Mortgage after reposession

sparky471

Looking for some advice.
5 years ago I went through a messy divorce and to cut a long story short the house was repossessed. There was no debt after repossession as all costs covered by sale.

Since then I've slowly built credit score back up and sorted finances out. Experian score is currently 999.

My current partner and I now want to buy a place together. She has a current mortgage with Santander with around £45k equity and I have a largish deposit of £130k. Will I have problems when we apply to Santander. Don't want her to get her hopes built up on new place and then mortgage with Santander is refused.

Thrugelmir

Speak to a broker. There'll be best placed to advise you when they have sight of your financial circumstances and your future plans.

holly_hobby

Although there is no longer a CML repossession register, if the application asks, you must disclose any previous possession orders.

The experian score you have, is not directly related to how a mortgage lender will score or underwrite the business.

How your previous blip will affect your current application will be down to how long ago this occured (as we know 5 yrs), and being able to demonstrate to the lender a complete change to the financial and personal circumstances that underpinned the previous possession order, ADDITIONALLY having a pristine credit record since then and to date, with a healthy deposit, will greatly assist your cause !

I would definately engage a broker, not only regarding searching for the most suitable deal, but from the point of view that an experienced broker will/should know how to package/present this to the lender for the best chance of early success - and its that experience that you're looking for.

Hope this helps .... good luck

Holly x

sparky471

Thanks guys.
The only reason I mentioned Santander is that is who my partner has a current 5 yr mortgage deal with. So was just looking to add to that.