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Mortgage after repossession - advice please
BecsMags
Posts: 27 Forumite
I had a property repossession over 6 years ago. I've managed to pay off all my debt and rebuild my credit using a credit card. My partner and I are now in a position to hopefully (fingers crossed) obtain a mortgage and buy a house. We have a 10% deposit for the type of house we are looking for and my partner has very good credit, my credit is now above average too. We both work in full-time stable jobs and have done for years. Can anyone please give us advice on how we go about approaching lenders? Do we have to swerve the high street lenders? Would it be a good idea to go to specialist broker?
Thank you in advance!!
Thank you in advance!!
Buying timeline
7/4 - Offer accepted on a property
14/4 - Valuation booked by lender
15/4 - Down valued by 20k
21/4 - New offer negotiated
21/4 - Mortgage offer received!
26/4 Memo of sale issued
30/4 Homebuyers survey
5/05 Draft contacts received
6/5 Searches raised (should be received by 27.5.21)
7/5 Queries raised by our solicitor
10/5 Title deeds etc signed by us and send back
13/5 Purchase contract and transfer signed and sent back
20/5 Enquiries received from seller in part (2 queries outstanding)
7/4 - Offer accepted on a property
14/4 - Valuation booked by lender
15/4 - Down valued by 20k
21/4 - New offer negotiated
21/4 - Mortgage offer received!
26/4 Memo of sale issued
30/4 Homebuyers survey
5/05 Draft contacts received
6/5 Searches raised (should be received by 27.5.21)
7/5 Queries raised by our solicitor
10/5 Title deeds etc signed by us and send back
13/5 Purchase contract and transfer signed and sent back
20/5 Enquiries received from seller in part (2 queries outstanding)
0
Comments
-
Speak with a good whole of market mortgage broker.
Are there any defaults, missed payments, late payments, CCJs, IVA, bankruptcy etc showing on any of the credit reports for either of you?Mortgage started 2020, aiming to clear 31/12/2029.0 -
Yes get help as a broker can check your credit file on the credit reference agencies and search the market for the best mortgage for your circumstances.
Market moving weekly and many 90% deals have been pulled.0 -
Thanks both
No missed, late payments etc in the last 6 years. I am going to get our credit reports checked to make sure they are all in order.
A specialist broker souds like a good place to start, any advice on a decent one?
Buying timeline
7/4 - Offer accepted on a property
14/4 - Valuation booked by lender
15/4 - Down valued by 20k
21/4 - New offer negotiated
21/4 - Mortgage offer received!
26/4 Memo of sale issued
30/4 Homebuyers survey
5/05 Draft contacts received
6/5 Searches raised (should be received by 27.5.21)
7/5 Queries raised by our solicitor
10/5 Title deeds etc signed by us and send back
13/5 Purchase contract and transfer signed and sent back
20/5 Enquiries received from seller in part (2 queries outstanding)
0 -
@BecsMags I used @ACG who is one of the brokers who posts on MSE, I read through his posts and liked how he spoke with people.
Others have used @haras_n0sirrah
There are a handful of brokers who post on the boards and get tagged / referenced. They all have their own specialist area, but also have many clients outside of that specialism.
You can approach a broker to discuss things, they cannot approach you.Mortgage started 2020, aiming to clear 31/12/2029.0
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