Looking to buy after reposession

R6monkey

Hi I'm a new member looking for some advice

Back in 2014 my wife and I defaulted on our mortgage with NRAM and decided to VS the property we have been local authority tenants since, we have had no contactwith NRAM since the VS and after property sale at auction there is a £38k shortfall on my credit file.

We are now considering buying again and have gotten advice on mortgages the main concern they have is there has been no contributions made to the shortfall with NRAM, I am now looking to contact NRAM about making token payments to the shortfall but am concerned if I will be opening a whole new can of worms when I get back in contact with them

Any help or advice would be greatly appreciated thanks

csgohan4

U owe 38k , you say you are considering buying again, what deposit, savings, other debts do you have? the 38k will impact on your affordability and lenders will not like you having a repo in your history

jonnygee2

You defaulted on a mortgage four years ago and have yet to make any effort to pay back the money you owe, and now only want to make 'token' payments towards the money you owe.

I'm afraid that stopping people with a history like yours from accessing large loans is what the credit history system was built for. I think you should go over to the debt forum and think about how you can make a serious effort to repay the money you already owe.

Right now, your chances of getting a new mortgage are minimal.