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  • FIRST POST
    • unsure100
    • By unsure100 9th Oct 17, 7:21 PM
    • 153Posts
    • 31Thanks
    unsure100
    Mortgage after repossession
    • #1
    • 9th Oct 17, 7:21 PM
    Mortgage after repossession 9th Oct 17 at 7:21 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
    • YHM
    • By YHM 9th Oct 17, 7:46 PM
    • 119 Posts
    • 41 Thanks
    YHM
    • #2
    • 9th Oct 17, 7:46 PM
    • #2
    • 9th Oct 17, 7:46 PM
    You need to sit down with a mortgage broker for this one.

    Technically some of the credits issues will have dropped off your credit report, but there may still be lenders that ask relevant questions that need to be answered fully and honestly.

    A good mortgage broker will know which lender to place you with
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • unsure100
    • By unsure100 9th Oct 17, 7:48 PM
    • 153 Posts
    • 31 Thanks
    unsure100
    • #3
    • 9th Oct 17, 7:48 PM
    • #3
    • 9th Oct 17, 7:48 PM
    Most brokers I have approached say that with a repo it's virtually impossible
    • YHM
    • By YHM 9th Oct 17, 7:52 PM
    • 119 Posts
    • 41 Thanks
    YHM
    • #4
    • 9th Oct 17, 7:52 PM
    • #4
    • 9th Oct 17, 7:52 PM
    I am aware of at least 5 lenders that would consider a historic repossession if over 6 years...
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • unsure100
    • By unsure100 9th Oct 17, 8:09 PM
    • 153 Posts
    • 31 Thanks
    unsure100
    • #5
    • 9th Oct 17, 8:09 PM
    • #5
    • 9th Oct 17, 8:09 PM
    Are any of them high street lenders?
    • YHM
    • By YHM 9th Oct 17, 8:59 PM
    • 119 Posts
    • 41 Thanks
    YHM
    • #6
    • 9th Oct 17, 8:59 PM
    • #6
    • 9th Oct 17, 8:59 PM
    Potentially.

    As I say you need a broker to do the research for you to find a suitable lender
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • ukamber1
    • By ukamber1 9th Oct 17, 10:04 PM
    • 103 Posts
    • 30 Thanks
    ukamber1
    • #7
    • 9th Oct 17, 10:04 PM
    • #7
    • 9th Oct 17, 10:04 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
    Originally posted by unsure100
    Hi,

    Its always best to be completely open and honest.

    Some lenders will ask if you have ever had a repo or been bankrupt. If its 6 years since the BR and the repo/BR have now dropped off your credit file, then you should have no issues finding a mortgage if your credit file is clear, with no late/missed payments since the BR.

    I've just completed on a house purchase 6 and a half years after repo/bankruptcy and went with a high st bank at a great rate.
    I had a great broker who was able to ask the right questions and go to the perfect lender for my needs and I was completely open and honest about my past issues.

    Best wishes
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