Mortgage 6 years after reposession

[McKay]

Hi there,

I had my property repossessed just over 6 years ago but I am desperate to buy a new property.

I have updated my credit report and the old mortgage has been removed. The only default on it is an old utility bill I forgot to pay 5 years ago.

I now have two credit cards that are all up to date and my score is sitting at 972 out of 999.

How are my chances of getting a new mortgage? I will be applying with my partner (who has no adverse credit and a similar credit score to me).

I believe that on mortgage applications there is a question "have you ever had a property repossessed?" Obviously I'd prefer to tell the truth and say yes. Do you think that as there's nothing about it on my credit report that it may help?

Any help and advice would be greatly appreciated!

Thanks very much! 😃

[nemesis45]

Re: Mortgage 6 years after reposession

Hi welcome to LB,

The credit report these days plays a relatively minor roll in mortgage applivations.

Any default however old will have a major effect.
Credit " scores" are intended as an indication for you to assess how a credit application may be
viewed by potential lenders it is not a guarantee of success.

Mortgage lenders now look to an increased period of good to excellent credit management and
now also look very closely at income and expenditure e.g. what you spend disposable income on
eating out for instance, gym membership etc.

The process now involves a lengthy interview with the mortgage provider ( 1 hour plus) which will not only include the " affordability " of the mortgage at the time of application but also the affordability if interest rates rise rapidly in the near future.

Quite simply there is no point in lying you will be found out, and " problem" applications are noted on a specialist " warnings" agency and will be referred to on any future applications.

nem

[McKay]

Re: Mortgage 6 years after reposession

Many thanks Nem,

I have an appointment with a mortgage advisor this week so we'll see what they say.

Thanks for your advice!

😃

[carlr40]

Re: Mortgage 6 years after reposession

Many thanks Nem,

I have an appointment with a mortgage advisor this week so we'll see what they say.

Thanks for your advice!



How did you get on with trying for a mortgage? Im in a similar situation to you, im coming up to 6 years since a repo and am wondering what chance I have of getting a mortgage in a year or so when I have rebuilt my credit history.