Getting a mortgage after repossession

lynns3cookies

Hi all, hoping for some advice on getting a mortgage in a few years time. Had my house with my ex repossessed 4 1/2 years ago. Currently in a DMP to clean up the rest of my shocking debts. Defaults will be due to fall off around the end of 2017 so had hoped that I could apply for some kind of mortgage after that but I note that most providers even of bad credit mortgages refuse those with past repossessions. Is there anyway? Thanks in advance.

ACG

In short yes.

But it will come down to the detail.
I would say aim for a 25-30% deposit. More if you can but realistically I cant see this happening with a 5-10% deposit for some years.

lookingforthelight

Hi,

Im no expert, but im surprised there isnt at least one lender that considers previous repossessed people.

There are thousands of people that get repossessed every year. They cant all be forever forbidden a mortgage.

Plus, your repossessed mortgage record will also drop off your credit files after 6 years.

Have an informal chat with an adverse credit mortgage ifa.

good luck.

lonestarfan

lookingforthelight wrote: »

Hi,

Im no expert, but im surprised there isnt at least one lender that considers previous repossessed people.

There are thousands of people that get repossessed every year. They cant all be forever forbidden a mortgage.

Plus, your repossessed mortgage record will also drop off your credit files after 6 years.

Have an informal chat with an adverse credit mortgage ifa.

good luck.

The defaults may fall off but the fact they've had a property repossessed won't change. There is a question on the application form asking about repossession and must be answered honestly.
I do know that you can get a mortgage as someone on here has posted about it recently.