Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • CG77
    • By CG77 5th Oct 17, 7:47 PM
    • 1,110Posts
    • 1,626Thanks
    CG77
    Mortgage after BR and repossession
    • #1
    • 5th Oct 17, 7:47 PM
    Mortgage after BR and repossession 5th Oct 17 at 7:47 PM
    Hi again,

    I have another thread running but had a more specific question so started a new thread-hope thatís ok.

    My broker didnít get back to me today as promised so iím left with another query to ponder. I was made BR approx 10 years ago now and discharged 9 years ago. I told my broker this straight away. I have a DIP and a recommendation of a mortgage and am filling in my application form. On it, it asks if iíve ever had a home repossessed. It hasnít been asked until now (to be honest it didnít enter my head either). It was part of the bankruptcy. I will of course answer truthfully and say yes. Will this be an issue now or should the fact the brokerís cleared the bankruptcy with the lender mean that this should be ok too?

    As an aside, it also asks the reason (not sure what to put here!) and amount the bankruptcy was for. I genuinely have no idea-it was so long ago it feels like a whole lifetime. No way to find out either now so not sure what to put for either of these!

    Iíd appreciate any advice from you knowledgeable lot!

    Thank you
    New Year, New Me!!!

    Weight loss mission 2012 has officially begun!!

    Loss so far: 3 stone 4lbs
Page 1
    • ambc
    • By ambc 5th Oct 17, 8:48 PM
    • 90 Posts
    • 9 Thanks
    ambc
    • #2
    • 5th Oct 17, 8:48 PM
    • #2
    • 5th Oct 17, 8:48 PM
    Hi - thought I'd jump in as I got serious deja vu reading your post.

    I was made BR and had a house repossessed just over 10 years ago and have recently gotten a 90% mortgage with a high street lender. The funds were actually advanced to my solicitor this morning as it happens and we should complete any day now.

    In my experience, repossessions are definitely an issue with lenders who will not consider previous repos at all. But, there are obviously some lenders who are prepared to work around this. Your broker should be able to advise you, and a good broker will probably speak to a lender's Business Development Manager to double check this kind of thing before applying.

    I was also asked the question re the bankruptcy amount. Like you, I had no way of knowing what the actual amount was, so I gave my best estimation along with an explanation of why it happened. Again, my broker ran this info past the lender's BDM and was told that it wouldn't have too much bearing on the application.

    Bottom line is that your choice of lenders will be narrower than someone without a BR and repo, but if everything else checks out then you should be ok with the right lender.

    Good luck!
    • CG77
    • By CG77 5th Oct 17, 9:30 PM
    • 1,110 Posts
    • 1,626 Thanks
    CG77
    • #3
    • 5th Oct 17, 9:30 PM
    • #3
    • 5th Oct 17, 9:30 PM
    Thank you very much ambc! You replied to my other thread and it sounds like we are with the same lender so that’s reassuring for me that they accepted your application!

    Can you tell me how long your application took from sending off the form please? Was it straight forward? Did they send the documentation straight away? Was it just the one statement? My broker seems to be asking for 3 months of statements which I don’t have (have ordered them but they will take up to 10 days to get here) but if they only need one month then i’d rather not wait.

    Sorry for all the questions! Any other insight you could give me, i’d be really grateful!

    Thank you
    New Year, New Me!!!

    Weight loss mission 2012 has officially begun!!

    Loss so far: 3 stone 4lbs
    • ambc
    • By ambc 5th Oct 17, 10:30 PM
    • 90 Posts
    • 9 Thanks
    ambc
    • #4
    • 5th Oct 17, 10:30 PM
    • #4
    • 5th Oct 17, 10:30 PM
    Can you tell me how long your application took from sending off the form please?
    Originally posted by CG77
    We got the lender's DIP on 20/06/2017.
    Our broker sent the full application on 10/07/2017.
    The offer eventually came through on 17/08/2017.
    The funds were advanced on 05/10/2017.

    Was it straight forward?
    Originally posted by CG77
    From our point of view, no. But in the grand scheme of things, I doubt it was anywhere close to being a 'difficult' case. What compounded/delayed ours was that as well as being employed, we're also both self employed (Ltd Co directors) and have a separate BTL property, too. On top of that, our accountant was incredibly slow at providing info, and the lender was also incredibly archaic in what info they would accept from the accountant/Companies House. Not a great combination, but we got there in the end.

    Did they send the documentation straight away? Was it just the one statement? My broker seems to be asking for 3 months of statements which I donít have (have ordered them but they will take up to 10 days to get here) but if they only need one month then iíd rather not wait.
    Originally posted by CG77
    Yes, we only needed to provide one bank statement and one payslip each. I don't know if this was the lender's requirement or the broker's though, but that's all we were asked for. I think I mentioned on the other thread, but it sounded like all they were checking was that the figures on our payslips matched what hit our bank accounts.

    Sorry for all the questions! Any other insight you could give me, iíd be really grateful!
    Originally posted by CG77
    I think the best insight I can share is that other people's experiences only give you a general idea of the process. Every case is wildly different and there's no guarantee that yours will take the same length of time or deliver the same outcome, so don't get too hung up on any stories you read here.

    I'd pretty much convinced myself that I'd never have a mortgage again after reading some of the posts on here, but we kept plugging away, supplied everything the lender asked for, and it all turned out good in the end.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

671Posts Today

6,001Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin