Repossession date

M44krv

Hi,

How long after a repossession can i apply for a new mortgage?

Cheers

Worcsman

M44krv wrote: »

Hi,

How long after a repossession can i apply for a new mortgage?

Cheers

The following day, they give you new credit cards too.

M44krv

I was led to believe it was five years before any reputable lender would even consider me for a mortgage. Are you referring to sub-prime lenders?

Worcsman

M44krv wrote: »

I was led to believe it was five years before any reputable lender would even consider me for a mortgage. Are you referring to sub-prime lenders?

No Lloyds, Barcalays, they all do it. The best bank of all is TrollBank AB

M44krv

Thanks, I spoke to an IFA about 12mths ago who said it was several years before i could apply. What about my credit rating due to the repossession? I dont suppose you know how i could find out the date of the repossession?

tigerfeet2006

M44krv wrote: »

Hi,

How long after a repossession can i apply for a new mortgage?

Cheers

You will have difficulty getting a mortgage till the BR drops off your file. You will always have to answer 'yes' if they ask are you or have you ever been BR? You will most likely have to have a high deposit 15%-25%. You will probably have to pay a higher than average percentage. There have been a few on the board who have managed to get a mortgage with in 3 years of discharged but that was before the crunch etc. so you are probably looking at longer now.

M44krv

Thank you for the info. As far as i am aware i was not made bankrupt and have no paperwork to say so either. Is this something that could have been done without my knowledge or automatically done with repossession?

tigerfeet2006

Sorry as you were posting on the BR board I naturally assumed you were.

If you moved and they couldn't find you then there is possibilty but generally they just like to chase you until you pay up. They can chase you for up to 12 years as well. Do you not know if there was a shortfall?

If you want to check for BR then look on the IS site if it is in hte last year or the London Gazette site. BRB with links.

M44krv

Thank you, i should have made it clear i was not bankrupted. Only posted on this thread as did not know where else to post.

tigerfeet2006

http://www.insolvency.gov.uk/bankruptcy/bankruptcysearch.htm

http://www.london-gazette.co.uk/insolvency

Will have to say though if you have a shortfall and don't deal with it then the chances of another mortgage are quite slim for a very long time.

M44krv

Cheers, i will look at those now. There was not a shortfall as i got money back. Do you think the higher deposit/interest rates will still apply to me?