Getting Back on the property ladder folling repossession

danpy_2

Hi Just looking for some advice

when i was younger i defaulted on a mortgage and had a property repossessed i was self employed and was too young to reliase the problems i was getting into
i am now married have a full time job and want some advice about the best way if at all possible to get back on the property ladder we have a small amount saved up for a deposit £13,000 but i am unsure if or how to go about getting a mortgage

holly_hobby

Although it will only be registered with CRAs for 6 yrs from the event (as there is no longer the CML repo register in operation), if the mge application asks if you have even been the subject of a possession order (which it almost certainly will), you will have to delcare this past event (as if asked and if you fail to do so would turn the app into a fraudulent submission.

However all's not lost, depending upon how much daylight there has been from the repo and todate, and if you can demonstrate a change in circs that were prevelant to the repo order (which it appears you can), then it isn't a complete deal breaker - but as I say it will depend upon how long ago it occurred and other status factors underpinning your application, in addition to the amount of deposit, which given your past repo and if negligible (only 5/10%) when compared to the mge reqd, you may find yourself a little restricted lender selection wise.

Given the issues you have, I would highly recommend engaging a whole of market broker, whom can bounce the app of their lender reps to find a likely home, before submitting and incurring the record of a search with a possible rejection. They will also support you thoroughout the whole application process and beyond.

Good luck ... hope this helped ..

Holly x