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Mortgage after reposession
JohnCurtis81
Posts: 10 Forumite
Hi,
Two years ago NRAM repossessed my property after we fell behind with our payments. After NRAM sold the property, we got a letter from them to say that we owed them £45,000.
After about a year of going back and forward with NRAM, they finally accepted a full and final offer, we paid them £11,000 and they wiped the rest.
In the past 12 months we have both kept (almost) immaculate credit records, with the exception of one late payment to a credit card. I have started to get credit from companies again, I recently opened a new premium bank account and also got a new credit card from Nationwide with a credit limit of £4000... I took this as a good sign.
I now want to get a mortgage again, I have spoke to about 12 different building societies, some of them have no discharge period and will never consider me for a mortgage, however I have spoke to the underwriters at both Ipswich BS and Nationwide who both told me that they would consider an application from me just now, Ipswich would require a 25% deposit and Nationwide would do a credit score and assess it on a case by case basis. I would get the opportunity to explain my case.
My question is this, what is the chances an application would be accepted considering what I have told you, and would I be better applying directly or using a broker. I spoke to a broker about a year ago and he told me I would have to wait about 6 years before being considered.
I live in Scotland, not sure if this makes any difference to anything.
Two years ago NRAM repossessed my property after we fell behind with our payments. After NRAM sold the property, we got a letter from them to say that we owed them £45,000.
After about a year of going back and forward with NRAM, they finally accepted a full and final offer, we paid them £11,000 and they wiped the rest.
In the past 12 months we have both kept (almost) immaculate credit records, with the exception of one late payment to a credit card. I have started to get credit from companies again, I recently opened a new premium bank account and also got a new credit card from Nationwide with a credit limit of £4000... I took this as a good sign.
I now want to get a mortgage again, I have spoke to about 12 different building societies, some of them have no discharge period and will never consider me for a mortgage, however I have spoke to the underwriters at both Ipswich BS and Nationwide who both told me that they would consider an application from me just now, Ipswich would require a 25% deposit and Nationwide would do a credit score and assess it on a case by case basis. I would get the opportunity to explain my case.
My question is this, what is the chances an application would be accepted considering what I have told you, and would I be better applying directly or using a broker. I spoke to a broker about a year ago and he told me I would have to wait about 6 years before being considered.
I live in Scotland, not sure if this makes any difference to anything.
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