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
    • unsure100
    • By unsure100 9th Oct 17, 6:58 PM
    • 153Posts
    • 31Thanks
    unsure100
    Mortgage after repossession
    • #1
    • 9th Oct 17, 6:58 PM
    Mortgage after repossession 9th Oct 17 at 6:58 PM
    Hi,

    I know this has been done a few times on here, but I have some more specific questions with this.

    I have a repossession which will be 7 years old in March next year
    Will have approx 100k to put down on a 400k house (from my partners funds)

    Her credit record is spotless, mine has been since BR. I have a couple of credit cards (clear) and a mobile phone and I have had two loans (all paid off now)
    So my credit record shows as perfect. No defaults or late payments.
    I earn 50k, wife earns 32k.
    Been at same address for over 3 years, on electoral role etc

    My question is, do you think it's feasible we could get a mortgage
    Do I really need to declare the repo and could they find out?
    Also I would declare br as I know they could find that.
    Northern rock were my creditor

    Many thanks
Page 1
    • Jaglad111
    • By Jaglad111 9th Oct 17, 7:08 PM
    • 118 Posts
    • 178 Thanks
    Jaglad111
    • #2
    • 9th Oct 17, 7:08 PM
    • #2
    • 9th Oct 17, 7:08 PM
    Maybe best putting this on the mortgages board, some very experienced brokers on there who are always happy to share their knowledge.
    • ACG
    • By ACG 10th Oct 17, 7:30 PM
    • 15,515 Posts
    • 7,860 Thanks
    ACG
    • #3
    • 10th Oct 17, 7:30 PM
    • #3
    • 10th Oct 17, 7:30 PM
    Dont take this the wrong way, but you do not get to pick and choose what you declare. The lender asks what they want to know about and you should be answering those questions truthfully.

    If you lie and they find out last minute, you have potentially lost hundreds if not thousands of pounds, the property and wasted a couple of months.

    There are also lenders who will automatically decline you if they find you have lied. Some things you can plead ignorance but repossession is not something you are likely to forget about.

    My theory on any application is to be open an honest. I am not saying to go necessarily go above and beyond, if they do not ask about it then you do not offer up the information. But that is very different to lying.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mb78
    • By mb78 14th Oct 17, 7:23 AM
    • 19 Posts
    • 9 Thanks
    mb78
    • #4
    • 14th Oct 17, 7:23 AM
    • #4
    • 14th Oct 17, 7:23 AM
    Hi,

    I know this has been done a few times on here, but I have some more specific questions with this.

    I have a repossession which will be 7 years old in March next year
    Will have approx 100k to put down on a 400k house (from my partners funds)

    Her credit record is spotless, mine has been since BR. I have a couple of credit cards (clear) and a mobile phone and I have had two loans (all paid off now)
    So my credit record shows as perfect. No defaults or late payments.
    I earn 50k, wife earns 32k.
    Been at same address for over 3 years, on electoral role etc

    My question is, do you think it's feasible we could get a mortgage
    Do I really need to declare the repo and could they find out?
    Also I would declare br as I know they could find that.
    Northern rock were my creditor

    Many thanks
    Originally posted by unsure100
    Hi

    you are in similar position to me.

    on paper, you sound very good chance of getting a mortgage, but as others have said... you must be up front... it WILL be found out.

    One thing you've not said is how long you've been BR / Discharge. When we looked for a mortgage, there are companies that will deal with you, but the longer after discharge you wait the best. Don't bother trying with the 'big' banks such as Natwest/Nationwide/Halifax etc... they won't touch you.

    We went with Skipton, who do allow anyone 4 years after your Discharge date.

    Speak to a Mortgage adviser and they will let you know whats best...

    You've both got a good income, partner no credit issues... got 25% deposit so def worth trying. Only thing they might not like is £300k mortgage... but your income is good.

    It worked for us. I was just over 4 years discharge and got a mortgage with 20% deposit.

    good luck
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

3,874Posts Today

6,035Users 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