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

YHM

You need to sit down with a mortgage broker for this one.

Technically some of the credits issues will have dropped off your credit report, but there may still be lenders that ask relevant questions that need to be answered fully and honestly.

A good mortgage broker will know which lender to place you with

unsure100

Most brokers I have approached say that with a repo it's virtually impossible

YHM

I am aware of at least 5 lenders that would consider a historic repossession if over 6 years...

unsure100

Are any of them high street lenders?

YHM

Potentially.

As I say you need a broker to do the research for you to find a suitable lender

ukamber1

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,

Its always best to be completely open and honest.

Some lenders will ask if you have ever had a repo or been bankrupt. If its 6 years since the BR and the repo/BR have now dropped off your credit file, then you should have no issues finding a mortgage if your credit file is clear, with no late/missed payments since the BR.

I've just completed on a house purchase 6 and a half years after repo/bankruptcy and went with a high st bank at a great rate.
I had a great broker who was able to ask the right questions and go to the perfect lender for my needs and I was completely open and honest about my past issues.

Best wishes