1994 Bankruptcy

[Tiger Lily]

Looking for some advice please.

I have a friend who declared herself bankrupt in 1994 di, since then has gone on to remarry and rebuild her life..

Long story they had a buisness got big to soon, mortgaged against their home lost it all..

 

Anyway now she wishes to apply for a mortgage and has been granted one in principle, honestly didnt think such an old bankruptcy would effect her now.

Question is will it? She hasnt filled any forms yet so hasnt not declared it,

will she need to and if she does will it effect.

would be gutted now if she couldnt move

she is renting at the moment

Edited February 20, 2012 by Tiger Lily

[dx100uk]

passed 6yrs no need

 

dx

[Tiger Lily]

so where it says on the form, have you ever been declared bankrupt?

or would she just declare it.

and it wouldnt effect?

Edited February 20, 2012 by Tiger Lily

[BRIGADIER2JCS]

I think if the mortgage provider has

this on their app forms phrased in that

way it would be wise to be upfront, such

information can be checked, most likely

it would be that she would be asked to

prove her discharge and there would be

a more close look at the application.

As DX said it is past six years, but their

question is specific.

[dx100uk]

well now i know in what context they asked yes agreed,,,

 

if you don't it could be seen as fraud if it ever came out.

 

i dont think it will affect the application though as it was 15yrs ago.

 

dx

[Tiger Lily]

I know she hasnt applied yet formally for a mortgage, a broker just did a quick check to see.

 

what would be best then tell the broker or go to branch and see their mortgage advisor.

 

 

she has a large deposit due to an inheritence so ltv would be over sixty percent

Edited February 20, 2012 by Tiger Lily

[BRIGADIER2JCS]

We cannot predict what a credit file might show,

she needs to check the two main CR agencies Equifax

and Experian before doing anything.

2006 default drops of whenever this year, 2007

deault sometime next year.

These will still show so the report.

[Tiger Lily]

thanks for the advice

Edited February 20, 2012 by Tiger Lily