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Getting a mortgage after repossession
lucylot
Posts: 53 Forumite
I need some advice for my daughter please. In a nutshell she bought a flat with a former boyfriend. They split up, she came home, he stayed in flat. She carried on paying her half of the mortgage he never paid anything. This carried on for over 12 months until she decided she was just paying his rent for him in effect. Property was subsequently repossessed with a balance to pay after property was sold on. She came to a deal with the lender to pay half of the outstanding debt in return for a letter saying she would not be chased for any more of the debt. Now she has a new boyfriend and they want to buy a property. They are both working fulltime and have a reasonable deposit. Any advice please
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Comments
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How long ago? What's the date on the settlement acceptance letter from the lender?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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I need some advice for my daughter please. In a nutshell she bought a flat with a former boyfriend. They split up, she came home, he stayed in flat. She carried on paying her half of the mortgage he never paid anything. This carried on for over 12 months until she decided she was just paying his rent for him in effect. Property was subsequently repossessed with a balance to pay after property was sold on. She came to a deal with the lender to pay half of the outstanding debt in return for a letter saying she would not be chased for any more of the debt. Now she has a new boyfriend and they want to buy a property. They are both working fulltime and have a reasonable deposit. Any advice please
What is the deposit amount and what is the intended new property value?0 -
Hi Kingstreet & Andy,
She isn't here right now but it's about 2 years ago since it was all sorted. They will have about £15-20,000 for a deposit and will be looking to spend around £120-£130,0000 -
With that size deposit I'd assume it woud be a straight decline0
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What sort of deposit would they need and is there anything they can do to increase their chances0
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