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Mortgage/Repossesion Advice
SC6
Posts: 4 Newbie
Hey All ,
Right, 3 Years ago My father was the only person working in our previous owned home. Things began to get harder as all times do and he had both a mortgage(plc mortgages) and a loan (Blemain Finance) against the house. After a few court orders etc he was given the choice to pay up his entire loan which sky rocketed from paying £200 p/m to paying £400
ontop of that the mortgage at the point was £325 p/m on a two bedroom hou tse. After all the struggling and after 17years of owning the house he admitted defeat and allowed the court to take the house.
For 3 years we've all been living in a 3 bedroom house paying 525 p/m. The difference is all of us are working. Both me,mother and brother working earning a combined total of £48,977.72 plus my father £28,000 (all before taxes).
Is there a chance we can get a mortgage seeing as we're financially more secure now? Or Will banks turn their heads on us soon as they see the word "REPOSSESION".
Any advice would be so much help.
Thank you all guys
Right, 3 Years ago My father was the only person working in our previous owned home. Things began to get harder as all times do and he had both a mortgage(plc mortgages) and a loan (Blemain Finance) against the house. After a few court orders etc he was given the choice to pay up his entire loan which sky rocketed from paying £200 p/m to paying £400
ontop of that the mortgage at the point was £325 p/m on a two bedroom hou tse. After all the struggling and after 17years of owning the house he admitted defeat and allowed the court to take the house.For 3 years we've all been living in a 3 bedroom house paying 525 p/m. The difference is all of us are working. Both me,mother and brother working earning a combined total of £48,977.72 plus my father £28,000 (all before taxes).
Is there a chance we can get a mortgage seeing as we're financially more secure now? Or Will banks turn their heads on us soon as they see the word "REPOSSESION".
Any advice would be so much help.
Thank you all guys
0
Comments
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Who owned the repossessed house? Your father and possibly your mother?
If so then you and your brother won't have the repossession tagged against your credit records.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Both My Parents Had a Joint Mortgage0
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A lot will come down to the size of the deposit and whether your dad is going on the mortgage.
Probably worth speaking to a broker as this will not be the easiest mortgage to place.I am a Mortgage AdviserYou 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.0 -
Was there a shortfall when the property was repossesed?0
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