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5 Year Credit Rating & Applying for a Mortgage

deep_dish · 2021-12-17 11:55:44

Looking for some advice on the 5-year credit rating. 4 years ago I had to surrender my home and the debt was written off by the bank. This now shows up on my credit rating as a bad debt. I know I won't be approved as long as this is on my report but after the 5 years are up will this be completely stricken from my report?…

17-12-2021 11:55am

#1

deep_dish

Registered Users, Registered Users 2 Posts: 48 ✭

Join Date: January 2019

Posts: 46

Looking for some advice on the 5-year credit rating.
4 years ago I had to surrender my home and the debt was written off by the bank. This now shows up on my credit rating as a bad debt. I know I won't be approved as long as this is on my report but after the 5 years are up will this be completely stricken from my report?
Also, in the eyes of a future mortgage lender, will I technically be a 1st-time buyer again?

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