mortgage after repossession

fuddle

I'll try to be clear with my details for you in order to help with my query.

Both my husband and I were bankrupt in 2009 and subsequently we lost our home because at the time it had equity in it and the receiver needed to use that to pay their fees/creditors etc.

We're now two years on and was wondering about the future.

We are still in no financial position to buy a house. Have no means of a deposit at all yet and only just starting to find our feet again financially. I'm due to graduate in 3 years time. Job permitting, we would like to begin saving for a mortgage. Like I say it's just an enquiry.

Do you think we would ever likely to gain a mortgage again? If we managed to save for a large number of years and raised something like 50% deposit, would we stand a chance at all?

Like I say it is just querying. I'm only thinking about the far distant future.

Any feedback you could offer would be appreciated.

holly_hobby

My reading is that you were not repossed by the mortgage lender, but it was the trustee in bankruptcy that forced the sale of your property to repay your creditors. Is this correct ?

Are you discharged from your BOs ?

Holly

fuddle

Hi. Thanks for your reply holly hobby.

It was the OR's office who forced the repossession but they instructed me to set the balls in motion for the repossession. I had to voluntarily surrender it making sure I didn't accept any liability for any shortfall as if there was short fall it would have been included in the bankruptcy. I had to sort it all out, they did not deal with any of it nor did they 'take the property off my hands' so to speak. By the time the repossession went through and the house was sold it was on the market for what I owed so I gather that there probably was no equity left for the OR's office.

My credit file does not show any evidence of a repossession but the house has been sold since and I got notice in Novemeber 2009 that it had been repossessed.

We are clear form our bankruptcy yeah. We got early discharge approx 6 months after the bankruptcy and have been discharged for 1 and a half years.

Fishingtime

I think that if you had 50% of the house price as a deposit most banks would give you a mortgage.
As you say it will be years down the line and so your credit rating may go up by then

Good luck

holly_hobby

If the property is noted as having being repossed as you confirm it has, then you shall have to delcare both this and the BO if requested by the lenders mge application - regardless of the time that has passed.

Some lenders don't like any BOs that haven't been satisfied (i.e the crediors repaid), some are fine with just a discharge.

The lender will be looking in a significant change in circs to that which contributed to your duel BOs, obv the more distance between the registration of the BO & repo would go to support this, as will the larger deposit the better (means less exposure to the lender, and more flexability they can give on their lending mandate).

When the time comes I would suggest having an hour with a whole of market broker in order for them to source an appropirate lender (via a discussion with lenders/lender reps), before submitting an appliction.

Hope this helps

Holly

fuddle

Thank you for taking the time to reply.

All of our accounts have been satisfied as part of the bankruptcy order. I realise that I must declare both the situations if asked, and I would do without a doubt. Thanks for making sure I know that

It will be a considerable amount of time before we are/if we are in a position to even think about a mortgage and likewise it will require a change of circumstances to enable it to be a financial option anyway.

It's just a good feeling to know that if we were ever in a position then the door will still be left open, even if just a little.

I thank you for your clear, factual and friendly replies. I was concerned I might have been thought I was a wind up merchant and a bit nervous of the thread attracting some negative attention.

The circumstances of which it all happened were not forseen and have taken some getting over, so I thank you for being kind. I'm lifted for the future now. The thought of never having my own home again at a relatively young age has been wearing me down.

Thrugelmir

Consider saving with a local building society. Your commitment to regular saving will stand you in good stead in the future. Also more flexibility when lending decisions are made. Less automated, more human.

holly_hobby

Thats fine, I'm glad to be of any help.;)

I too read threads were posters simply reply with judgemental, negative or down right nasty comments - without giving the OP any assistance at all. (so no wonder newbies can be a bit nervous about revealling all of the issues they face).

Whether I agree with the OPs situation at hand, I try and not get involved in moral issues, but to instead provide them with (gentle) factual guidance & assistance ... which I always endeavor to do.:)

All sorts of people end up in financial difficulties for all sorts of reasons, especially with the scope of job losses in the financial and public sector we have evidenced - lenders look for a basis of advsere due to unforseen circs, rather than poor finanical management by the individual.

You've been very responsible satisfying your BOs (hence your rapid discharge at 6 mths), which will demonstrate to any lender that although you previously found yourself in financial difficulites (resulting in your BOs), you subsequently made great strides to repay your creditors once you were in a more secure financial position - which is to be commended.

On that basisI feel sure that you will secure a mge in the future, and wish you well when the time comes.

Hope this helps

Holly