How long does a repossession stay on my credit history?

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How long does a repossession stay on my credit history?

If your property is repossessed, you are still liable for all ongoing costs that accrue until the lender sells your property. These costs typically include mortgage interest, legal fees, estate agents, etc. The lender will attempt to sell your property quickly to recover their money. When the property is sold, the lender's account is cleared first. Any surplus will be repaid to you, if there is any shortfall; the lender will attempt to recover it from you for up to 12 years. After the property is sold, your mortgage lender will deliver to the credit agencies the reposession details, this information is stored in your records for a period of six years, the impact this will have on your credit rating will be major, and will restrict further borrowing in the future to subprime lenders, which will mean you will be paying a higher interest rate, as you shall be percived as a high risk customer. The fact that you have had a reposession will be made available to all those who look at your credit report. The reposession order it self from the courts it self is similar to a CCJ, which even if you manage to stop repossession before the property is sold the CCJ will still appear on your credit report.

Repossession Mortgages Frequently Asked Questions

What can the banks do for me?

How can I stop the Repossession?

How do I prepare for a court hearing?

what can I do when eviction proceedings start?

How long does repossession stay on my credit history?

Mortgage Help Desk UK Mortgage Products

"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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