Posted on 13 May 2012 by ian

Hi I had a joint mortgage ten years ago when the house was repossesed but have recently cleared all my debts via debt management I am now being told that this one mistake ten years ago will stop me from ever getting a mortgage is this true thankyou?


This statement is not strictly true, but for all intents and purposes it will stop you getting a mortgage for the foreseeable future.

Whilst credit records stay on file for a maximum of 6 years and I suspect your more recent credit history will prevent you getting a mortgage, you will always have to declare the repossession on a mortgage application.  Whether this then results in the application being declined depends on the individual lender.  When I worked for Halifax this question and whether you had ever been declared bankrupt formed part of the questions, but did not directly effect the lending decision and I saw a handful of cases go through to offer and completion.

In the current lending climate I do not know of any lender who would accept an application from yourself and I do not see this changing, if ever,  until the economic climate improves.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.