Repossession

Posted on 20 March 2012 by Stacy


My name was on a mortgage with my ex and the house got repossessed about 3 years ago. Will I be able to put my name on another mortgage?

Stacy

It is highly unlikely you will be able to get another mortgage in the current financial climate and I think you will need to wait until the County Court judgement ordering a repossession has been removed from your credit file.  This will take about 6 years from the date it was registered and so you have another 3 years to go.

In the meantime I suggest that you make sure that any existing credit you have is well conducted and that no payments are missed.  Even after the CCJ has been removed you will still need to declare that you have had a repossession in the past and Lenders are going to be stricter than normal when looking at your credit file and whether or not to lend.

If at all possible, you should also use this time to build up as large a deposit as you can.  A smaller mortgage in comparison to the property's value and well conducted credit will put you in a better position when it comes to applying, but still there can be no guarantees of success.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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