Can I get a mortgage with a repossession?

Getting a mortgage after a repossession is possible. However, the date of the repossession is important. If you have had a property repossessed within the last 12 months being considered for a mortgage by any lender is highly unlikely. Even if the repossession took place within the last 3 years you can expect to pay a sizeable deposit (in the region of 35%), and that is if a lender can be found where you fit their lending criteria. If the repossession took place over three years ago placement of any mortgage starts to get a little easier.

Repossession dating back over 3 years

If your repossession took place over 3 years ago the loan to value (LTV) you could expect would be at or below 85%. That is to say if you wanted to buy a property for £100000 you would have to find a deposit equalling at least £15000 against a mortgage of £85000. If the repossession was registered over 6 years ago there is every chance, provided you fit the lenders' criteria for mortgage, you could be accepted for a mortgage on standard terms.

What if you have other bad credit

If you have a repossession registered within the last 36 months together with other bad credit registered on your credit report it is important you get in touch so we can start checking your eligibility for any mortgage application. It is important your application, or next application, is with the best mortgage option to dramatically increase your chances of being approved for a mortgage.

What now?

Simple, get in touch. Before you do you may want to enquire about your credit file as your mortgage adviser will more than likely ask you for it as it will form part of his research in finding your best mortgage choice. As with all mortgages there is no guarantee you will be accepted for mortgage following application but going through Lawrie Mortgages and letting us help you make the best mortgage choice will greatly increase your chances. Any successful mortgage application will rely on your own personal circumstances which will include your income and affordability as assessed by the respective lender underwriting.

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