Mortgage broker advice

luckylauram

Evening

It’s a long story and will not bore people with details . Basically 4.5 years ago my partner and I had a Home repossessed . Financially things were tough as the time and we had been trying to sell for over five years .

Anyways now we would love to buy again , have roughly £20000 for a deposit . Yes we have some defaults , nothing current and good incomes now . We spoke with a broker who came back to us today and said due to the repossession no one will touch us . Maybe in 2 years but not today .

He seemed like a nice guy who came recommended but I desperately want to not believe him . Could anyone advise if we have anywhere to go from here ?

Thanks

DCFC79

Try a second broker, even a third of you like.

YHM

Sounds like you need a better broker.

A few options available based on what you've described

luckylauram

Thanks for the advice , I think your correct and giving another broker a shot would be worth it .

Any advice where I could find a broker who would maybe have some expertise in this area ? I am in Scotland which accordinf to the first guy we saw makes things harder ..I am wary about choosing someone from a google search ..

Thank you

fewcloudy

I could recommend someone in Edinburgh if that is any help to you?

amnblog

We cannot sweep aside the existing brokers view as there will be more to your case than just the repossession to deal with.

Lender's typically do not like repossessions and those that will accept them generally like you to be 6 years on from the problem. There are lenders that will consider files with repossessions over 3 or 4 years old - we cannot be sure if these Lenders will accept the rest of your case.

Get a second opinion by all means but make sure the broker considers the whole position and does not just give you a 'yes' regarding the credit history.

P2P_Expert

Have you contacted London and Country? They are probably one of the most recommended of all the mortgage brokers. They have access to the whole of market and might uncover you a deal, although it might not be at a good interest rate, as you will be considered high risk.

luckylauram

Thank everyone

Yes any recommendations would be great , feel free to PM me .

I’m not sweeping aside the previous broker , in reality I think I’m just looking for another no so I know we have tried . Frustrated at the situation and still bitter over the repossession . If we have to wait the two years ( so post 6 years ) it’s what we will do . Just feels like forever away at the moment

[Deleted User]

Hi Luckylauram,

I am in a similar position, we are living in a property we want to buy and had a voluntary repossession in 2012 which comes off the credit file in June this year.

We have started tentatively asking questions about the mortgage, as we have now paid off the shortfall from the sale which was hanging over our heads

Good luck and I will report back with any recommendations or advice