condition that if you had other security with Nationwide that a full and final would not be final?

Anyhow if you have acheived a full and final then you will not have to go to court over this whatsoever so dont panic and would simply need to provide Nationwide with what they are asking.

Hope this helps

-- fairer financial world (fairerfinancialworld@hotmail.com), September 08, 2003.

Hi

If we apply now whilst the other application is being considered - wont that affect our next application?

Regards

-- marne small (marne_s@hotmail.com), September 08, 2003.

And thankyou very much for your replies!

-- marne small (marne_s@hotmail.com), September 08, 2003.

It could do but as you have a clean credit file and assuming the 6 year registar has expired you can go with another high street lender and therefore reason for another application is that you have seen a better product / incentive / rate etc.

Going to a second lender would only generally effect borrowers of 100% + mortgages and hopefully from your past experience you would not be foolish enough to go for such a ridiculous %.

If you had been to 4 or 5 yes in a short period of time it could effect.

I again remind you of my last question in the previous posting - did you have any special conditions in your full and final settlement regarding other securitised properties with Nationwide. It is very important consideration and if you did you should sort this out before occuring more loans and charges on the property.

-- fairer financial world (fairerfinancialworld@hotmail.com), September 08, 2003.

There was no link to other properties in the full and final settlement, I have rented for many years since the repossesion, my partner currently owns the house we live in.

Thanks - Marne

-- marne small (marne_s@hotmail.com), September 08, 2003.