mortgage after reposession

obsidion

Hi
just after some advice please.
we live in south wales and have a council house, we have been in the house for 5 years. The previous house that we owned, on the day it was supposed to be reposessed the house sold (we had it on the market ) anyway we had 13k from the sale and that was that. we would like to buy our council house in the near future but we know our credit rating is poor and we cant even get an overdraft with the bank.
what are the chances of us being able to have a mortgage again ?
we are older and wiser now and would never want to go through a reposession again, but want to buy our council house.
many thanks

Mrs_Bumble

You would need to get a copy of your credit file and take it to a good, independent whole of market mortgage broker, so that they can see how bad it actually looks and whether there is anything that is possible.

The fact that you can't get an overdraft though kind of implies that there is probably not much.

Conrad

Right to buy is very restricted, and available with fussy lenders like Nationwide who would probably decline.

All you can do is make sure in the comming months / years, you increase your credit rating.

Do this by behaving like a prim and proper anoraky type if you get me. For example people like that would always make sure they are on the voters roll, have a land telephone line, never bounce a thing (even when dog dies / van breaks down / Bank does carry out your request etc etc), don't change jobs - just all round stability.

Save if you can. There should be options comming up for you in the next few years as lending is gradualy relaxed (it will be, despite what some on here say)