Efa(posted 7186 days ago)You could try first of all to get a copy of your credit file from Equifax etc....that might show up something. It might make a difference if Scots Law applies as the Scottish Limitation act states that a creditor must take legal action within 5 years etc or else the matter is time barred.
Personally I would sit tight until the 5 years has passed, before applying for another mortgage.
and yes you could get another mortgage but it would be better to have a letter from the original lender showing that the matter is settled and that might be very difficult/impossible when any shortfall has not been addressed.
It might also be that you WILL hear something before the 5 years is up and if your situation is that you are in rented accommodation with little/no assets, you will still be seen as not worth pursuing. But something you might want to consider if they do make contact is to offer a small settlement of a couple of hundred pounds as a gesture of goodwill provinding they provide you with a letter confirming this is accepted as full and final settlement and that any adverse credit rating etc will then be resolved. If you achieve this you can then go to a mainstream lender, tell the truth and get a mortgage like any other person at the usual rates.
Hope this helps
Moira