Previous Suspended Possession order (all paid) now struggling to get a new mortgage

nicola1029

Hello There,

m hoping |I could get some advise please. A few years ago my mum's home was nearly repossessed after she became mentally unwell. Luckily I found out about this and supported her to resolve the issue, agreed an amount to pay of the arrears at court (suspended possession order) took over her finances for her and resolved all of them and how her credit rating is good again. Now 3 tears later all the arrears are paid (and she has no outstanding debt) and my mum has sold her home. She has found an made an offer on a new home. She wnt to her local bank and enquired about a mortgage as for the home she wants she has 80% of the home cost but needs to borrow around £30,000, we have number crunched and she can afford to pay this off comfortably in 3 years(my mum has a very well paid job) however her branch said no due to the previous SPO and she is now truggling to get a mortgage.

My mum has applied to some internet mortgage broker who advised that they have found a mortgage, however it is around 4% APR and has £4000 worth of fees to be added and is only a 2 year mortgage. It moves to around 6% after.

please could someone advise if this is normal for a person in my mum's position, and also what type of mortgage he should be looking for. Any advise in this area would be great, or if you could signpost me to information that would be appreciate.

Thank you for you time , Kind regards, Nicola

Thrugelmir

nicola1029 wrote: »

Now 3 tears later all the arrears are paid /QUOTE]

When were the arrears finally settled?

nicola1029

The last payment was made in July this year.

Thrugelmir

Not long ago. Time heals .