Stop repossession register

Taking out a mortgage has become increasingly popular; the majority of people today will take out a mortgage at some time in their life.  It is a simple method of transaction, to buy a property you will need to borrow money from a company, then that money will be paid back to the lender, usually over a period of 25 years.  However, if you don’t keep up with payments your home could be at risk of repossession and other serious problems may arise.

Credit reference agencies are able to keep a wide range of information, which includes information from the electoral roll (otherwise known as the voters roll) and the records of most court judgements and bankruptcies, records of searches made against a file, to information regarding previous and existing credit.  Lenders usually share information through the agencies, usually consisting of credit history and how punctual payments are or have been.  The Council of Mortgage lenders, (CML), Repossession Register is available to its members through the main credit reference agencies as well.  If you have a property repossessed or have given it up voluntarily this will show up on the register.  Agencies are able to hold loan information on file for up to six years, information about credit searches is kept for two years and details of the voters roll may be held for much longer