Hopefully you are worrying about nothing, JB1575. Would they not have done a credit check already as part of the initial process?

If it is the conveyancing part you are worried about, I imagine that the bankruptcy check is probably just to ensure that it is legally possible to register the security against the property. As you are not in the Trust deed any longer and the inhibition was recalled then you shouldn't have a problem on that score.

Fingers crossed it all goes through OK.

Welcome to the forum JB1575.

The bankruptcy check will be primarily to establish whether you're currently insolvent or very recently discharged. From everything you've reported it doesn't sound like that's going to be an issue at all.

I guess what might be more relevant could be whether your mortgage broker has passed on your disclosure about the trust deed to the lender (depending upon circumstances they may or may not have felt a duty or obligation to do so) and how the lender judges that information as part of their underwriting process if they did.

Secondly, if this disclosure wasn't passed on, it might be relevant whether the lender themselves establish that you were previously in a trust deed as part of their own underwriting processes.

Some lenders will have criteria (not necessarily published) about accepting mortgage applications after a certain period of time of having been discharged from a trust deed or an alternative type of personal insolvency. For example, they might say applications will be considered for acceptance three years after discharge from a trust deed.

Hopefully your mortgage broker will have weighed these kind of things up when recommending this particular lender to you.

quote:

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Originally posted by Kevin Mapstone
[br]Hopefully you are worrying about nothing, JB1575. Would they not have done a credit check already as part of the initial process?

If it is the conveyancing part you are worried about, I imagine that the bankruptcy check is probably just to ensure that it is legally possible to register the security against the property. As you are not in the Trust deed any longer and the inhibition was recalled then you shouldn't have a problem on that score.

Fingers crossed it all goes through OK.

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Kevin, thanks for answering my post.Yes they completed all the credit checks and they were fine, it is just the conveyancing.I'm not selling a property just buying, so there will be no issue in securing the mortgage on the property. Its just the worry that reporting a recalled inhibition might be viewed as a non-clear report.

quote:

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Originally posted by Trust Deed Assistant
[br]Welcome to the forum JB1575.

I guess what might be more relevant could be whether your mortgage broker has passed on your disclosure about the trust deed to the lender (depending upon circumstances they may or may not have felt a duty or obligation to do so) and how the lender judges that information as part of their underwriting process if they did.

Secondly, if this disclosure wasn't passed on, it might be relevant whether the lender themselves establish that you were previously in a trust deed as part of their own underwriting processes.

Some lenders will have criteria (not necessarily published) about accepting mortgage applications after a certain period of time of having been discharged from a trust deed or an alternative type of personal insolvency. For example, they might say applications will be considered for acceptance three years after discharge from a trust deed.

Hopefully your mortgage broker will have weighed these kind of things up when recommending this particular lender to you.

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Thanks TDA... you have hit the nail on the head. I have no idea what my adviser has and hasnt reported - I never saw the application form.. I did however send him a copy of my form 5 via email so that he knew exactly what the score was. Problem is he firstly got us to go with a building society from a city in yorkshire who gave a DIP pass, paid £500 for application and then failed at application. Apparently they are well known for it. I think that has shuck my trust in him and the lack of communication this last week has made it worse. My recurrent nightmare is that they report the recalled inhibition, that links them back to my PTD 2008, and if that doesnt then meet their lending criteria my offer is withdrawn at the last minute. I have already outlayed £1500 in 2 evaluations and a deposit... Im sorry for the rant!

Thanks for your reply

My fingers are crossed for you JB1575.

I do hope that it all works out.

It's certainly an interesting one as the inhibition would have no effect whatsoever on a post inhibition purchase, even if this was still registered which it's not. So I'm not sure why this would be an issue apart from lining it to the pre existing Trust Deed.

It's probably one of those questions which can only be answered by the broker or mortgage company as otherwise we would be trying to 2nd guess their lending procedure.

Mark

quote:

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Originally posted by Mark McFadyen
[br]It's certainly an interesting one as the inhibition would have no effect whatsoever on a post inhibition purchase, even if this was still registered which it's not. So I'm not sure why this would be an issue apart from lining it to the pre existing Trust Deed.

It's probably one of those questions which can only be answered by the broker or mortgage company as otherwise we would be trying to 2nd guess their lending procedure.

Mark

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Ok so here is the update .... the offer came through last Friday... immediately after my broker phoned to say that the he would now send off the discharge certificate I had given him 2 weeks ago!

They lender would look at it and update me Tuesday (today) - yes they did , and yes they removed my offer....

So here is my advice based on my experience:

1) Ask for a copy of any application your broker sends on your behalf to make sure the correct boxes are ticked.

2) If they suggest a lender do google the lenders intermediary website and read the conditions regarding adverse credit - if it states 6 years satisfied then it's 6 years post discharge - even if its off your CRA.

3) Check not only all 3 CRA but also Hunters report (£10 data access) and Register of Inhibitions - you can get this within 24 hours online.

Better to know what they hold than to spend forever worrying about it.

Hi JB1575.

I did worry that this might be the case, as you'll have judged from my previous post.

I'm very sorry to hear that it hasn't worked out.

National Hunter is primarily concerned with fraud prevention. It might be something that a lot of people don't need to worry about, though it's interesting that you mention it as I cannot remember it being mentioned here for a long time (if at all).

So sorry to hear this JB1575. I hope there is a possibility of a mortgage with another lender?

Just out of interest, was it a mainstream lender or one who specialises in customers with adverse credit history?

This was a lender specialising in adverse/ near prime. Ironically broker is now suggesting we try a mainstream lender who will consider Trust Deed satisfied for 3 years - go figure ? :-/

It would be interesting to hear how the proposed rate offered on the mainstream lender's product differs to that of the near prime product you've just applied for JB1575.

I guess you have nothing to lose JB1575 - in a way he might be right. All depends how deep they dig though in the underwriting process.

Good luck with it, hope it works out.

I (like a lot of others on here) will be looking to remortgage in the next few years so really interested to see how this turns out.