Mortgage after BR and repossession

Hi - thought I'd jump in as I got serious deja vu reading your post.

I was made BR and had a house repossessed just over 10 years ago and have recently gotten a 90% mortgage with a high street lender. The funds were actually advanced to my solicitor this morning as it happens and we should complete any day now.

In my experience, repossessions are definitely an issue with lenders who will not consider previous repos at all. But, there are obviously some lenders who are prepared to work around this. Your broker should be able to advise you, and a good broker will probably speak to a lender's Business Development Manager to double check this kind of thing before applying.

I was also asked the question re the bankruptcy amount. Like you, I had no way of knowing what the actual amount was, so I gave my best estimation along with an explanation of why it happened. Again, my broker ran this info past the lender's BDM and was told that it wouldn't have too much bearing on the application.

Bottom line is that your choice of lenders will be narrower than someone without a BR and repo, but if everything else checks out then you should be ok with the right lender.

Good luck!

CG77 wrote: »

Can you tell me how long your application took from sending off the form please?

We got the lender's DIP on 20/06/2017.
Our broker sent the full application on 10/07/2017.
The offer eventually came through on 17/08/2017.
The funds were advanced on 05/10/2017.

CG77 wrote: »

Was it straight forward?

From our point of view, no. But in the grand scheme of things, I doubt it was anywhere close to being a 'difficult' case. What compounded/delayed ours was that as well as being employed, we're also both self employed (Ltd Co directors) and have a separate BTL property, too. On top of that, our accountant was incredibly slow at providing info, and the lender was also incredibly archaic in what info they would accept from the accountant/Companies House. Not a great combination, but we got there in the end.

CG77 wrote: »

Did they send the documentation straight away? Was it just the one statement? My broker seems to be asking for 3 months of statements which I don’t have (have ordered them but they will take up to 10 days to get here) but if they only need one month then i’d rather not wait.

Yes, we only needed to provide one bank statement and one payslip each. I don't know if this was the lender's requirement or the broker's though, but that's all we were asked for. I think I mentioned on the other thread, but it sounded like all they were checking was that the figures on our payslips matched what hit our bank accounts.

CG77 wrote: »

Sorry for all the questions! Any other insight you could give me, i’d be really grateful!

I think the best insight I can share is that other people's experiences only give you a general idea of the process. Every case is wildly different and there's no guarantee that yours will take the same length of time or deliver the same outcome, so don't get too hung up on any stories you read here.

I'd pretty much convinced myself that I'd never have a mortgage again after reading some of the posts on here, but we kept plugging away, supplied everything the lender asked for, and it all turned out good in the end.