Mortgage after repossession

unsure100

Hi,

I know this has been done a few times on here, but I have some more specific questions with this.

I have a repossession which will be 7 years old in March next year
Will have approx 100k to put down on a 400k house (from my partners funds)

Her credit record is spotless, mine has been since BR. I have a couple of credit cards (clear) and a mobile phone and I have had two loans (all paid off now)
So my credit record shows as perfect. No defaults or late payments.
I earn 50k, wife earns 32k.
Been at same address for over 3 years, on electoral role etc

My question is, do you think it's feasible we could get a mortgage
Do I really need to declare the repo and could they find out?
Also I would declare br as I know they could find that.
Northern rock were my creditor

Many thanks

Jaglad111

Maybe best putting this on the mortgages board, some very experienced brokers on there who are always happy to share their knowledge.

ACG

Dont take this the wrong way, but you do not get to pick and choose what you declare. The lender asks what they want to know about and you should be answering those questions truthfully.

If you lie and they find out last minute, you have potentially lost hundreds if not thousands of pounds, the property and wasted a couple of months.

There are also lenders who will automatically decline you if they find you have lied. Some things you can plead ignorance but repossession is not something you are likely to forget about.

My theory on any application is to be open an honest. I am not saying to go necessarily go above and beyond, if they do not ask about it then you do not offer up the information. But that is very different to lying.

mb78

unsure100 wrote: »

Hi,

I know this has been done a few times on here, but I have some more specific questions with this.

I have a repossession which will be 7 years old in March next year
Will have approx 100k to put down on a 400k house (from my partners funds)

Her credit record is spotless, mine has been since BR. I have a couple of credit cards (clear) and a mobile phone and I have had two loans (all paid off now)
So my credit record shows as perfect. No defaults or late payments.
I earn 50k, wife earns 32k.
Been at same address for over 3 years, on electoral role etc

My question is, do you think it's feasible we could get a mortgage
Do I really need to declare the repo and could they find out?
Also I would declare br as I know they could find that.
Northern rock were my creditor

Many thanks

Hi

you are in similar position to me.

on paper, you sound very good chance of getting a mortgage, but as others have said... you must be up front... it WILL be found out.

One thing you've not said is how long you've been BR / Discharge. When we looked for a mortgage, there are companies that will deal with you, but the longer after discharge you wait the best. Don't bother trying with the 'big' banks such as Natwest/Nationwide/Halifax etc... they won't touch you.

We went with Skipton, who do allow anyone 4 years after your Discharge date.

Speak to a Mortgage adviser and they will let you know whats best...

You've both got a good income, partner no credit issues... got 25% deposit so def worth trying. Only thing they might not like is £300k mortgage... but your income is good.

It worked for us. I was just over 4 years discharge and got a mortgage with 20% deposit.

good luck