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repossession
lucy_betts
Posts: 2 Newbie
If I have had a property repossessed will I ever be able to get a mortgage again?
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Comments
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Unlikely I'm afraid.0
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ahh, come on moneyineptitude, its not as bad as that. Lenders do forgive after a period. Although they wont likely allow any pushing of the limits and it cannot have been recently.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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You will one day, it depends on when it was as the problem was as the missed payments (as you never said when) will show on your credit report. Missed mortgage payments are not looked at favourably. You are a proven non payer so its high risk lending. You would be best off speaking to mortgage broker who may be able to place you with a lender who will ignore missed payments for the past few years.
The possession register has now stopped so that would be in your benefit.0 -
thanks guys, the repossession was three years ago and I have been in rented accommodation ever since. Any idea how long before I can reapply for a mortgage?0
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You need to speak to a broker who can place you with the appropriate specialist lender, you are unlikely to get a mortgage with a high street lender.lucy_betts wrote: »thanks guys, the repossession was three years ago and I have been in rented accommodation ever since. Any idea how long before I can reapply for a mortgage?
Before the credit crunch this wouldnt be a huge issue as there were many subprime lenders who would lend, now most of these lenders either withdrew from the market or would only provide a mortgage for people with minor credit issues.
The other issue you may have is if you have missed any payments on any other borrowing in the past couple of years if you have then you may not get a mortgage at all. If your credit record is clean as a whistle for past 3 years you may have a chance. You will also need a large deposit.
Speak to a broker.
You may also want to post on the relevant board.0
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