Posted on 3 April 2012 by Sue

About 5 years ago,my husband,now aged 62 and retired,and myself aged 55 and retired,lost our house through using it to finance a daughter's business. We now have a deposit of around £25,000. We pay £600 per month rent. Is there any way we could get a mortgage?


I think you will need to wait until 6 years from the date of the County Court Judgement ordering repossession was made.  After this period your repossession will roll off the back of your credit file and not be picked up on a credit search.  You will still need to declare that you have had a property possessed and probably have to explain the reasons why it happened, but with more lenders relying on the automated  credit score for a decision you can be hopeful of getting a mortgage at this time.

You should wait until the 6 years have passed and then get a copy of your credit file from one of the major credit information companies, Experian, Equifax or CallCredit to endure that there is nothing on there to put lenders off.  I then recommended that you speak to an independent mortgage broker who can look at your situation, your credit file and make a recommendation from the whole of the market rather than just from one Bank or Building Society.


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