Getting a mortgage 6 years after reposession

[McKay]

Hi there,

I wondered if anyone out there has had any experience of having a property repossessed but some years along the line have applied for a new mortgage.

I got into some bad debt in 2007 (recession) and my property was repossessed (in 2009).

It's now 2015 and feel I am in a position to apply for a mortgage with my partner.

According to my Experian report, my score is 843. It also says there are two positive factors "You have no recent searches on your credit report" and "The age of your accounts indicates lenders are likely to view you as lower risk ". There is however a negative factor which states "You have an account regarded as defaulted or delinquent".

Do you think this will be a major hindrance in our application?

Do you think as my partner will be the lead applicant on the application, this will improve our chances of getting a mortgage?

If anyone has any advice at all I would be so grateful.

Thanks again :tinysmile_twink_t2:

[nemesis45]

Re: Getting a mortgage 6 years after reposession

Hi,
In the aftermath of the subprime mortgages and irresponsible lending scandal the banks and building societies are very much more intrusive and aggressive in the "questioning" of mortgage applicants.

You will need to show 3-5 years good- excellent credit management, no defaults, late or missed payments an NO payday loans.

It is more than likely you will be questioned about previous mortgages, CCJ's etc.

One of the latest questions added is " If interest rates rise six months into the new mortgage will you still be able to afford it", there is much in that tone these days.

nem