Have you got a mortgage after repossession?

DaisyDuke

Several brokers have said that an ex bankrupt four years after bankruptcy could obtain a mortgage even after a voluntary repossession.


Two high street lenders they suggest to try are Halifax and Nationwide, however neither of those would give us a bank account so how could we expect a mortgage......


Halifax's criteria is 7 years after bankruptcy for a basic bank account.


Nationwide - credit check you - which is bound to fail.


It has been a world of confusion and conflicting advice and despite several broker saying it would be possible to get a mortgage we have failed.

We have also tried a not so well known bank - oh and its not because we did this all in one go and created lots of searches.


The thought of having to rent for ever seems so depressing. Never been able to decorate and having so much money tucked away and not been able to buy a house is driving us insane.


Please could anyone who has obtained a mortgage after repossession private message me or put their details on here so others can have hope.


ie how much deposit do you have - what was the Loan to Value, how long after bankruptcy / how long after discharge?

We were discharged after six months.

Thanks for your time

amnblog

Did you apply via the brokers or direct to the lender yourselves?

fiveyearplan

Have a look at this thread

https://forums.moneysavingexpert.com/discussion/2918012

DaisyDuke

The brokers dealt directly although when I heard Nationwide declined instantly I spoke to them myself and they were able to access a Broker's application as I appealed the said "try again in a year"

DaisyDuke

fiveyearplan wrote: »

Have a look at this thread

https://forums.moneysavingexpert.com/discussion/2918012

Thanks, I've seen that post but it doesn't really help me, I can see folk have got a mortgage and after repo but it seems to be pot luck.

ACG

Bankruptcy/Repossession is not a reason in itself to not be able to get a Mortgage. I would not want to say it should not be a problem, but i have ex bankrupts as clients.

It would depend on the overall case. If you have a 5% deposit then i would probably say you have a very slim chance. If you have a 15% deposit i would certainly be on the phone trying a couple of lenders - im not sure i would be trying the high srteet personally but it doesnt hurt i suppose.

This is one of those cases that would probably be best placed with a lender where you can speak to the underwriter/account manager BEFORE submitting a case.

I would say its definitely one for a broker though (preferably not one in an estate agents).

Wh05apk

Also, mad as it sounds, it will probably be easier to get a mortgage than a bank account, as the lender has security with a mortgage.


As ACG says, you should speak to a broker, as you have a complex case with bankruptcy and a repossession.

Dave_Ham

This will all come down to the reason for the bankruptcy and the deposit you have as a % of the purchase.

What deposit do you currently have?

MissDevon

Sorry for jumping in here but everyone seems to be very informative. I too have saw lots of positive stories about people securing mortgages after bankruptcy...

If the only debt was the shortfall from voluntary repossession is it easier to buy again in the future if the slate is wiped clean with bankruptcy or is it worthwhile doing a partial settlement offer? The money to settle is gifted & I can't help but wonder if it be best to go bankrupt then buy several years down the line.

I have yet to hear of anyone securing a mortgage after doing a partial settlement?

I am thinking way in the future!