Friendly advice please

MissDevon

Had a voluntary repo in early 2013 due to severe circumstances and have since cleared the shortful (settled on files) and have no other debts and presently building savings. Also working on credit files all the time and both look good other than the mortgage settled default.

Both now in much better jobs with a combined income of 65k per annum. In rented accomodation saving up and will have 40k by next year.

We would like to know if gaining another mortgage will be possible after this falls off in 2019 or are we now on a register and blacklisted of sorts forever.

Broker advised to wait and see as lending criteria changes regularly but it seems a waste to put life on hold and possibly never be able to buy anyway.

Any advise or success stories would be lovely.

csgohan4

You need an adverse credit broker.

You must understand given your background it will take time to heal your credit file, to some lenders they will avoid you, as you are too big a risk

Annisele

If you'd been trying to do this in, say, 2006 (having had a voluntary repo in 2003), I'd have said your chances were much better than they are now. Whether your chances will be better or worse in a few years' time is impossible to say - lending criteria do change a very great deal over time.

How much would you be wanting to borrow, and at what LTV? The lower both of those things are, the better your chances.

MissDevon

Thank you for both replies. We have no set plans at present. Just saving and praying.

Thrugelmir

MissDevon wrote: »

Broker advised to wait and see as lending criteria changes regularly but it seems a waste to put life on hold and possibly never be able to buy anyway.

There's always the possibility. Providing you maintain a clean profile and continue to build a deposit. Then you are moving in the right direction. Life is a roller coaster. Learning from the past is the key.